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Ormat Technologies' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Let me turn the call over to Joseph for a review of the financial. Yoram will review our operation. And following my remarks, we will open the call for Q&A. Joseph?

Joseph Tenne

Thank you, Dita and good morning, everyone. Beginning in Slide 5, total revenues for the first quarter were $132.4 million, a 35.3% increase over revenues of $97.8 million in the first quarter of 2011. Total cost of revenues increased by 11.7% compared to last year.

In our Electricity segment on Slide 6, revenue for the first quarter of 2012 were $82.2 million, an increase of 5.1% over revenues of $78.3 million for the same quarter last year. The increase in Electricity revenues is due to higher variable energy rates of our Puna and Amatitlan PPAs and increased Electricity generation of some of our partners.

In the Product Segment on the next slide, revenues for the first quarter increased 156.3% from $19.6 million in the first quarter of 2011 to $50.1 million this year. The increase in product revenues reflects the new customer orders that we secured in 2011.

Moving to Slide 8. The company's combined gross margin for the first quarter was 30.1% versus 15.3% in the same quarter last year. The Electricity segment gross margin was 29.6% for the quarter versus 15.8% in Q1 2011. Excluding North Brawley, the Electricity segment's gross margin would have been 35.8% compared to 30.5% in 2011. In the Product Segment, gross margin for the first quarter was 30.9% versus 13.6% in the same quarter last year. The increase is due to higher revenues, the mix of products sold and different margins in the various sales contracts and it is also due to the revenues from the LNG project with no related cost of revenues.

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