PENNINGTON, N.J.--(BUSINESS WIRE)--Jul. 14, 2009--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) (“OPT” or “the Company”) announces its financial results for
the year ended April 30, 2009.
Fiscal Year 2009 Highlights
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Cash, cash equivalents and investments of $81.7 million at year end
(April 30, 2008: $101.1 million)
-
Deployed and ocean-tested a PowerBuoy® at the Marine Corps Base, Oahu,
Hawaii under an on-going program with the US Navy. An additional $1.4
million in funding for this program was added by the Navy for the
PowerBuoy system during fiscal year 2009
-
Ocean-tested an autonomous PowerBuoy off the coast of New Jersey,
developed for the US Navy’s Deep Water Active Detection System ocean
data gathering program. Following the ocean test, OPT was awarded a
$3.0 million contract from the US Navy for the second phase of the
program
-
Deployed a PowerBuoy off the coast of Spain under a wave power
contract with Iberdrola and the Company is continuing the construction
and testing of its proprietary underwater substation pod
-
Contract order backlog at April 30, 2009 increased to $7.5 million
(April 30, 2008: $5.5 million)
-
Awarded $2.0 million from the US Department of Energy (“DoE”) in
support of OPT's wave power project off the coast of Reedsport, Oregon
– the first award by DoE for the building of ocean wave energy systems
-
Announced collaboration with Lockheed Martin to act as contractor for
a utility-scale wave power generation project in North America
-
Secured 2MW berth at the European Marine Energy Centre (“EMEC”) off
the Orkney Islands, Scotland
-
Signed agreement with Leighton Contractors to develop wave power
projects off the east and south coasts of Australia
-
Strengthened management team with key appointments, including Mark R.
Draper as Chief Executive Officer, Dr. Philip Hart as Chief Technology
Officer and, in June 2009, Angus Norman as Chief Executive of Ocean
Power Technologies Limited, the Company’s UK-based subsidiary
Mark R. Draper, Chief Executive Officer of OPT, said: “We have made
significant progress and achieved major milestones with key projects in
fiscal year 2009. These include the launch of several PowerBuoys under
multiple contracts. In addition, we have made key advances on our PB150
system, which is on track to be ready for deployment by the end of 2009.
We have expanded our relationships with existing partners, such as the
US Navy and Lockheed Martin, and have established new relationships in
key global markets that further our growth strategy. These achievements,
combined with the important strengthening of our management team,
clearly positions OPT as an industry leader. We remain on track to
achieve our objective of utilizing wave power as an economically-viable
source of renewable energy and look forward to the future with
confidence.”
Overview
Fiscal year 2009 represented a pivotal year for OPT. The Company made
significant progress on the development of the PB150, which is to be
ready for deployment at the EMEC off the coast of Scotland by the end of
calendar year 2009. OPT also made advances on other key projects,
including ocean testing of three different PowerBuoys off New Jersey,
Spain and Hawaii. The Company strengthened relationships with existing
partners, in particular the US Navy and Lockheed Martin, and formed new
partnerships that further OPT’s expansion strategy and improve its
future prospects.
As a result, the Company’s contract order backlog at April 30, 2009
increased to $7.5 million (April 30, 2008: $5.5 million). A majority of
the backlog is expected to be recognized as revenue over the next 12
months.
As OPT continued to invest in its product development, the Company
believes that the advances made in the development of the 150kW
PowerBuoy system will facilitate the future transition to the 500kW
PowerBuoy from the PB150 model. As a result, the current focus of OPT’s
engineering and development efforts is directed to increasing the power
output and maintainability of the utility PowerBuoy, and exploring
design and construction techniques that are expected to enable the
larger systems to be built and deployed at a significantly reduced cost.
The Company’s patent portfolio continued to grow as three new US patents
were issued during fiscal year 2009 and seven new patent applications
were submitted. As of April 30, 2009, OPT owned a total of 40 issued US
patents, with 16 US patent applications pending.
