USA, Nevada:

Ormat Technologies Reports First Quarter 2012 Results (News Release - Sacramento Bee)

Quarterly highlights and recent developments:

• Total revenues increased 35 percent to $132.4 million;
• Cash flow from operations of $41.9 million;
• Operating income of $25.7 million and EBITDA of $51.5 million;
• Gross margin percentage 30.1 percent compared to 15.3 percent during same period last year; and
• Robust product backlog of $207 million as of May 8, 2012.

Commenting on the results, Dita Bronicki, Chief Executive Officer of Ormat, stated: "We had a very good first quarter. Total revenues increased 35 percent year-over-year, while our combined gross margin almost doubled from the same period last year. Net income significantly improved and we continued to invest in our long-term growth strategy.

"The good results of the quarter are a testament to the continued progress that we have made in both our electricity and product segments. On the electricity side, we see the result of the well field and equipment improvement which increased generation and reduced operating costs. On the product side, we have successfully translated our technological leadership and proven execution abilities into a substantial backlog."

Read More........

y