This Day On The Street
Continue to site
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

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

Results for the Nine Months Ended January 31, 2012

For the nine months ended January 31, 2012, OPT reported revenues of $4.3 million as compared to revenues of $4.8 million for the nine months ended January 31, 2011. This decrease primarily reflects lower revenues associated with the US Navy’s Deep Water Active Detection System project, and declines in revenue tied to the Company’s LEAP program as well as the PB150 being prepared for deployment off Reedsport, Oregon. The year-to-date revenue decline was partially offset by work on the Company’s WavePort project in Spain and by the funded development of the PB500 PowerBuoy.

The operating loss for the nine months ended January 31, 2012 was $12.4 million as compared to an operating loss of $15.8 million for the nine 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 off the coast of Scotland and the Company’s Hawaii project with the US Navy, as these projects neared completion during fiscal year 2012. Gross profit for the nine months ended January 31, 2011 was negatively impacted by a reduction in revenues of $240,000 due to a change in the Company’s estimated revenue recognized in connection with its project off the coast of Spain.

The net loss was $11.1 million for the nine months ended January 31, 2012 compared to $15.1 million for the same period in the prior year. This decrease in net loss was due primarily to the decline in operating loss and lower foreign exchange losses, as well as a higher recorded income tax benefit, partially offset by a decrease in interest income.

Cash and Investments

On January 31, 2012, total cash, cash equivalents, restricted cash and investments were $37.8 million. Net cash used in operating activities was $9.7 million for the nine months ended January 31, 2012, compared to $14.0 million for the same period last year. OPT received approximately $1.1 million and $0.4 million in connection with the sale of New Jersey net operating tax losses during the nine months ended January 31, 2012 and 2011, respectively. As previously stated, OPT expects its cash outflows to decrease in fiscal 2012, as compared to the prior fiscal year, reflecting the completion of ocean trials of the PB150 off the coast of Scotland.

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs