Exhibit 99.1

 

Ocean Power Technologies Announces Results for the
Fiscal Fourth Quarter and Full Year Ended April 30, 2015

 

●    Multiple PowerBuoy® deployments on track for calendar 2015

 

●    Primary focus on offshore autonomous markets and applications

 

●    Continued emphasis on PowerBuoy reliability, durability, and cost reduction

 

●    Advancing toward commercial status

 

PENNINGTON, N.J., July 6, 2015 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT) ("OPT" or "the Company") today announced financial results for its Fiscal 2015 fourth quarter and full year ended April 30, 2015 ("fiscal 2015").

 

George H. Kirby, President and Chief Executive of OPT, commented, “As we begin fiscal 2016, we continue to aggressively drive the deliverables that we set out earlier this year. In addition to achieving fully permitted status for deployment of our PB40 buoy, we have begun deployment of the mooring system and we are currently monitoring for a suitable weather window for final buoy deployment. We will soon achieve fully permitted status for deployment of our APB-350 A1 buoy, which we also expect to deploy this summer. We are making significant progress toward development of our commercial generation APB-350 A2 buoy, which is being developed with an optimized geometry for improved operating efficiency as well as reduced fabrication, transportation and deployment costs, and recently underwent a successful preliminary design review. We have begun development of our PB10 PowerBuoy which will leverage a scaled-up version of the APB-350 power take-off (“PTO”) and a high efficiency energy storage system for applications requiring higher power output. The PTO design for the PB10 buoy recently passed a stage-gate review with the U.S. Department of Energy, and the detailed design review of the PTO is anticipated to occur by the end of summer 2015.”

 

“Each of these actions demonstrates our progress toward commercialization, where we believe our cutting edge power solutions are poised to address several applications in the oil & gas, security and defense, ocean observing, and offshore wind markets. Additionally, we continue to increase our technical depth through new engineering and operations hires, and we continue to collaborate with potential PowerBuoy users in our markets of interest as we advance our commercialization efforts.”

 

Results for the Fiscal Fourth Quarter Ended April 30, 2015

 

For the three months ended April 30, 2015, OPT reported revenue of $0.5 million, as compared to revenue of $0.4 million for the three months ended April 30, 2014. Revenue in both periods was primarily related to our project with Mitsui Engineering & Shipbuilding ("MES"). The MES project is currently undergoing a stage-gate review as discussed more fully in the MD&A section of our filing on Form 10-K for the fiscal 2015 period ended April 30, 2015.

 

The net loss was $3.3 million for both the three months ended April 30, 2015 and April 30, 2014. Compared to the prior year quarter, the current year quarter reflected an increase in gross profit due to a change in project costs related to the MES contract. In addition, selling, general and administrative expenses were $1.4 million lower than the prior year primarily due to reduced employee related expenses and the decreased site development expenses related to our terminated project in Australia. This was offset in part due to increased product development as the Company continues to advance its technology and prepares for pending deployments of its PB40 and APB-350 A1 buoys later this summer. In addition, the Company received a refund related to research and development expenditures in Australia. Results in the prior year fourth quarter reflected a favorable adjustment for a change in project loss reserve. 

 

 
 

The following information was filed by Ocean Power Technologies, Inc. (OPTT) on Monday, July 6, 2015 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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