Ormat reports record 2009 results

In Nevada, Ormat Technologies, Inc. released results for the fourth quarter and full year ended December 31, 2009 that included a 20.4% revenue increase for the year and a 14% generation capacity increase. The company’s net revenues for the year were $68.6 million and it generated 3.4 million MWh in 2009. In addition, Ormat restated its 2008 earnings statement, and as a result, net income is deceased by $6.2 million or 12.6% and a reduction of 53.6% from the reported net income of $11.6 million in the fourth quarter. Ormat’s CEO Dita Bronicki noted that the product segment revenue was exceptionally strong during 2009 and that they do not expect revenues and corresponding margins in the segment to continue at this level in 2010.