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

Consolidated Statements of Operations

For the Three Months Ended July 31, 2012 and 2011

(Unaudited)

  July 31,

2012

  July 31,

2011

 
Revenues $ 982,396 1,910,852
Cost of revenues 979,860 1,901,902
Gross profit 2,536 8,950
Operating expenses:
Product development costs 1,927,427 3,100,587
Selling, general and administrative costs 2,384,338 2,019,742
Total operating expenses 4,311,765 5,120,329
Operating loss (4,309,229) (5,111,379)
Interest income, net 55,424 120,768
Foreign exchange loss (108,323) (9,041)
Net loss (4,362,128) (4,999,652)
Less: Net loss attributable to the noncontrolling interest

in Ocean Power Technologies (Australasia) Pty Ltd

26,075 4,588
Net loss attributable to Ocean Power Technologies, Inc. $ (4,336,053) (4,995,064)
Basic and diluted net loss per share $ (0.42) (0.49)
Weighted average shares used to compute basic and

diluted net loss per share

10,295,999

10,268,155





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