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

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

January 31,

  January 31,

Revenues $ 4,349,908 4,762,415
Cost of revenues 4,319,634 4,818,623
Gross profit (loss) 30,274 (56,208)
Operating expenses:
Product development costs 6,551,507 9,731,592
Selling, general and administrative costs 5,857,656 6,060,705
Total operating expenses 12,409,163 15,792,297
Operating loss (12,378,889) (15,848,505)
Interest income, net 341,631 546,829
Foreign exchange loss (93,080) (205,824)
Loss before income taxes (12,130,338) (15,507,500)
Income tax benefit 1,053,427 364,105
Net loss (11,076,911) (15,143,395)
Less: Net loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty, Ltd 32,804 14,792
Net loss attributable to Ocean Power Technologies, Inc. $ (11,044,107) (15,128,603)
Basic and diluted net loss per share $ (1.07) (1.48)
Weighted average shares used to compute

basic and diluted net loss per share
10,273,636 10,242,528

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