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

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

 

January 31,

2012

  January 31,

2011

Cash flows from operating activities:  
Net loss $ (11,076,911) (15,143,395)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange loss 93,080 205,824
Depreciation and amortization 294,820 270,209
Loss on disposals of property, plant and equipment 9,715 933
Treasury note (discount) premium amortization (31,633) 57,752
Compensation expense related to stock option grants and restricted stock 935,370 953,738
Changes in operating assets and liabilities:
Accounts receivable 334,946 776,316
Unbilled receivables 316,084 (192,577)
Other current assets 20,340 325,440
Other noncurrent assets 54,183 756,172
Accounts payable (761,241) (715,927)
Accrued expenses (860,101) (787,537)
Unearned revenues 928,016 (351,625)
Other noncurrent liabilities (142,586)
 
Net cash used in operating activities (9,743,332) (13,987,263)
 
Cash flows from investing activities:
Purchases of marketable securities (12,849,207) (7,528,436)
Maturities of marketable securities 26,727,857 27,011,971
Restricted cash 53,936 (250,000)
Purchases of equipment (210,316) (67,356)
Payments of patent costs (138,889) (190,547)
 
Net cash provided by investing activities 13,583,381 18,975,632
 
Cash flows from financing activities:
Proceeds from long-term debt 250,000
Repayment of debt (114,378) (6,008)
Acquisition of treasury stock (55,783) (30,859)
 
Net cash (used in) provided by financing activities (170,161) 213,133
 
Effect of exchange rate changes on cash and cash equivalents (216,273) 64,525
 
Net increase in cash and cash equivalents 3,453,615 5,266,027
 
Cash and cash equivalents, beginning of period 4,376,136 4,236,597
 
Cash and cash equivalents, end of period $ 7,829,751 9,502,624




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