Ormat and Ram Power report Q2 results

Two GEA member companies’ numbers have been posted for the second quarter of 2013. Send yours to leslie at geo-energy dot org

Ormat: Quarterly Revenues Increased 20.5% to a Record $152.7M
Ram Power: Second Quarter Results Strong

Ormat Technologies: Quarterly Revenues Increased 20.5% to a Record $152.7M
Ormat Technologies has announced its financial results for the second quarter of 2013, with revenue up to a record $152.7 million. This represents a 20.5% increase over the same quarter last year. Furthermore, Ormat saw a 12.9% year-over-year increase in generation capacity, as well as a gross margin of 33.1% in improved operational inefficiencies at Ormat plants.

Here are several highlights from Ormat’s August 6 press release announcing the results (Ormat.com).

Quarterly financial highlights compared to the same quarter last year:

• Total revenues grew 20.5%
• Product revenue grew 44.9% and reached $65.0 million
• Electricity revenue grew 7.1% and reached 87.7 million
• Operating income grew 55.3% to $37.9 million
• Net income attributable to the Company’s shareholders amounted to $25.2 million or $0.55 per share compared to $8.6 million or $0.19 per share; Net income attributable to the Company’s shareholders, excluding a $3.6 million after-tax gain related to oil and gas derivative instruments and a $3.6 million after-tax gain on the sale of the Momotombo plant in Nicaragua, was $18.0 million compared to $4.8 million or $0.41 per share compared to $0.11 per share.
• EBITDA grew 37.3% to $69.7 million

Operational highlights and recent developments:

• Increased electricity generation by 12.9% to 1.1 million MWh, driven by new capacity coming on line at Olkaria III Plant 2 in Kenya and McGinness Hills in Nevada.
• Exceeded the expected capacity in both McGinness Hills and Olkaria III complex which are contributing additional 6 MW, bringing the total generating capacity to 595 MW.
• Accelerated the handover of the 22 MW Momotombo power plant in Nicaragua that was scheduled for mid- 2014.
• Signed the Sarulla project agreements and secured our role as a supplier for approximately $254 million of equipment;
• Signed a 20-year PPA with Southern California Public Power Authority (SCPPA) for our 16 MW Wild Rose project in Nevada

Ram Power: Second Quarter Results Strong
Press Release (Reno, Nev.) August 7 — Ram Power, Corp. (TSX: RPG), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce its operating results for the second quarter ended June 30, 2013. This earnings release should be read in conjunction with Ram Power’s financial statements, and management’s discussion and analysis (“MD&A”), which are available on the Company’s website at http://www.ram-power.com and have been posted on SEDAR at http://www.sedar.com.

QUARTER HIGHLIGHTS
The achievement of commercial operation of the Phase II expansion at San Jacinto in December 2012 continued to generate strong year-over-year revenue growth for the Company of $13.2 million for the three months ended June 30, 2013, compared to $7 million for the same period in 2012, an 88% increase. Adjusted EBITDA, as defined below, increased 240% to $11.2 million for the three months ended June 30, 2013 compared to $3.3 million for the three months ended June 30, 2012.

Significant accomplishments during the quarter and to date include:

•The Company reached an agreement on July 31, 2013, with its project lenders syndicate, led by the International Finance Corporation, to convert its Phase II Credit Facility construction loan for the San Jacinto-Tizate Project (the “Project”) to a term loan amortizing over 11 years through 2024.
•The Company, together with Sinclair Knight Merz, finalized its resource remediation plan for the Project, entered into a drilling contract with ThermaSource Inc. to carry out the remediation program drilling, and commenced drilling on July 18, 2013.
•The Company has identified a buyer and is currently in discussions to finalize sale of the Geysers project by the end of 2013. Proceeds of the sale, net of selling costs, are expected to be approximately $6.4 million. The Company recognized an impairment loss of $16.5 million during the second quarter 2013 to reflect the current expected purchase price net of selling costs.

Read more including financial results at Ram-power.com

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