Fiscal year 2009 also saw a strengthening of OPT’s management team with
several key appointments. Foremost among these, Mark R. Draper was named
OPT’s Chief Executive Officer, succeeding Dr. George W. Taylor, a
founder of the Company and previous Chief Executive Officer, who was
appointed Executive Chairman. Mr. Draper previously held the position of
Chief Operating Officer of the Company and Chief Executive of OPT’s
wholly-owned European subsidiary, Ocean Power Technologies Limited,
based in Warwick, England. He has been instrumental to the Company's
progress in developing its PB150 PowerBuoy, and in expanding operations
in both Europe and North America. Prior to joining OPT, Mr. Draper’s
career encompassed a broad range of managerial and engineering roles at
Powergen plc, a UK energy business, including responsibility for nine
major power stations, a combined heat and power business, the technology
division and the company’s renewable energy business. He was also
instrumental in establishing and managing the growth of Powergen's
renewable generation activities, including on-shore and off-shore wind
power stations.
Other key appointments comprised:
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● Dr. Philip Hart to the position of Chief Technology Officer. Dr.
Hart is recognized internationally for his expertise in marine
technology. Prior to joining OPT, he worked for Global Marine
Systems, an international marine technology and engineering company
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● Seymour S. Preston III, previously OPT’s Chairman and
Non-Executive Director, as Vice Chairman and Lead Independent
Director
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● J. Victor Chatigny as a Non-Executive Director. Mr. Chatigny has
served over many years in a senior management capacity at
Measurement Specialties, Inc., a publicly-held company specializing
in the design and manufacture of advanced technology-based sensors
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● In June 2009, Angus Norman, as Chief Executive of Ocean Power
Technologies Limited. Mr. Norman joined OPT from EDF Energy where he
held the position of Managing Director of Sustainable Solutions and
brings more than a decade of leadership experience in the energy and
renewable energy generation sector
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In addition, OPT strengthened its technical capability through the
hiring of qualified personnel in the manufacturing, research and
development and engineering functions. As of April 30, 2009, OPT had 57
employees, which is expected to increase, primarily in engineering,
manufacturing and marine operations functions, in order to meet the
Company’s current manufacturing and deployment targets.
As a result, OPT is well placed to benefit from the improving
environment for renewable energy, which gained increasing momentum
during the year. In particular, OPT expects to benefit from the energy
production tax credit provision of the US government’s Energy
Improvement and Extension Act of 2008. Previously, production tax credit
provisions served only to benefit other renewable energy sources such as
wind and solar. This Act will, for the first time, enable owners of wave
power projects in the US to receive federal production tax credits,
thereby improving the comparative economics of wave power as a renewable
energy source.
The Obama administration in the United States appears to be keen on
developing renewable energy as a commercial source of energy for the
country. It is expected that the US federal and state governments will
increase their investments in the renewable energy sector under various
economic stimulus measures announced in early 2009. In anticipation of
such investments, OPT is devoting additional resources to developing
proposals to seek government funding to support existing projects and
technology enhancements.
During fiscal 2009, OPT received a $2.0 million award from the US
Department of Energy in support of OPT’s wave power project off the
coast of Reedsport, Oregon. The DoE grant will be used to help fund the
fabrication, assembly and factory testing of the first PowerBuoy to be
installed at the Reedsport site, which will be a 150kW-rated PowerBuoy.
This is the first award for the building of ocean wave energy systems by
the DoE, and OPT believes it is indicative of the growing recognition
and support of wave energy within the US federal and state governments.
Operational Review
The year ended April 30, 2009 represented another year of progress for
OPT. The Company achieved key milestones in a number of ongoing projects
and established strong foundations in new developments, which include:
HAWAII, US – Under its on-going program with the US Navy for the
development and construction of wave power systems at the Marine Corps
Base in Oahu, Hawaii, OPT deployed a 40kW peak-rated PowerBuoy near
Kaneohe Bay in October 2008. Initial commissioning tests provided
encouraging results and the power produced was in accord with predicted
levels. In fiscal 2009, the Company received an additional $1.4 million
in funding from the US Navy for this program. The buoy has been
retrieved for maintenance and upgrades and is expected to be redeployed
later this year to continue testing and ultimately to be connected to
the grid via an existing underwater power transmission cable.
US NAVY DEEP OCEAN APPLICATION – In June 2007, OPT was
awarded a $1.7 million contract by the US Navy to provide autonomous
PowerBuoy technology for its Deep Water Active Detection System
(“DWADS”) for ocean data gathering. Under this initial 18-month program,
OPT ocean-tested one of its autonomous PowerBuoy systems off the coast
of New Jersey in October 2008. This was the Company’s first deep water
deployment, at a location with over 3,000 feet of ocean depth. Following
this test phase, OPT received a new $3.0 million contract from the US
Navy for the second stage of the program for the building of an advanced
version of the autonomous PowerBuoy.
SPAIN – OPT deployed and ocean tested its first PowerBuoy under
contract with Iberdrola S.A., one of the world's largest renewable
energy companies, and its partners, at a site approximately three miles
off the coast of Santoña, Spain. The enhanced PB40 PowerBuoy, which
incorporates OPT's patented wave power technology, is the first step of
what is expected to be a utility-grade OPT wave power station to be
built-out in a later phase of the project. Following deployment and
ocean testing of the first PowerBuoy in September 2008, the buoy was
retrieved to enable OPT to make improvements to the power take-off and
control systems. The manufacturing and testing of the underwater
substation pod is continuing. The underwater power transmission cable
has been purchased for this project and is awaiting the granting of
permits to allow for its installation. The Company is currently in
discussions with its partners in the Spain project regarding the nature
and costs of the system improvements and their effects on plans for the
redeployment of the buoy and the next phases of the project. The terms
and funding for the deployment of the substation pod and cable are also
being considered by the parties.
ORKNEY ISLANDS, UK – During the past year, OPT secured a
2MW berth at the EMEC near the Orkney Islands, Scotland, and made
significant progress on the development of a 150kW PowerBuoy for its
deployment at EMEC under contract with the Scottish Government.
Subsequent to April 30, 2009, OPT announced the achievement of two major
manufacturing milestones in the development of the PB150 PowerBuoy: the
completion of the mechanical elements of the power take-off system and
the award of the steel fabrication contract for the PowerBuoy structure.
This PowerBuoy is expected to be ready for deployment by the end of
calendar year 2009.
REEDSPORT, OREGON, US – With support from Pacific Northwest
Generating Cooperative (PNGC Power), OPT is working on a 150kW-rated
PB150 PowerBuoy for deployment off Reedsport, Oregon, major portions of
which will be fabricated and integrated in Oregon. In fiscal 2009, OPT
received a $2.0 million award from the US Department of Energy in
support of OPT's wave power project off the coast of Reedsport. The DoE
grant will be used to help fund the fabrication, assembly and factory
testing of the first PowerBuoy to be installed at the Reedsport site.
OPT is working closely with interested stakeholder groups at local,
county, state and federal agency levels while making steady progress on
the overall permitting and licensing process.
CORNWALL, UK – OPT is in the process of planning and
developing a project for the South West of England Regional Development
Agency (“SWRDA”) to install a 5MW demonstration wave power station off
the coast of Cornwall, England, as part of SWRDA’s “Wave Hub” project.
During fiscal 2009, OPT worked with the engineering contractor appointed
by SWRDA to manage the construction of the marine energy test site, and
SWRDA is currently conducting the tender process for the design and
build of the infrastructure. The Wave Hub cabling and subsea
infrastructure is expected by SWRDA to be installed by the engineering
contractor by the end of calendar year 2010.
LOCKHEED MARTIN, US – In fiscal year 2009, OPT signed a letter of
intent with Lockheed Martin Corporation to collaborate in the delivery
of a utility-scale wave power generation project in North America.
Lockheed Martin and OPT intend to enter into an agreement under which
OPT would provide its project and site development expertise, build the
power take-off and control systems of the plant, and provide its
proprietary PowerBuoy technology. Lockheed Martin would provide
construction, systems integration and deployment of the plant, as well
as operations and maintenance services. This is the first agreement
between the two companies for a utility-scale renewable energy project
and builds on previous work together on systems for US homeland security
and maritime surveillance consisting of OPT’s unique autonomous
PowerBuoy integrated with Lockheed Martin’s advanced acoustic sensors,
signal processing and communications systems. Our prospective wave power
project with Lockheed Martin is expected to be off the coasts of either
California or Oregon.
