Delaware | 001-33417 | 22-2535818 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
1590 Reed Road Pennington, NJ |
08534 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press release issued by the Company dated September 9, 2011. |
OCEAN POWER TECHNOLOGIES, INC. |
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Date: September 9, 2011 | By: | /s/ BRIAN M. POSNER | ||
Brian M. Posner | ||||
Chief Financial Officer |
Exhibit No. | Description | |||
99.1 | Press release issued by the Company dated September 9, 2011. |
| Revenue for the quarter was $1.9 million, compared to $1.4 million for the prior year,
reflecting an increase in revenue from OPTs project with the US Navy for maritime security
and funding for the development of the Companys next-generation PowerBuoy, the PB500. |
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| Contract backlog as of July 31, 2011 was $7.1 million compared to $6.5 million as of July
31, 2010. |
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| Reported positive results from the ocean trials of OPTs first PB150 PowerBuoy deployed
off the coast of Scotland. Power levels and system performance for this utility-scale system
outperformed engineering expectations. The Company believes the capacity factor represented
by these results exceeds that experienced by most other renewable energy sources. |
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| On August 11, 2011, OPT deployed off the coast of New Jersey a unique autonomous wave
energy device for sea trials as part of the US Navys Littoral Expeditionary Autonomous
PowerBuoy (LEAP) program for coastal security and maritime surveillance. The Companys
proprietary power management techniques and on-board energy storage capability are key
innovations of this system, and enable operation even in extended zero-wave sea conditions.
The LEAP PowerBuoy successfully withstood the severe wave conditions experienced during
Hurricane Irene and continued to generate power according to design. |
Company Contact:
|
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Ocean Power Technologies, Inc. |
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Brian M. Posner, Chief Financial Officer |
Telephone: +1 609 730 0400 | |
Media Contact: |
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Corfin Public Relations Limited |
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Neil Thapar, Claire Norbury
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Telephone: +44 20 7596 2860 | |
Investor Relations Contact:
|
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Darrow Associates
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Telephone: +1 646 438 9385 | |
Chris Witty |
Email: cwitty@darrowir.com |
July 31, | April 30, | |||||||
2011 | 2011 | |||||||
(Unaudited) | ||||||||
ASSETS |
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CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 8,898,701 | $ | 4,376,136 | ||||
Marketable securities |
25,092,913 | 26,018,594 | ||||||
Accounts receivable |
982,323 | 1,285,000 | ||||||
Unbilled receivables |
1,321,853 | 456,316 | ||||||
Other current assets |
716,186 | 832,142 | ||||||
Total current assets |
37,011,976 | 32,968,188 | ||||||
Property and equipment, net |
796,059 | 792,092 | ||||||
Patents, net |
1,247,951 | 1,222,368 | ||||||
Restricted cash |
1,591,189 | 1,624,669 | ||||||
Marketable securities |
7,516,214 | 16,323,016 | ||||||
Other noncurrent assets |
627,500 | 622,245 | ||||||
TOTAL ASSETS |
48,790,889 | 53,552,578 | ||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
826,833 | 1,224,728 | ||||||
Accrued expenses |
3,869,988 | 4,302,952 | ||||||
Unearned revenues |
1,244,562 | 344,022 | ||||||
Current portion of long term debt |
75,000 | 139,378 | ||||||
Total current liabilities |
6,016,383 | 6,011,080 | ||||||
Long-term debt |
425,000 | 450,000 | ||||||
Deferred credits |
600,000 | 600,000 | ||||||
Total liabilities |
7,041,383 | 7,061,080 | ||||||
OCEAN POWER TECHNOLOGIES, INC. |
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STOCKHOLDERS EQUITY: |
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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 10,411,295 and 10,419,183 shares, respectively |
10,411 | 10,419 | ||||||
Treasury Stock, at cost; 13,485 and 7,685 shares, respectively |
(65,877 | ) | (42,734 | ) | ||||
Additional paid-in capital |
157,545,820 | 157,174,930 | ||||||
Accumulated deficit |
(115,844,036 | ) | (110,848,972 | ) | ||||
Accumulated other comprehensive income |
85,835 | 175,907 | ||||||
Total Ocean Power Technologies, Inc. stockholders equity |
41,732,153 | 46,469,550 | ||||||
Noncontrolling interest in Ocean Power Technologies
(Australasia) Pty Ltd |
17,353 | 21,948 | ||||||
Total equity |
41,749,506 | 46,491,498 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
48,790,889 | 53,552,578 |
July 31, | July 31, | |||||||
2011 | 2010 | |||||||
Revenues |
$ | 1,910,852 | 1,374,407 | |||||
Cost of revenues |
1,901,902 | 1,588,246 | ||||||
Gross profit (loss) |
8,950 | (213,839 | ) | |||||
Operating expenses: |
||||||||
Product development costs |
3,100,587 | 4,025,786 | ||||||
Selling, general and administrative costs |
2,019,742 | 2,028,910 | ||||||
Total operating expenses |
5,120,329 | 6,054,696 | ||||||
Operating loss |
(5,111,379 | ) | (6,268,535 | ) | ||||
Interest income, net |
120,768 | 237,465 | ||||||
Foreign exchange loss |
(9,041 | ) | (239,002 | ) | ||||
Net loss |
(4,999,652 | ) | (6,270,072 | ) | ||||
Less: Net loss attributable to the noncontrolling interest in
Ocean Power Technologies (Australasia) Pty Ltd |
4,588 | 3,479 | ||||||
Net loss attributable to Ocean Power Technologies, Inc. |
$ | (4,995,064 | ) | (6,266,593 | ) | |||
Basic and diluted net loss per share |
$ | (0.49 | ) | (0.61 | ) | |||
Weighted average shares used to compute
basic and diluted net loss per share |
10,268,155 | 10,236,466 | ||||||
July 31, | July 31, | |||||||
2011 | 2010 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net Loss |
$ | (4,999,652 | ) | $ | (6,270,072 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
Foreign exchange loss |
9,041 | 239,002 | ||||||
Depreciation and amortization |
99,140 | 92,156 | ||||||
Loss on disposals of property, plant and equipment |
356 | | ||||||
Treasury note premium amortization |
13,914 | 30,784 | ||||||
Compensation expense related to stock option grants and restricted stock |
370,882 | 410,568 | ||||||
Changes in operating assets and liabilities: |
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Accounts receivable |
282,099 | 556,320 | ||||||
Unbilled receivables |
(865,244 | ) | 103,687 | |||||
Other current assets |
112,335 | (1,151,380 | ) | |||||
Other noncurrent assets |
(17,994 | ) | 635,565 | |||||
Accounts payable |
(397,069 | ) | (423,257 | ) | ||||
Accrued expenses |
(373,541 | ) | (637,798 | ) | ||||
Unearned revenues |
900,540 | 490,677 | ||||||
Other noncurrent liabilities |
| (137,438 | ) | |||||
Net cash used in operating activities |
(4,865,193 | ) | (6,061,186 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of marketable securities |
(271,005 | ) | (6,035,907 | ) | ||||
Maturities of marketable securities |
10,000,000 | 11,998,844 | ||||||
Restricted cash |
| (250,000 | ) | |||||
Purchases of equipment |
(82,658 | ) | (21,719 | ) | ||||
Payments of patent costs |
(56,836 | ) | (80,637 | ) | ||||
Net cash provided by investing activities |
9,589,501 | 5,610,581 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Proceeds from long-term debt |
| 250,000 | ||||||
Repayment of debt |
(89,378 | ) | (6,008 | ) | ||||
Acquisition of treasury stock |
(23,143 | ) | | |||||
Net cash (used in) provided by financing activities |
(112,521 | ) | 243,992 | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(89,222 | ) | (104,384 | ) | ||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
4,522,565 | (310,997 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
4,376,136 | 4,236,597 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD |
8,898,701 | 3,925,600 |