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Ocean Power Technologies, Inc's CEO Discusses Q3 2012 Results - Earnings Call Transcript

We ended the quarter with a backlog of nearly $8 million and cash on hand of approximately $38 million. We believe we are well-positioned for continued success with a number of exciting initiatives. Now let me go into more detail on some of our latest developments. Please turn to Slide 4. Early last month, we reported operating data, which we accumulated and analyzed in connection with the Ocean deployment of our LEAP autonomous PowerBuoy off New Jersey. This buoy, which is significantly smaller and more compact than our utility PowerBuoys, exceeded the project specification for payload power delivery during ocean operations last fall. The buoy was designed by OPT to provide persistent energy for the Navy's radar and communications payload, which called for continuous power of 150 watts. The actual results showed that the PowerBuoy supplied constant power in excess of 400 watts throughout the entire deployment period, and produced peak sustained electrical power of 1,500 watts. Such performance more than supported the 150 watt payload 24 hours a day 7 days a week for the duration of the ocean operations. In fact, the onboard power management and storage system allowed the payload to be operational even during extended periods of 0 wave activity. The PowerBuoy operated on a fully autonomous basis implementing the requisite power management and self protection functions without the need for human intervention.

It's always maintained, even as the autonomous PowerBuoy withstood Hurricane Irene, which hit the New Jersey coastal on August 27, 2011, and had waves of up to 53 feet. These results demonstrate strong performance under our contract with the U.S. Navy for the maritime security mission. More broadly, the fact that we can offer the unique ability to supply persistent levels of power in deep ocean, during extended no-wave periods, represents an entirely new offering to satisfy offshore power needs for a multitude of applications.

Read the rest of this transcript for free on seekingalpha.com

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