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Ocean Power Technologies Inc
10 December 2010
OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS FOR THE
QUARTER AND SIX MONTHS ENDED OCTOBER 31, 2010
Pennington, NJ - December 10, 2010 -- Ocean Power Technologies, Inc. (Nasdaq:
OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company") announces its
financial results for the second quarter and six months ended October 31, 2010
of its fiscal year ending on April 30, 2011.
Second Quarter and Six Month Highlights
· Revenue increased by 220% and 71% for the three and six months ended
October 31, 2010, compared to the respective periods last year.
· Completed first grid connection of a wave energy device in the US, at the
Marine Corps Base Hawaii, in conjunction with the US Navy.
· Announced awards totaling approximately $10 million since beginning of
fiscal year 2011. Order backlog was $7.5 million as of October 31, 2010,
compared to $5.7 million at April 30, 2010.
· Awarded $2.75 million in additional funding by the US Navy for the second
stage under its existing program to provide an autonomous PowerBuoy wave energy
conversion system for the US Navy's Littoral Expeditionary PowerBuoy ("LEAP")
program.
· Won two new funding awards totaling $4.8 million from the US Department of
Energy ("DoE"). These awards comprise $2.4 million for deployment of one of
OPT's PB150 PowerBuoys off the coast of Reedsport, Oregon and $2.4 million for
the development of OPT's next generation 500kW PowerBuoy, the PB500. In July
2010, OPT was awarded GBP1.5 million (approximately $2.3 million) from the UK
government's Southwest Regional Development Agency ("SWRDA") for development of
the PB500.
· Neared completion of OPT's first PB150 PowerBuoy, which is expected to be
ready by the end of this month for ocean trials off the coast of Scotland.
· OPT signed a groundbreaking agreement with 11 federal and state agencies
and three non-governmental stakeholders for its utility-scale wave power project
at Reedsport, Oregon.
· Subsequent to the end of the second quarter, OPT announced the expansion of
its relationship with Mitsui Engineering & Shipbuilding Co. Ltd. ("MES") with
the signing of a new contract to develop OPT's PowerBuoy technology for its
application in Japanese sea conditions. Under this new contract, MES and OPT
will work together to develop a new mooring system for OPT's PowerBuoy,
customized for wave power stations off the coast of Japan. The new system will
undergo testing at MES's wave tank facilities to verify the results of extensive
computer modeling.
Charles F. Dunleavy, Chief Executive Officer of OPT, said: "Building on the
continued progress on our utility and autonomous PowerBuoy projects in the US
and the UK, we have announced approximately $10 million of awards from customers
in the US, UK and Japan since our fiscal year 2011 began in May. We are excited
about the continued operation of our grid-connected buoy in Hawaii, and look
forward to the completion of our first PB150 in Scotland, which we expect to be
ready for ocean trials by the end of this month, and further progress with our
autonomous PowerBuoy projects with the US Navy. OPT is also very pleased to
build on its relationship with Mitsui Engineering and Shipbuilding, which is
consistent with our global strategy to build alliances with strategic partners
in key markets."
Operational Review
During the second fiscal quarter ended October 31, 2010, the Company achieved
milestones in a number of ongoing projects, which include the following:
HAWAII, US -OPT completed the first grid connection of a wave energy device in
the United States, at the Marine Corps Base Hawaii ("MCBH"), in conjunction with
the US Navy. This connection demonstrates the ability of OPT's PowerBuoy systems
to produce utility-grade, renewable energy that can be transmitted to the grid
in a manner fully compliant with national and international standards. The PB40
PowerBuoy, which was deployed in December 2009, is part of OPT's ongoing program
with the US Navy to develop and test the Company's wave energy technology. Key
program goals include demonstrating system reliability and survivability, and
the successful interconnection with the grid serving MCBH.
