Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”) today announces financial results for its fiscal 2012 third quarter and nine months ended January 31, 2012.
- 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 is taking the necessary steps to advance our PowerBuoy technology towards commercialization while continuing to manage our cash conservatively,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “This quarter’s operational highlights were the continued progress being made under our WavePort project in Spain and the recently reported excellent results for our LEAP autonomous PowerBuoy deployed for the US Navy – which we expect will bolster interest in such technology. At the same time, we are working hard to move forward with our partners in Australia and Japan and are also preparing to launch our PB150 off the coast of Reedsport, Oregon later in 2012. The performance of our first PB150 PowerBuoy off Scotland and our autonomous LEAP device off New Jersey earlier this fiscal year have established important milestones while we actively market our products internationally. As a result, we see growing interest in our technology, which gives us great confidence for the future.”
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