PENNINGTON, N.J., July 12, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced financial results for its fiscal 2013 fourth quarter and the full year ended April 30, 2013.
- Ocean Power Technologies reported a net decrease in cash and investments of $11.4 million for the twelve months ended April 30, 2013 ("Fiscal 2013") versus a net decrease of $15.2 million for the twelve months ended April 30, 2012 ("Fiscal 2012").
- The Company's net loss for Fiscal 2013 declined to $14.8 million from $15.2 million in Fiscal 2012.
- During Fiscal 2013, the Company announced several achievements including the following:
— Further progress was made in Australia, where OPT and Lockheed Martin are working together on a planned 62.5MW peak generator rated wave power project off Portland, Victoria, which would be one of the largest wave projects in the world. Professional Diving Services was engaged to conduct a seabed survey in connection with this project. In addition, OPT is working with the Australian Renewable Energy Agency ("ARENA"), the entity that manages the Commonwealth's A$66.5 million grant for the project, on certain variations to the funding deed that governs the grant. This funding deed for the project sets out the terms of the grant, including the requirement to obtain significant additional funding.— A contract worth ¥70 million (approximately US$0.7 million) was received from Mitsui Engineering & Shipbuilding Co. Ltd. for further work on PowerBuoy enhancements that, under Japanese wave conditions, provide for improved power capture. The analysis and design work are now complete, and a decision is expected to be made on next steps toward ocean trials of a demonstration PowerBuoy. — The Company's Waveport project in Spain achieved an important milestone. Following extensive design, construction and land testing activity during Fiscal 2013, OPT shipped its advanced modular power take-off in May, 2013. OPT has been working with a consortium of European companies and institutions to advance the energy conversion system of the PowerBuoy through the development of a new wave prediction model. The system can assess the characteristics of incoming waves before they reach the PowerBuoy, thereby providing more time for OPT's proprietary electronic tuning capability to react. This is expected to boost the power output of the PowerBuoy and reduce cost per megawatt hour of energy produced.