Ocean Power Technologies Results for Quarter and 6 Months Ended October 31, 2008
Dec. 10, 2008–Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced its financial results for the second quarter and six months ended October 31, 2008 of its fiscal year ending April 30, 2009.
Second Quarter Highlights
• Contract order backlog at October 31, 2008 increased to a record level of $8.0 million
• Revenues for the 6 months ended October 31, 2008 were $2.5 million, compared to $2.2 million for the 6 months ended October 31, 2007
• Net loss for the 6 months ended October 31, 2008 was $10.0 million, compared to a $4.3 million net loss for the 6 months ended October 31, 2007
• Cash, cash equivalents and investments of $89.6 million at October 31, 2008
• Awarded $2.0 million from the US Department of Energy in support of OPT’s wave power project in Reedsport, Oregon
• Awarded $3.0 million contract from the US Navy for the second phase of their ocean data gathering program
• US Congress passes bill which provides for wave power to qualify for the US production tax credit
OPT has seen strong demand for wave energy systems as evidenced by record levels of contract order backlog, currently at $8.0 million. OPT continues to make steady progress on development of the 150 kW-rated PowerBuoy (PB150), which comprises a significant portion of current backlog. The design of the PB150 structure is on track to be completed by the end of calendar year 2008, and is expected to be ready for complete system testing in 2009. OPT continues to work actively with an independent engineering group to attain certification of the 150 kW PowerBuoy structure design.
