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

Consolidated Statements of Operations For the Three Months Ended January 31, 2012 and 2011 (Unaudited)

January 31,


  January 31,


Revenues $ 923,619 1,523,601
Cost of revenues 934,142 1,453,397
Gross (loss) profit (10,523) 70,204
Operating expenses:
Product development costs 1,388,380 2,026,336
Selling, general and administrative costs 1,822,806 1,884,950
Total operating expenses 3,211,186 3,911,286
Operating loss (3,221,709) (3,841,082)
Interest income, net 95,261 148,480
Foreign exchange loss (113,373) (38,014)
Loss before income taxes (3,239,821) (3,730,616)
Income tax benefit 1,053,427 364,105
Net loss (2,186,394) (3,366,511)
Less: Net loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty, Ltd 19,708 3,693
Net loss attributable to Ocean Power Technologies, Inc. $ (2,166,686) (3,362,818)
Basic and diluted net loss per share $ (0.21) (0.33)
Weighted average shares used to compute

basic and diluted net loss per share

10,276,788 10,248,092

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