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stated, in relevant part: Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the first quarter of 2008. Total revenues for the first quarter were $69.4 million, versus $61.7 million for the first quarter of 2007, an increase of 12.4%, consisting of an increase of 36.3% in revenues from the Company's Electricity Segment, offset in part by a reduction in revenues from the Products Segment. The Company reported net income of $10.1 million, or $0.24 per share of common stock (basic and diluted), as compared to a net loss of $5.8 million, or $0.15 per share of common stock (basic and diluted), for the first quarter of 2007. The increase in net income is due primarily to an increase in generating capacity and energy generation, as well as an increase in energy rates in the United States, which offset a decline in the Products Segment. In addition, the Company reduced cost of revenues by 16.0% on a year over year basis. 26. On May 7, 2008, Ormat filed its Quarterly Report with the SEC on Form 10-Q. The Company's Form 10-Q, signed by Defendant Tenne, reaffirmed the Company's financial results announced the previous day. The Form 10-Q also stated: These unaudited condensed consolidated interim financial statements of Ormat Technologies, Inc. and its subsidiaries (the ''Company'') have been prepared in accordance with accounting principles generally accepted in the United States of America (''U.S. GAAP'') and pursuant to the rules and regulations of the Securities and Exchange Commission (''SEC'') for interim financial statements. 27. Ormat's Form 10-Q filed on May 7, 2008 also contained Sarbanes-Oxley required certifications, signed by Defendants Bronicki and Tenne, which stated: I, [Yehudit Bronicki / Joseph Tenne], certify that as of the date hereof: 1. I have reviewed this quarterly report on Form 10-Q of Ormat Technologies, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 7PDF Image | ORMAT TECHNOLOGIES Lawsuit
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