Geothermal company Ormat Technologies, Inc. (NYSE: ORA) announced increased income and backlog for 2Q08.
The Company reported net income of $12.2 million, or $0.28 per share of common stock, as compared to net income of $8.5 million, or $0.22 per share of common stock, for 2Q07.
Electricity revenues for the quarter increased by 11.6% to $61.8 million and product revenues decreased by 35.7% to $18.4 million. Total revenues for 2Q08 were $80.2 million compared to $84.1 million for 2Q07, a decrease of 4.6%.
Dita Bronicki, CEO of Ormat, said, "We remain on track with projects scheduled to come online over the next two years with expected contribution of 101 megawatts (MW) by year’s end and 73 MW in 2009.
Bronicki added, "Generating capacity for both the quarter and six-months increased even as scheduled maintenance reduced production at several projects. We also built a solid product backlog that added $176 million of new orders since the beginning of the year, out of which $66 million are still subject to a Notice to Proceed. These orders were geographically diverse with projects from New Zealand, Turkey and the United States"
Adjusted EBITDA for 2Q08 was $29.2 million, as compared to $30.6 million in the same quarter last year.
Cash, cash equivalents and marketable securities as of June 30, 2008 increased to $137.8 million from $60.7 million as of December 31, 2007. In addition, the company said it has unused bank lines of credits aggregating $160 million.
Commenting on the outlook for 2008, Ms. Bronicki said, "Following our second quarter earnings results, we expect our 2008 Electricity Segment revenues to be approximately $250 million. We also expect additional revenues of approximately $9 million from our share of electricity revenues generated by Mammoth that is accounted for under the equity method. With regard to our Products Segment, we maintain our guidance for 2008 revenues and expect them to be between $70 million and $80 million."
About Ormat Technologies
Ormat Technologies, Inc. is the only vertically-integrated company primarily engaged in the geothermal and recovered energy power business. The Company designs, develops, owns and operates geothermal and recovered energy-based power plants around the world. Additionally, the Company designs, manufactures and sells geothermal and recovered energy power units and other power-generating equipment, and provides related services. Ormat currently operates the following geothermal and recovered energy-based power plants in the United States, Guatemala, Kenya, and Nicaragua.
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