This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ocean Power Technologies Announces Results For The Fiscal First Quarter Ended July 31, 2013

Stocks in this article: OPTT

PENNINGTON, N.J., Sept. 13, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company") today announced financial results for its Fiscal 2014 first quarter ended July 31, 2013.

Highlights

  • The Company's net loss for first quarter of Fiscal 2014 declined to $3.8 million from $4.4 million in the first quarter of Fiscal 2013.  
  • OPT also recently announced the following developments: 

— Deployment of the Company's enhanced Autonomous PowerBuoy® ("APB-350") 35 miles off the coast of New Jersey in 140 feet of water. This project is part of the previously-announced Cooperative Research and Development Agreement ("CRADA") with the U.S. Department of Homeland Security ("DHS") Science & Technology Directorate. Under this program, the Company has performed in-ocean tests on its proprietary APB-350 to further validate the technology's capacity for expanded ocean surveillance. The system deployed includes a new acoustic sonar system, in addition to the existing HF radar, to allow detection of sub-surface and surface activity. This round of systems testing has been completed, with very good data received on energy output and on the sonar system's sub-surface detection of vessel acoustic profiles. — Award of two grants from the U.S. Department of Energy. The first was made under the Small Business Innovation Research program as a Phase I grant for approximately $150,000. This project is for the study of advanced control technologies for optimizing OPT's next-generation PowerBuoy. Separately, the Company won a $1.0 million award for work to optimize design of the PowerBuoy's float and spar, subject to negotiation of the final contract. This effort will include consideration of materials used and the geometry of the systems to maximize power-to-weight output ratios and to reduce overall installed capital costs. — Final assembly has begun in Spain by OPT and its WavePort consortium partners of a PowerBuoy that features an enhanced energy conversion system utilizing a new wave prediction model. Significant progress continues, including land testing. The buoy features an advanced modular power take-off. 

"We are very excited to have received two awards from the U.S. Department of Energy, and appreciate this new opportunity to be part of their initiatives in support of the marine hydrokinetic industry," said Charles F. Dunleavy, Chief Executive Officer of OPT. "In addition, I am happy to report that we have received positive feedback to the news of this deployment and the expanded mission capability of the APB-350 from several market sectors which we are pursuing. Under this Department of Homeland Security program, we are pleased with the initial results of our APB-350 in terms of power generation and the performance of our new on-board ocean surveillance sonar system. We expect to conduct further tests of the system going forward, building on these initial results and after we implement some planned improvements to the APB-350. At the same time, we are continuing to develop other potential projects in the U.S. and overseas, and we anticipate further progress in the current fiscal year towards commercialization in both our utility and autonomous PowerBuoy end markets."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs