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Increased revenues in Q1 for Ocean Power Technologies Print E-mail
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Tuesday, 09 September 2008 10:42
Ocean Power Technologies reported increased revenues of $1.8 million in its first quarter (to 31st July) results released today (9th September), up $1.2 million on the final quarter of last year. The increase in revenues was primarily attributable, says the company, to an increase in its work on the US Navy utility PowerBuoy Hawaii project; first phase of construction of a 1.39 MW wave power station off the coast of Spain; the design, manufacture and installation of a single 150 kW PowerBuoy wave power station in Orkney, Scotland; and the company’s revenue derived from the autonomous PowerBuoy project with the US Navy for in-ocean data gathering system development.

Commenting on the figures Dr. George W. Taylor, OPT's Chief Executive Officer, said: "We have made a good start to the 2009 fiscal year with strong revenue growth. We also maintained a solid balance sheet with a high amount of liquidity, which is an increasingly important competitive advantage for the company as we move to full commercialization. We have continued to develop contracts and technology with our top-tier partners such as the US Navy, PNGC Power in Oregon, Iberdrola in Spain and the Scottish government. The signing of the 2 MW berth agreement for our project in Scotland and joint development agreement with Griffin Energy, a leading diversified energy supplier in the Western Australia region, also underscores our on-going efforts to expand the opportunities for future global roll-out of our PowerBuoy technology. We are encouraged by this progress as it positions us well for achieving our international growth strategy."

Operating loss for the three months ended July 31, 2008 increased by only 9% to $4.4 million, as compared to $4.1 million in the three months ended July 31, 2007. This change primarily reflects an increase in selling, general and administrative expenses which relate to the expansion of sales and marketing capabilities necessary to continue growing revenues, and expenses related to being a public company.

Net loss for the three months ended July 31, 2008 was $3.9 million, compared to $2.4 million in the same period last year. This change reflects the increase in operating loss, as well as a decrease in interest income due primarily to lower interest rates, as well as to lower invested cash balances; and the recognition of foreign exchange losses in the three months ended July 31, 2008 compared to foreign exchange gains in the prior year’s comparable period.
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Last Updated on Tuesday, 09 September 2008 10:48
 
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