- Operating loss at $12.4 million was significantly reduced for the nine months ended January 31, 2012, compared with $15.8 million for the nine months ended January 31, 2011, primarily reflecting a 33% decrease in product development costs.
- Net cash used in operations decreased to $9.7 million for the nine months ended January 31, 2012 from $14.0 million for the prior-year period.
- Strong operating performance reported with regard to the Littoral Expeditionary Autonomous PowerBuoy (“LEAP”) for coastal security and maritime surveillance, under contract with the US Navy. The device is significantly smaller and more compact than the Company’s utility PowerBuoy. The LEAP PowerBuoy posted better than anticipated results. While the Navy mission called for 150 watts of continuous power, the LEAP system supplied continuous power in excess of 400 watts throughout the entire deployment – including during Hurricane Irene, which passed directly overhead.
- Continued work under the €2.2 million WavePort project in Spain, teaming with the University of Exeter to design a new wave prediction model and with a Spanish steel manufacturer to build a PB40 buoy structure for demonstration of the wave-by-wave electronic “tuning” capability.
- Progress made in Australia towards a planned 19MW wave power station with the commencement of site development and permitting activities.
- The Company presented at the Annual Needham Growth Conference in New York on January 11 and will present at the upcoming Roth Capital Conference on March 14 in Laguna Niguel, California.
Ocean Power Technologies Announces Results For The Fiscal Third Quarter Ended January 31, 2012
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