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Ocean Power Technologies Announces Results for the
Fiscal Fourth Quarter and Year Ended April 30, 2012
Pennington, NJ July 13, 2012 Ocean Power Technologies, Inc. (Nasdaq: OPTT) (OPT or the Company) today announces financial results for its fiscal 2012 fourth quarter and the year ended April 30, 2012.
Operating loss was $16.6 million for the twelve months ended April 30, 2012 versus $21.3 million for the twelve months ended April 30, 2011, primarily reflecting a 37% decrease in product development costs.
On track to complete construction of OPTs first PB150 PowerBuoy for the project at Reedsport, Oregon. Factory testing of the devices power take-off (PTO) has been completed and it has been shipped to Oregon Iron Works, where it is now being integrated into the spar of the buoy in preparation for ocean testing. The buoy is expected to be ready for deployment late this summer.
Signed an agreement with Lockheed Martin Corporation (NYSE: LMT) to develop a proposed 19 megawatt wave energy project in Victoria, Australia. For the project, Lockheed Martin will assist with the design of OPTs PowerBuoy® technology, lead the production and system integration of the wave-energy converters, and support overall project management.
Additional milestones reached during fiscal 2012 include successful deployment of the U.S. Navys Littoral Expeditionary Autonomous PowerBuoy (LEAP) off the coast of New Jersey, and completion of ocean testing of OPTs first utility-scale PB150 off Scotland.
Work commenced under the Companys €2.2 million WavePort project in Spain, which will showcase advancements in OPTs energy conversion technology.
As we begin fiscal 2013, Ocean Power Technologies is taking strides on a number of fronts that we expect will enhance our growth in the quarters to come, said Charles F. Dunleavy, Chief Executive Officer of OPT. As expected, we lowered our cash burn this past year and plan to reduce this further in the current fiscal year. Management remains focused on our core technology as well as converting several business development opportunities around the globe into revenue-generating orders. In Australia, Lockheed Martins involvement has provided renewed momentum for our project in Victoria. Excellent progress is being made in Oregon and we are also seeing increased activity in other locations internationally. As a result, we believe 2013 will be a year of achievements in our drive to commercialize our PowerBuoys in both the utility and autonomous power markets. These opportunities follow from the hard work and dedication of our employees and the steadfast support of our commercial partners.
The following information was filed by Ocean Power Technologies, Inc. (OPTT) on Friday, July 13, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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