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Ocean Power Technologies Announces Results For The Fiscal Third Quarter Ended January 31, 2012

Financial Review

OPT’s contract backlog as of January 31, 2012 was $7.8 million compared to $8.8 million as of October 31, 2011 and $5.8 million as of January 31, 2011. Backlog includes funded amounts and unfunded amounts that are expected to be funded in the future. Funded backlog was $5.8 million, $6.8 million, and $5.3 million as of January 31, 2012, October 31, 2011 and January 31, 2011, respectively.

Results for the Fiscal Third Quarter Ended January 31, 2012

For the three months ended January 31, 2012, OPT reported revenues of $0.9 million as compared to revenues of $1.5 million for the three months ended January 31, 2011. This decrease primarily reflects lower revenues related to the Company’s PB150 being prepared for deployment off Reedsport, Oregon, as well as lower revenue tied to the Navy’s LEAP program on a year-over-year basis, as that project was successfully completed in this fiscal 2012 third quarter. These revenue declines were partially offset by an increase in revenue from the Company’s WavePort project.

The operating loss for the three months ended January 31, 2012 was $3.2 million as compared to an operating loss of $3.8 million for the three months ended January 31, 2011. The reduction in operating loss year-over-year was due primarily to a decrease in product development costs, principally for the PB150 system that underwent successful ocean trials off the coast of Scotland in 2011, partially offset by costs related to the PB150 PowerBuoy in Reedsport, Oregon.

The net loss was $2.2 million for the three months ended January 31, 2012 compared to $3.4 million for the same period in the prior year. This decrease in net loss was due primarily to the decline in operating loss and a higher recorded income tax benefit due to the sale of New Jersey net operating tax losses, partially offset by a decrease in interest income and a higher foreign exchange loss.

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