Ormat Technologies, Inc. (NYSE: ORA ) increased revenues and earnings in 1Q09.
Revenue for the quarter increased 44% year-over-year to $99.9 million from $69.4million in 1Q08.
Net income was $14.5 million, or $0.32 per share (basic and diluted), up from $11.7 million in 4Q08 and $10 million a year ago.
The increase in revenues consisted of a $3.1 million increase from the Electricity Segment, and a $27.4 million increase in revenues from the Products Segment.
Dita Bronicki, CEO of Ormat, said: "Revenues from our Products Segment are expected to continue to grow throughout the year with an expected increase of 20% to 30% compared to last year. An increase in generation in our Electricity Segment compared to last year also contributed to our record results but its impact was not fully reflected, primarily because of lower energy rates at our Puna facility, the only facility which is sensitive to oil prices. While North Brawley has not yet reached commercial operation, the 35 MW expansion of our Olkaria III power plant in Kenya, is operating as planned.
"In March 2009, we received the first $90.0 million out of a $105 million project financing loan for the Olkaria III power plants. This additional capital, when combined with operating cash flow and $241.1 million of unutilized secured lines of credit with banks, will fund our growth plans that are expected to add 72 MW to 84 MW over the next two years, and to include approximately $30 million for exploration in 2009 alone, to support projects beyond 2010."
Electricity revenues for 1Q09 were $62.6 million, an increase of 5.2% as compared to $59.5 million in 1Q08.
Cash and cash equivalents as of March 31, 2009 increased to $42.7 million from $34.4 million as of December 31, 2008. In addition, the company said it has unutilized committed bank lines of credits aggregating $241.1 million.
Commenting on the outlook for 2009, Ms. Bronicki said, "With regard to our Electricity Segment, due to the delays in the commercial operation of North Brawley we expect electricity revenues for 2009 to be between $265 million and $275 million. We also expect additional revenues of approximately $9 million from our share of electricity revenues generated by the Mammoth complex, the investment in which is accounted for under the equity method. With respect to our Products Segment, we currently expect that our 2009 revenue will be between $110 million and $120 million."
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.
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