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Ormat Technologies' CEO Discusses Q4 2011 Results - Earnings Call Transcript

We made operational improvements and enhancements in several plans, and we are continuing to move forward with our activities related to our organic growth.

Let me turn the call over to Joseph for a review of the financial. Yoram will review our operations and following my remarks, we will open the call up for Q&A. Joseph, please.

Joseph Tenne

Thank you, Dita and good morning, everyone.

Beginning in Slide 5, total revenues for the full year 2011 were $437 million, a 17.1% increase over revenues of $373.2 million in 2010. Total cost of revenue increased by 8.3% compared to last year. In our electricity segment on Slide 6, revenues for the full year were $323.8 million, an 11% increase over revenues of $291.8 million in 2010. The increase in electricity revenue is due to higher variable energy rate of our Amatitlan and Puna PPA, and increased in electricity generation of some of our parks.

In the product segment on the next slide, revenues for the full year were $113.2 million, an increase of 39% over revenues of $81.4 million in 2010. The increase in product revenues reflects the new customer orders that were secured in the first half of 2011.

Moving to Slide 8. The company's combined gross margins for the full year was 26.8% versus 20.8% in 2010. The electricity segment gross margin was 24.6% for the full year versus just 17% in 2010. Excluding North Brawley, the electricity gross margin would have been 34.4% compared to 26.8% in 2010. In the product segment, gross margin for the full year was 32.8% versus 34.6% last year. The decrease is due to the mix of products sold and margins associated with our customer orders. Operating income for the full year 2011 increased 172% from $23.6 million in 2010 to $64 million this year.

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