This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ocean Power Technologies, Inc's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: OPTT

Turning to Slide 4. I'm happy to say that our LEAP autonomous PowerBuoy performed well during its ocean demonstration, providing persistent power in all wave conditions, withstanding the 50-foot high waves of Hurricane Irene. The LEAP PowerBuoy which was taken out of water several weeks ago at the completion of its ocean trials, as provided under our contract with the U.S. Navy. We're very encouraged by the potential market for our autonomous PowerBuoy product.

As a reminder, the autonomous PowerBuoy operates totally independently and can generate power in all wave conditions using OPT's proprietary power management system. This includes persistent power generation in the ranges needed for sophisticated vessel detection and tracking systems for maritime surveillance along coasts. Systems currently being used for remote power is the often utilized diesel generators, which require frequent maintenance and fuel replenishment and can be very noisy.

The autonomous PowerBuoy is also appropriate for oil and gas platforms, offshore fish farming and desalination. Consider the number of oil and gas platforms worldwide that could benefit from a clean, quiet and persistent source of power right from the waves where they operate. Given its smaller size and variety of applications, the autonomous PowerBuoy is seeing increasing interest and we're marketing it aggressively. We believe there's a bright future for such buoys across a multitude of markets.

Turning to Slide 5. I'd now like to provide an update on our project in Reedsport, Oregon, and the latest on our collaboration with Lockheed Martin. This agreement with Lockheed is an important step for the commercialization of our PowerBuoys. Working on the Reedsport project, Lockheed will provide their expertise in the areas of design for manufacturing and systems integration to enhance our proprietary technology. We're committed to improving power conversion efficiency, reliability, manufacturability and lowering the cost of marine operations and maintenance. Lockheed's expertise in large-scale manufacturing and supply chain management will greatly assist us in reaching these goals in a timely manner thus making our applications more attractive to our potential partners and customers.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs