Ocean Power Technologies Announces Results for the Fiscal Second Quarter Ended October 31, 2015
Mr. Kirby continued, "Consistent with our strategic pivot away from large grid-connected systems to smaller autonomous PowerBuoys, we have made considerable progress toward our next-generation APB350, which we are moving to commercialization. We expect the APB350 will feature an enhanced electrical storage system, a higher efficiency power management system, and "plug and play" capability, making it end-user payload agnostic. I am excited to announce this next-generation buoy has undergone a critical design review, and we expect the APB350 to undergo significant in-ocean and accelerated life testing in the next year. We currently project that in calendar year 2016, it will achieve a maturity level that will allow us to proceed with a commercial launch of our product."
Results for the Second Fiscal Quarter Ended
For the three months ended
The net loss for the three months ended
Results for the Six Months Ended
For the six months ended
The net loss for the six months ended
Balance Sheet and Available Cash
As of
Conclusion
Mr. Kirby concluded, "We are especially encouraged by A1's performance, particularly power generation to date, which has generated positive market feedback. We continue to believe that our PowerBuoys will be cost-effective alternatives to incumbent solutions that generally use less reliable and more costly sources of power, as well as enable new applications. Further, we remain focused on discussing new opportunities for joint development and projects with potential partners and customers as part of our commercialization efforts. Overall, we are excited about the growth opportunities in front of us, and we look forward to achieving further progress in the near future."
Conference Call Details
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Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the
FINANCIAL TABLES FOLLOW
Additional information may be found in the Company's Quarterly Report on Form 10-Q that has been filed with the
| Consolidated Balance Sheets as of | ||
| October 31, 2015 and April 30, 2015 | ||
| ASSETS | October 31, 2015 | April 30, 2015 |
| (Unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $ 10,339,322 | $ 17,335,734 |
| Marketable securities | 25,000 | 75,000 |
| Restricted cash | 437,732 | 438,561 |
| Accounts receivable | 104,827 | 103,470 |
| Unbilled receivables | 46,796 | 81,658 |
| Other current assets | 329,826 | 186,641 |
| Total current assets | 11,283,503 | 18,221,064 |
| Property and equipment, net | 219,403 | 263,898 |
| Restricted cash | -- | 50,000 |
| Other noncurrent assets | 284,958 | 335,924 |
| Total assets | $ 11,787,864 | $ 18,870,886 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 258,655 | $ 352,827 |
| Accrued expenses | 2,477,207 | 2,507,119 |
| Current portion of long-term debt | 100,000 | 100,000 |
| Total current liabilities | 2,835,862 | 2,959,946 |
| Long-term debt | -- | 50,000 |
| Deferred credits | 600,000 | 600,000 |
| Total liabilities | 3,435,862 | 3,609,946 |
| Ocean Power Technologies, Inc. Stockholders' equity: | ||
| Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding | -- | -- |
| Common stock, $0.001 par value; authorized 105,000,000 shares, issued 1,836,620 and 1,838,776 shares, respectively | 1,837 | 1,839 |
| Treasury stock, at cost; 4,318 and 3,865 shares, respectively | (133,740) | (132,016) |
| Additional paid-in capital | 180,730,459 | 180,803,339 |
| Accumulated deficit | (171,943,857) | (164,755,055) |
| Accumulated other comprehensive loss | (302,697) | (229,915) |
| Total Ocean Power Technologies, Inc. stockholders' equity | 8,352,002 | 15,688,192 |
| Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | -- | (427,252) |
| Total equity | 8,352,002 | 15,260,940 |
| Total liabilities and stockholders' equity | $ 11,787,864 | $ 18,870,886 |
| Consolidated Statements of Operations | ||||
| For the Three and Six Months Ended October 31, 2015 and 2014 | ||||
| (Unaudited) | ||||
| Three Months Ended | Six Months Ended | |||
| October 31, | October 31, | |||
| 2015 | 2014 | 2015 | 2014 | |
| Revenues | $ 494,412 | $ 1,747,788 | 600,078 | $ 3,288,316 |
| Cost of revenues | 494,412 | 1,998,076 | 600,078 | 3,965,240 |
| Gross loss | -- | (250,288) | -- | (676,924) |
| Operating expenses: | ||||
| Product development costs | 1,177,656 | 1,224,487 | 3,660,444 | 1,144,432 |
| Selling, general and administrative costs | 1,821,993 | 2,708,878 | 3,728,938 | 5,831,850 |
| Total operating expenses | 2,999,649 | 3,933,365 | 7,389,382 | 6,976,282 |
| Operating loss | (2,999,649) | (4,183,653) | (7,389,382) | (7,653,206) |
| Interest income (expense), net | 3,712 | 3,424 | 8,835 | (55,196) |
| Other Income (expense), net | (8,080) | -- | 242,927 | 185,000 |
| Foreign exchange loss | (24,801) | (216,249) | (5,842) | (221,907) |
| Net loss | (3,028,818) | (4,396,478) | (7,143,462) | (7,745,309) |
| Less: Net (profit) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | 2,057 | 26,784 | (45,340) | 92,863 |
| Net loss attributable to Ocean Power Technologies, Inc. | $ (3,026,761) | $ (4,369,694) | (7,188,802) | $ (7,652,446) |
| Basic and diluted net loss per share | $ (1.71) | $ (2.50) | (4.08) | $ (4.38) |
| Weighted average shares used to compute basic and diluted net loss per share | 1,773,978 | 1,748,156 | 1,762,805 | 1,747,312 |
| Consolidated Statements of Cash Flows | ||
| For the Six Months Ended October 31, 2015 and 2014 | ||
| (Unaudited) | ||
| Six Months Ended October 31, | ||
| 2015 | 2014 | |
| Cash flows from operating activities: | ||
| Net loss | $ (7,143,462) | $ (7,745,309) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Foreign exchange (gain) loss | 5,842 | 221,907 |
| Depreciation and amortization | 55,629 | 486,640 |
| Compensation expense related to stock option grants and restricted stock | 276,912 | 153,153 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,357) | 308,731 |
| Unbilled receivables | 34,862 | 18,267 |
| Other current assets | (144,364) | 291,903 |
| Other noncurrent assets | 51,718 | (131,539) |
| Accounts payable | (92,077) | (90,043) |
| Accrued expenses | (28,408) | (38,258) |
| Advance payment received from ARENA | -- | (4,709,055) |
| Unearned revenues | -- | (877,374) |
| Net cash used in operating activities | (6,984,705) | (12,110,977) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | -- | (13,746,959) |
| Maturities of marketable securities | 50,000 | 11,745,562 |
| Restricted cash | 50,829 | 6,712,559 |
| Purchases of equipment | (11,130) | (10,896) |
| Net cash provided by (used in) investing activities | 89,699 | 4,700,266 |
| Cash flows from financing activities: | ||
| Repayment of debt | (50,000) | (50,000) |
| Proceeds from the sale of common stock, net of issuance costs | 4,798 | 1,155 |
| Acquisition of treasury stock | (1,724) | (1,309) |
| Net cash (used in) provided by financing activities | (46,926) | (50,154) |
| Effect of exchange rate changes on cash and cash equivalents | (54,480) | (159,086) |
| Net increase in cash and cash equivalents | (6,996,412) | (7,619,951) |
| Cash and cash equivalents, beginning of period | 17,335,734 | 13,858,659 |
| Cash and cash equivalents, end of period | $ 10,339,322 | $ 6,238,708 |
CONTACT: Company Contact:
Mark A. Featherstone ,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Contact:
Shawn Severson
The Blueshirt Group
Phone: (415)489-2198