LEIGHTON CONTRACTORS, AUSTRALIA – In December 2008, OPT signed a
Joint Development Agreement with Leighton Contractors Pty. Ltd., part of
one of Australia’s largest project development and contracting groups,
for the development of wave power projects off the east and south coasts
of Australia. Under contract from Leighton, Ocean Power Technologies
(Australasia) Pty. Ltd. (“OPTA”), the Company’s Australia-based
subsidiary, will identify potential project sites and assess their
commercial prospects. Upon identification of projects to be developed,
Leighton would obtain approvals, negotiate power purchase agreements,
structure project financing, and oversee project delivery and operation
of the power stations. If the projects are developed, OPTA would sell
its PowerBuoy wave power station to special purpose companies formed by
Leighton for the projects.
Financial Review
In fiscal 2009, OPT generated the majority of its revenues from the US
Navy, the Company’s largest customer, which accounted for 67% of total
revenues (fiscal 2008: 58%), while Iberdrola and Total accounted for 18%
of fiscal year revenues (fiscal 2008: 31%).
OPT markets and sells the Company’s products and services in a number of
countries outside the US, including Spain, the United Kingdom and
Australia, with international customers accounting for 27% of revenues
in fiscal 2009 (fiscal 2008: 41%).
Revenues decreased by $0.8 million in fiscal 2009, or 15%, to $4.0
million as compared to $4.8 million in fiscal 2008. The decrease in
revenues primarily reflects a lower level of billable activity in
connection with work on the Company’s wave power project off the coast
of Spain. Also, lower revenues from our Hawaii project for the US Navy
and EMEC project near Orkney, Scotland were offset by an increase in
revenue related to our wave power project off the coast of Reedsport,
Oregon.
The net loss for the year ended April 30, 2009 was $18.3 million,
compared to a net loss of $14.7 million in the prior year. The fiscal
2009 loss was primarily attributable to costs incurred in the Company’s
product development programs, which were $8.4 million for fiscal 2009
(fiscal 2008: $8.3 million) and which were focused on enhancing the core
PowerBuoy Technology; selling, general and administrative costs, which
were $9.5 million in fiscal 2009 (fiscal 2008: $7.7 million); interest
income, which decreased by $2.7 million from fiscal 2008; and foreign
exchange losses, which were $1.3 million in fiscal 2009, as compared to
foreign exchange gains of approximately $84,000 in fiscal 2008.
The Company finished the year with very strong liquidity. On April 30,
2009, total cash, cash equivalents and investments were $81.7 million.
Of that total, non-US dollar denominated certificates of deposit and
cash accounts had a balance of $8.5 million as of April 30, 2009, or
10.4% of the total.
Additional information may be found in the Company’s Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission. The
Form 10-K may be accessed at www.sec.gov
or at the Company’s website in the Investor Relations tab.
Webcast Details
OPT will host an audio webcast to review its results, on Tuesday, July
14, 2009, at 10:00 a.m. Eastern Time (3:00 p.m BST). Mark R. Draper,
Chief Executive Officer and Charles F. Dunleavy, Chief Financial
Officer, will host the webcast. Investors and other interested parties
may access the webcast by visiting the Company's Web site at www.oceanpowertechnologies.com
and clicking on the Investor Relations tab, then Webcasts and
Presentations.
