Ocean Power Technologies: Results for Q4 and Full Year Ended April 30, 2016

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PENNINGTON, New Jersey - Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or the “Company”) announced financial results for its fiscal 2016 fourth quarter and full year ended April 30, 2016 ("fiscal 2016").

George H. Kirby, President and Chief Executive of OPT, commented, "As we begin fiscal 2017, we continue to take important steps toward our commercialization efforts.  This week we announced the deployment of our second PB3 off of the coast of New Jersey, which is our intended commercial PowerBuoy and includes a number of enhancements from our earlier PowerBuoy designs. In June, we announced our agreement with MES which includes our first commercial PB3 PowerBuoy lease.  We also redeployed the PB3-A1 off of the coast of New Jersey with a payload from the National Data Buoy Center, which we believe will show multiple stakeholders the benefit of persistent power and communications through our integrated PowerBuoy solution. Additionally, this deployment includes a Wildlife Conservation Society (WCS) sensor that will provide WCS with invaluable data concerning the viability of our PB3 PowerBuoy for their applications of interest. While these deployments focus initially on the ocean observing market, we believe that other markets such as oil and gas, security and defense, communications, and offshore wind will derive significant benefits from our PB3 PowerBuoy power and communications solution as well."

Results for Fiscal Fourth Quarter Ended April 30, 2016

For the three months ended April 30, 2016, OPT reported revenue of $0.1 million, as compared to revenue of $0.5 million for the three months ended April 30, 2015. Revenue in both periods was primarily related to the Company’s projects with MES, with fiscal 2016 revenue related to an autonomous PB3 PowerBuoy project, and with fiscal 2015 revenue being related to a utility-scale project. The decrease in revenues is consistent with our strategic pivot refocusing our product development efforts on autonomous PowerBuoys and our deliberate decision to transition toward commercial revenues.

The Company reported a net loss of $4.0 million for the three months ended April 30, 2016 compared with a loss of $3.3 million for the three months ended April 30, 2015. Fiscal 2016 fourth quarter loss included a charge of $1.1 million related to the pending settlement of the class action securities litigation. In addition, fiscal 2015 fourth quarter reflected higher gross profit due to a change in project costs related to a MES utility-focused contract which has been suspended. In fiscal 2016 fourth quarter, product development costs and selling, general and administrative expenses were lower.  Product development costs in fiscal 2015 fourth quarter were higher due to costs incurred related to our former utility-scale PB40 PowerBuoy as well as a prototype PB3 PowerBuoy versus the Company’s fiscal 2016 fourth quarter focus on development of our commercial PB3 PowerBuoy. Selling, general and administrative expenses were lower in fiscal 2016 fourth quarter in part due to reduced consulting, patent amortization and legal costs.

Results for Year Ended April 30, 2016

For fiscal 2016, OPT reported revenue of $0.7 million, as compared to revenue of $4.1 million for fiscal 2015. The decrease in revenue is primarily related to decreased billable work for revenue producing work in fiscal 2016.

For fiscal 2016, the Company reported a net loss of $13.1 million, as compared to a net loss of $13.2 million for fiscal 2015. The change in net loss reflects lower revenues and higher product development costs in fiscal 2016, offset in part by increased tax benefits and lower selling, general and administrative costs.  Fiscal 2016 also reflects a provision for the settlement of the class action securities litigation.  Selling, general and administrative expenses in fiscal 2016 were lower than fiscal 2015 due in part to reduced consulting, site development and patent amortization costs.

Balance Sheet and Available Cash

As of April 30, 2016, the Company’s total cash, cash equivalents, and marketable securities were $6.8 million, down from $17.4 million on April 30, 2015. On April 30, 2016, restricted cash was $0.3 million, compared with $0.5 million as of April 30, 2015. The cash used in operating activities of $10.9 million in fiscal 2016 represented a decrease compared to $17.2 million used in fiscal 2015, which included the return by the Company of $4.7 million to the Australian Renewable Energy Agency (ARENA), for a now-terminated project in Australia in fiscal 2015.


Mr. Kirby concluded, “I am excited as we advance our commercialization strategy, as we discuss new opportunities with potential customers, and as we actively look for additional financing to fund our future operations.  I believe our PowerBuoy represents a more cost-effective alternative for existing solutions and a disruptive solution for new applications requiring remote offshore power and real-time data communications.”

About Ocean Power Technologies

Headquartered in Pennington, New Jersey, Ocean Power Technologies (NASDAQ:OPTT) is a leader in ocean wave energy conversion. OPT’s proprietary PowerBuoy® technology is based on a scalable and modular design.  OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.

Ocean Power Technologies                
Mark A. Featherstone
Chief Financial Officer of OPT
Phone:   609-730-0400                        

Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations, Inc.
Phone:  516-662-9461
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