Business Context and Reporting Period
Company: Ormat Technologies, Inc. (NYSE: ORA)
Filing Type: Form 8-K (Current Report)
Date of Report: February 14, 2005
Principal Executive Offices: 980 Greg Street, Sparks, Nevada 89431
This filing reports a significant corporate event under Item 8.01 (Other Events) regarding new contract awards for geothermal power plant construction.
Key Financial Metrics
The filing does not provide standard financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period. The only specific financial figure disclosed relates to a new contract award:
- New Contract Value: 19,151,422 Euro (approximately US$25 million).
- Contract Type: Supply and Engineering Procurement contracts.
- Project Scope: Construction of a new geothermal power plant on Sao Miguel Island in the Azores.
- Expected Completion: Within 19 months from the contract date.
Material Changes
The material change reported is the expansion of Ormat's project portfolio in the Azores. The customer, a subsidiary of the local Electric Company in the Azores islands, has previously purchased two Geothermal Power Plants from Ormat. This new agreement represents a continuation of that business relationship.
Guidance, Outlook, and Risks
Outlook: Management expects construction to be completed within 19 months. The filing includes a "Safe Harbor" statement indicating that forward-looking statements regarding future operations are based on current estimates and projections.
Risks and Contingencies: The filing explicitly states that actual future results may differ materially from projected results due to risks and uncertainties. Investors are directed to the "Risk Factors" section of the Company's Prospectus filed with the SEC on November 12, 2004, for a detailed discussion of these risks. The company undertakes no obligation to update these forward-looking statements.
Investor Verification Checklist
- Verify the exchange rate used to convert 19,151,422 Euro to approximately US$25 million.
- Review the Prospectus filed on November 12, 2004, for specific risk factors related to international construction projects.
- Confirm the identity and financial stability of the customer (subsidiary of the local Electric Company in the Azores).
- Monitor future filings for updates on the 19-month construction timeline and any potential delays.