Business Context and Reporting Period
This Form 8-K Current Report was filed by Ormat Technologies, Inc. on February 2, 2005. The filing addresses a material event regarding the finalization of a significant purchase order previously announced in December 2004.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue totals, profit margins, cash flow, debt levels, or liquidity ratios for the reporting period. The only specific financial metric disclosed is the value of a new contract:
- Contract Value: Approximately $16.9 million.
- Scope: Supply of 102 remote power units for Communications and Cathodic Protection.
- Location: Sakhalin Island, Russian Federation.
Material Changes
The primary material change reported is the transition of a pending purchase order into a definitive agreement:
- Status Change: On January 28, 2005, the customer rendered final approval, converting the purchase order (originally received December 9, 2004) into a binding agreement.
- Revenue Recognition: Revenue is expected to be realized between August 2005 and March 2006, coinciding with the delivery schedule.
Outlook, Risks, and Management Commentary
Management indicates that delivery of the units is scheduled to occur between August 2005 and March 2006. The filing notes that the information provided, including press releases, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not subject to liabilities under that section unless expressly incorporated by reference.
The filing does not explicitly detail specific risks, contingencies, or unusual items beyond the standard regulatory disclaimers.
Investor Verification Checklist
- Verify the final terms and conditions of the definitive agreement with the Russian customer.
- Confirm the projected revenue recognition timeline (August 2005 – March 2006) against the company's fiscal reporting periods.
- Assess potential geopolitical or logistical risks associated with delivering equipment to Sakhalin Island, Russia.
- Review subsequent filings for updates on the delivery schedule and actual revenue realization.