REEDSPORT, OREGON, US - Construction of the steel structure for the first PB150
PowerBuoy for OPT's project off the coast of Reedsport, Oregon has been
completed. Fabrication of the power take-off and control system is now in
process, and land testing of those systems is expected to commence in the first
half of calendar year 2011. Ocean trials of the PB150 are due to commence later
in calendar year 2011.
In August 2010, the Company signed an agreement with 11 federal and state
agencies and three non-governmental stakeholders to support the responsible
development by OPT of the next phase of the project - a 10-PowerBuoy, grid
connected, wave energy station with a capacity of 1.5 MW. This agreement
represents a key step towards the granting of a license by the Federal Energy
Regulatory Commission ("FERC"), which would be the first such license to be
issued for a commercial-scale wave power project in the US. After receipt of the
FERC license and additional funding, the 10-PowerBuoy wave energy station is
expected to be connected to the grid. In September 2010, OPT received a $2.4
million award from the DoE in connection with its Reedsport PB150 PowerBuoy.
This is the second award to OPT by the DoE in connection with the Reedsport
project following the receipt in 2008 of $2.0 million to use towards the
construction of the device.
SCOTLAND, UK- Integration of the energy conversion and power take-off
subassemblies with the buoy structure of OPT's first PB150 PowerBuoy is
complete, and remains on track to be ready by the end of this month for in-ocean
trials off the coast of Scotland. The Company is seeking additional funding for
the next stage of the buoy's development after the trial phase is completed.
CORNWALL, UK- SWRDA has completed the installation of the cabling and subsea
infrastructure for the Wave Hub site off the coast of Cornwall, England. In July
2010, OPT received further support from the UK government with a grant of GBP1.5
million (approximately $2.3 million), which was awarded by SWRDA to OPT for the
development of the PB500.
US NAVY "LEAP" PROJECT - The US Navy awarded $2.75 million in additional funding
to OPT for a second stage under its existing program to provide an autonomous
PowerBuoy wave energy conversion system for the Navy's program for homeland
protection and security. In the second stage of the program, to be performed
over a one-year period, OPT will build and ocean-test a LEAP system off the
coast of New Jersey. The new award follows the successful completion by OPT of
the first stage of the US Navy's LEAP Program; during the first 12-month period,
OPT successfully completed delivery in September 2010 of the design and testing
of a new power take-off system for its autonomous PowerBuoy.
US NAVY DEEP OCEAN APPLICATION - Progress continued on OPT's ongoing project to
provide autonomous PowerBuoy technology for the US Navy's Deep Water Active
Detection System ("DWADS") for ocean data gathering. The building of the
enhanced device is complete, and OPT successfully conducted near-shore sea
trials of the system. Deep-ocean testing is expected to be conducted at a later
time by the US Navy, which is anticipated to provide a ship for that test phase
of the DWADS system.
PB500 PRODUCT DEVELOPMENT - During the six months ended October 31, 2010, the
Company received a total of $4.7 million for the development of its PB500
PowerBuoy. The Company has set forth a strategy to fund such development
primarily with external grants and other contracts, rather than use the
Company's existing capital resources. When considered with the $1.5 million
grant from the DoE announced in April 2010, the total of such external awards
received by the Company for the development of the PB500 is $6.2 million.
Cancellation of Trading on AIM
On December 2, 2010, OPT announced that it intends to cancel the admission of
its common shares (the "Shares") to trading on the AIM Market ("AIM") of the
London Stock Exchange (the "Cancellation" or "de-listing"). It is anticipated
that the Cancellation will become effective at 07:00 GMT on Friday, January 14,
2011.
OPT will maintain its listing on NASDAQ Global Market ("NASDAQ"), which accounts
for the bulk of the trading in its shares, and is facilitating an orderly
transfer of its UK-held Shares to the US stock processing system.
In arriving at the decision to de-list from AIM, the Directors of OPT have taken
the following matters into account:
(i) the relative inactivity, in terms of share trading volume, of the Shares
on AIM compared to that on NASDAQ;
(ii) the removal of the ongoing costs associated with the AIM Rules compliance
and maintaining the quotation; and
(iii) the Company's securities will continue to be traded on NASDAQ.
