I'll now turn the call over to Chuck Dunleavy, OPT's CEO.

Charles Frederick Dunleavy

Thank you, Brian, and thanks to everyone for being with us today. Brian and I will be available to answer questions following our prepared remarks.

Turning to Slide 3. Let me briefly provide an update on recent accomplishments. We are very pleased with the results of the Ocean operations of our Littoral Expeditionary Autonomous PowerBuoy or LEAP unit developed for the U.S. Navy. The Autonomous PowerBuoy performed much better than the project specifications. At the same time, we have marked progress on advancing the PowerBuoy's energy conversion capability as part of our WavePort project in Spain, and are taking the steps to expedite development of our planned 19-megawatt project in Australia.

With those projects, the PB150 project in Reedsport, Oregon and our ongoing business development efforts, we remain clearly focused on getting more PowerBuoys in the water. Our intellectual property position continues to strengthen as we optimize our PowerBuoy technology. Since our fiscal year began on May 1, 2011, we've been granted 4 patents and applied for 3 new patents covering a broad range of applications. From the new wave energy power take-off system to improved buoy mooring and anchoring, electrical efficiency innovations and patents on our Undersea Substation or Pod. In total, we have now 64 patents issued and pending. Quite impressive for a company of our size and really serves as witness to the creativity and technical innovation of our employees.

Our operating loss for the fiscal third quarter and 9 months decline as compared to the comparable, prior year period. This primarily reflects a greater-than-30% decrease in product development costs for both the quarter and the 9-month periods. In addition, our net cash used in operations decreased for the 9-month period versus a year ago.

If you liked this article you might like

Ocean Power Technologies (OPTT) Stock Slumps on Common Stock Offering

Stock Picking Is Now Becoming More Challenging

Ocean Power Technologies (OPTT) Stock Up in After-Hours Trading on DoE Funding

Shark Bites: Energous, NeoPhotonics Top My Watch List

Don't Roll the Dice on Central Bank News