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. These forward-looking statements reflect the Company's
current expectations about its future plans and performance, including
statements concerning the impact of marketing strategies, new product
introductions and innovation, deliveries of product, sales, earnings and
margins. 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 Form 10-K
for a further discussion of these risks and uncertainties. The Company
disclaims any obligation or intent to update the forward-looking
statements in order to reflect events or circumstances after the date of
this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean
wave resources to generate reliable, clean and
environmentally-beneficial electricity. OPT has a strong track record in
harnessing wave energy and participates in a $150 billion annual power
generation equipment market. The Company's proprietary PowerBuoy® system
is based on modular, ocean-going buoys that capture and convert
predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading developer of on-grid and autonomous
wave-energy generation systems, benefiting from over a decade of
in-ocean experience. OPT’s technology and systems are insured by Lloyds
Underwriters of London. OPT is headquartered in Pennington, New Jersey
with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
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Consolidated Balance Sheets as of
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|
|
|
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April 30, 2008 and 2009
|
|
|
|
|
|
|
|
|
Apr 30,
2008
|
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Apr 30,
2009
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
$
|
|
$
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
88,836,304
|
|
12,267,830
|
|
Short-term investments
|
|
|
—
|
|
28,840,399
|
|
Accounts receivable
|
|
|
1,728,637
|
|
985,149
|
|
Unbilled receivables
|
|
|
577,452
|
|
988,418
|
|
Other current assets
|
|
|
1,375,249
|
|
1,082,696
|
|
|
Total current assets
|
|
92,517,642
|
|
44,164,492
|
|
Property and equipment, net
|
|
|
628,454
|
|
897,718
|
|
Patents, net of accumulated amortization of $204,585
|
|
|
|
|
|
and $244,294, respectively
|
|
|
717,288
|
|
909,727
|
|
Restricted cash
|
|
|
1,123,848
|
|
951,552
|
|
Long-term investments
|
|
|
12,233,437
|
|
40,628,865
|
|
Other noncurrent assets
|
|
|
330,296
|
|
1,241,552
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
107,550,965
|
|
88,793,906
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable
|
|
|
1,457,575
|
|
908,837
|
|
Accrued expenses
|
|
|
4,490,008
|
|
3,853,437
|
|
Unearned revenues
|
|
|
699,752
|
|
281,570
|
|
|
Total current liabilities
|
|
6,647,335
|
|
5,043,844
|
|
Long-term debt
|
|
|
188,784
|
|
345,386
|
|
Deferred rent
|
|
|
16,237
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|
21,649
|
|
Deferred credits
|
|
|
600,000
|
|
600,000
|
|
|
Total liabilities
|
|
7,452,356
|
|
6,010,879
|
|
|
|
|
|
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COMMITMENTS AND CONTINGENCIES
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STOCKHOLDERS' EQUITY:
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Preferred stock, $0.001 par value; authorized 5,000,000
|
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|
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shares; none issued or outstanding
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—
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—
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Common stock, $0.001 par value; authorized 105,000,000
|
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|
|
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shares; issued and outstanding 10,210,354
|
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|
|
|
|
shares
|
|
10,210
|
|
10,210
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|
Additional paid-in capital
|
|
|
153,057,265
|
|
154,568,931
|
|
Accumulated deficit
|
|
|
(52,927,641)
|
|
(71,242,791)
|
|
Accumulated other comprehensive loss
|
|
(41,225)
|
|
(553,323)
|
|
|
|
|
100,098,609
|
|
82,783,027
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|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
107,550,965
|
|
88,793,906
|
|
|
|
|
|
|
|
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Consolidated Statements of Operations
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|
|
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For the years ended April 30, 2008 and 2009
|
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|
|
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|
