Ocean Power Technologies Announces Results For The Fiscal First Quarter Ended July 31, 2012

Consolidated Balance Sheets as of

July 31, 2012 and April 30, 2012

ASSETS				July 31,		April 30,
				2012		2012
				(Unaudited)
Current assets:
Cash and cash equivalents		$		5,089,657		9,353,460
Marketable securities				23,017,509		22,369,484
Accounts receivable				1,157,791		1,064,796
Unbilled receivables				235,493		223,050
Other current assets				718,270		842,820
Total current assets				30,218,720		33,853,610
Property and equipment, net				880,018		682,933
Patents, net				1,215,248		1,269,457
Restricted cash				1,308,656		1,453,712
Other noncurrent assets				194,618		181,925
Total assets		$		33,817,260		37,441,637
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$		656,810		440,773
Accrued expenses				3,176,831		2,770,094
Deferred credits payable				600,000		600,000
Unearned revenues				846,422		1,073,389
Current portion of long term debt				100,000		100,000
Total current liabilities				5,380,063		4,984,256
Long-term debt				325,000		350,000
Total liabilities				5,705,063		5,334,256
Ocean Power Technologies, Inc. Stockholders’ equity:
Preferred stock, $0.001 par value; authorized 5,000,000 shares; none issued or outstanding				―		―
Common stock, $0.001 par value; authorized 105,000,000 shares; issued 10,405,439 and 10,407,389 shares, respectively				10,405		10,407
Treasury Stock, at cost; 27,818 and 23,544 shares, respectively				(111,510)		(102,388)
Additional paid-in capital				158,683,010		158,296,458
Accumulated deficit				(130,325,527)		(125,989,474)
Accumulated other comprehensive loss				(88,413)		(78,990)
Total Ocean Power Technologies, Inc. stockholders’ equity				28,167,965		32,136,013
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd				(55,768)		(28,632)
Total equity				28,112,197		32,107,381
Total liabilities and stockholders’ equity		$		33,817,260		37,441,637

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