Ocean Power Technologies: First Quarter Results

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PENNINGTON, N.J.-- Ocean Power Technologies, Inc. announced financial results for its fiscal 2013 first quarter ended July 31, 2012.

Highlights

    Net loss decreased to $4.4 million for the three months ended July 31, 2012 compared to $5.0 million for the three months ended July 31, 2011, primarily reflecting a 38% decrease in product development costs.
    Efforts continued in Australia following the announcement of a teaming agreement with Lockheed Martin for the development of a proposed 19 megawatt wave energy project off Portland, Victoria. Focus is now on permitting activity and securing the required financing to meet the conditions for the receipt of a previously announced A$66.5 million (US$69.5 million) grant from the Commonwealth of Australia.
    The U.S. Federal Energy Regulatory Commission (“FERC”) approved the full build-out of OPT’s proposed 1.5 megawatt, grid-connected wave power station off Reedsport, Oregon – the first such license to be issued for a wave power station in the U.S. The Company is in the process of final assembly and inland testing of the first PowerBuoy® to be installed at the Reedsport site. OPT expects that this PowerBuoy will be ready for deployment in early October. At that time, the Company will be dependent on the weather conditions for determination of when to commence deployment activities.
    OPT has entered into a Cooperative Research and Development Agreement (“CRADA”) with the U.S. Department of Homeland Security (“DHS”) to demonstrate the use of OPT’s Autonomous PowerBuoy (“APB”) for ocean surveillance. OPT has also been awarded a new $75,000 grant from the Maryland Technology Development Corporation (“MTDC”) via a joint technology transfer initiative to demonstrate how the APB can be used with multiple surveillance technologies.

“OPT got off to a strong start in fiscal 2013, with progress on a number of ongoing initiatives in the U.S. and abroad,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “As recently announced, we secured the FERC license for the prospective build-out of our project in Reedsport, Oregon – the first such license in the United States. At the same time, we are actively working alongside Lockheed Martin to implement strategies in Australia to expedite our commercialization plans. We also gained traction in the Autonomous PowerBuoy market with the signing of a CRADA with the Department of Homeland Security and receipt of a grant to leverage our knowledge gained from last year’s deployment under the U.S. Navy’s Littoral Expeditionary Autonomous PowerBuoy program. We look forward to reporting results on these and our other initiatives in the months ahead.”

Financial Review

OPT’s contract backlog as of July 31, 2012 was $5.8 million, compared to $6.8 million as of April 30, 2012 and $7.1 million as of July 31, 2011. Backlog includes funded amounts and unfunded amounts that are expected to be funded in the future. Funded backlog was $5.0 million, $4.8 million, and $5.1 million as of July 31, 2012, April 30, 2012, and July 31, 2011, respectively. The Company’s contract backlog consists largely of orders to support its product development.

Results for the Fiscal First Quarter Ended July 31, 2012

For the three months ended July 31, 2012, OPT reported revenues of $1.0 million as compared to revenues of $1.9 million for the three months ended July 31, 2011. This decrease primarily reflects lower revenues tied to the US Navy’s Littoral Expeditionary Autonomous PowerBuoy (“LEAP”) program on a year-over-year basis, as that project was successfully completed in fiscal 2012. This decline was partially offset by an increase in revenue from the Company’s WavePort project in Spain.

The net loss for the three months ended July 31, 2012 was $4.4 million as compared to a net loss of $5.0 million for the three months ended July 31, 2011. The reduction in net loss year-over-year was due primarily to a decrease in product development costs, principally for the PB150 system successfully deployed off Scotland in 2011 and lower costs related to the PB150 buoy in Reedsport, Oregon. These decreases in product development costs were partially offset by increased investment in advanced technology development.

Cash and Investments

On July 31, 2012, total cash, cash equivalents, restricted cash and investments were $29.4 million, as compared to $33.2 million as of April 30, 2012. The net decrease in cash and investments was $3.8 million for the three months ended July 31, 2012, compared to $5.2 million for the three months ended July 31, 2011.

 About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA with an office in Warwick, UK, and operations in Melbourne and Perth, Australia. More information can be found at www.oceanpowertechnologies.com.

 Company Contact:
Brian M. Posner, Chief Financial Officer
Telephone: +1-609-730-0400

Investor Relations Contact:
Darrow Associates
Chris Witty
Telephone: +1-646-438-9385
Email: cwitty@darrowir.com
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