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|
|
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Apr 30,
2008
|
|
|
Apr 30,
2009
|
|
|
|
|
|
|
|
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REVENUES
|
|
|
$
|
4,772,017
|
|
|
$
|
4,049,445
|
|
COST OF REVENUES
|
|
|
|
7,960,042
|
|
|
|
4,840,403
|
|
Gross loss
|
|
|
|
(3,188,025)
|
|
|
|
(790,958)
|
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PRODUCT DEVELOPMENT COSTS
|
|
|
|
8,255,123
|
|
|
|
8,372,244
|
|
SELLING, GENERAL AND ADMINISTRATIVE COSTS
|
|
|
|
7,732,577
|
|
|
|
9,529,071
|
|
Total operating expenses
|
|
|
|
15,987,700
|
|
|
|
17,901,315
|
|
Operating loss
|
|
|
|
(19,175,725)
|
|
|
|
(18,692,273)
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME
|
|
|
|
4,434,844
|
|
|
|
1,672,350
|
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FOREIGN EXCHANGE GAIN (LOSS)
|
|
|
|
84,158
|
|
|
|
(1,295,227)
|
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NET LOSS
|
|
|
|
(14,656,723)
|
|
|
|
(18,315,150)
|
|
Basic and diluted net loss per share
|
|
|
$
|
(1.44)
|
|
|
$
|
(1.79)
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|
Weighted average shares used to
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|
|
|
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compute basic and diluted net loss per share
|
|
|
|
10,200,729
|
|
|
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10,210,354
|
|
|
|
|
|
|
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|
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Consolidated Statements of Cash Flows
|
|
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For the years ended April 30, 2008 and 2009
|
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|
|
|
|
|
|
|
|
|
Apr 30,
2008
|
|
|
Apr 30,
2009
|
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CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
$
|
|
|
$
|
|
Net loss
|
|
|
(14,656,723)
|
|
|
(18,315,150)
|
|
Adjustments to reconcile net loss to net cash used in
|
|
|
|
|
|
|
|
operating activities:
|
|
|
|
|
|
|
|
Foreign exchange (gain) loss
|
|
|
(84,158)
|
|
|
1,295,227
|
|
Depreciation and amortization
|
|
|
241,721
|
|
|
299,405
|
|
Loss on disposal of equipment
|
|
|
—
|
|
|
268,976
|
|
Treasury note premium amortization
|
|
|
—
|
|
|
288,331
|
|
Compensation expense related to stock option grants
|
|
|
1,926,823
|
|
|
1,511,666
|
|
Deferred rent
|
|
|
5,412
|
|
|
5,412
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(878,643)
|
|
|
472,422
|
|
Unbilled receivables
|
|
|
(270,136)
|
|
|
(589,970)
|
|
Other current assets
|
|
|
(918,380)
|
|
|
140,418
|
|
Other noncurrent assets
|
|
|
(76,571)
|
|
|
(857,060)
|
|
Accounts payable
|
|
|
(122,323)
|
|
|
(448,138)
|
|
Accrued expenses
|
|
|
496,838
|
|
|
(361,284)
|
|
Unearned revenues
|
|
|
699,752
|
|
|
(418,182)
|
|
Other current liabilities
|
|
|
(26,106)
|
|
|
—
|
|
Net cash used in operating activities
|
|
|
(13,662,494)
|
|
|
(16,707,927)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
Purchases of certificates of deposit
|
|
|
(8,968,170)
|
|
|
(95,992,100)
|
|
Maturities of certificates of deposit
|
|
|
17,358,316
|
|
|
67,151,702
|
|
Purchases of long-term investments
|
|
|
(12,233,437)
|
|
|
(28,683,759)
|
|
Purchases of equipment
|
|
|
(419,835)
|
|
|
(811,493)
|
|
Payments of patent costs
|
|
|
(112,705)
|
|
|
(243,941)
|
|
Investments in joint ventures and other noncurrent assets
|
|
|
(27,714)
|
|
|
—
|
|
Net cash used in investing activities
|
|
|
(4,403,545)
|
|
|
(58,579,591)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from long-term debt
|
|
|
—
|
|
|
250,000
|
|
Repayment of long-term debt
|
|
|
—
|
|
|
(42,801)
|
|
Sale of common stock, net of issuance costs
|
|
|
(870,116)
|
|
|
—
|
|
Proceeds from exercise of stock options
|
|
|
287,795
|
|
|
—
|
|
Net cash provided by (used in) financing activities
|
|
|
(582,321)
|
|
|
207,199
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
|
|
|
|
|
|
|
|
CASH EQUIVALENTS
|
|
|
(20,809)
|
|
|
(1,488,155)
|
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(18,669,169)
|
|
|
(76,568,474)
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
107,505,473
|
|
|
88,836,304
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
88,836,304
|
|
|
12,267,830
|
Source: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
Mark R. Draper, +1
609-730-0400
Chief Executive Officer
or
Charles F.
Dunleavy, +1 609-730-0400
Chief Financial Officer
or
Nomura
Code Securities Limited
Juliet Thompson, Richard Potts, +44 20
7776 1200
or
Media:
Corfin Communications
Neil
Thapar, Martin Sutton, Claire Norbury, +44 20 7977 0020