For these reasons, the Directors of OPT believe that the burden of maintaining
the AIM quotation outweighs the benefits that the Company receives from its
listing on AIM. The Directors unanimously agreed that the de-listing will not
interfere with, or inhibit, the Company's business. The Directors have therefore
concluded that it is in the best interests of the Company and its shareholders
to cancel its admission to AIM and maintain the listing of its securities on
NASDAQ to enable all shareholders to continue to trade their Shares in the
future.
Ocean Power Technologies Limited, based in Warwick, UK, remains fully committed
to growing OPT's business in the United Kingdom and Europe.
Financial Review
Second Quarter-
OPT's contract backlog at October 31, 2010 was $7.5 million, compared to $6.5
million at July 31, 2010 and $5.7 million at April 30, 2010. Reported contract
backlog at October 31, 2010 does not yet include two new funding awards totaling
$4.8 million from the US DoE for the deployment of one of OPT's PowerBuoys at
Reedsport, Oregon and for the development of OPT's PB500, as the contracts for
these two awards have not yet been received by the Company.
For the three months ended October 31, 2010, OPT reported revenues of $1.9
million, a 220 percent increase compared to revenues of $0.6 million in the
three months ended October 31, 2009. The growth in revenues primarily reflects
an increase in revenues from the US Navy under the LEAP program. In addition,
there was an increase in revenues from OPT's PB150 PowerBuoy project in
Reedsport, Oregon and revenues from OPT's PB500 development project. The growth
in these projects was partially offset by a decline in revenues from OPT's PB150
PowerBuoy project in Scotland and its utility PowerBuoy project with the US Navy
at the Marine Corps Base in Hawaii, which is now grid-connected.
Operating loss for the three months ended October 31, 2010 was $5.7 million
compared to $5.6 million for the three months ended October 31, 2009. This
change primarily reflects an increase in product development costs, principally
for the PB150 system. Gross profit for the three months ended October 31, 2009
included a reduction in a provision for contract losses of approximately
$300,000.
Net loss was $5.5 million for the three months ended October 31, 2010 compared
to $5.2 million for the same period in the prior year. This increase in net loss
was primarily due to the change in operating loss and decreases in interest
income and other income.
Six Months-
For the six months ended October 31, 2010, OPT reported revenues of $3.2
million, a 71 percent increase compared to revenues of $1.9 million in the six
months ended October 31, 2009. The growth in revenues primarily reflects an
increase in revenues from the US Navy under the LEAP program. In addition, there
was an increase in revenues from OPT's PB150 PowerBuoy project in Reedsport,
Oregon and the Company's PB500 development project. The revenue increases in
these projects were partially offset by declines in revenues from OPT's DWADS
project with the US Navy, utility-scale project in Spain and utility PowerBuoy
project with the US Navy at the Marine Corps Base in Hawaii, which is now
grid-connected.
Operating loss for the six months ended October 31, 2010 was $12.0 million
compared to $8.8 million for the six months ended October 31, 2009. This change
primarily reflects an increase in product development costs, principally for the
PB150 system, and a decrease in gross profit. Gross profit for the six months
ended October 31, 2009 included a reduction in a provision for contract losses
of approximately $400,000.
Net loss was $11.8 million for the six months ended October 31, 2010 compared to
$7.3 million for the same period in the prior year. This increase in net loss
was primarily due to the change in operating loss as noted above. In addition,
other income for the six months ended October 31, 2009 included a one-time gain
of $500,000 from a favorable settlement of a claim against a supplier of
engineering services. For the six months ended October 31, 2010, OPT recorded a
foreign exchange loss of approximately $167,000 compared to a gain of $502,000
for the six months ended October 31, 2009. This was due primarily to the change
in the relative value of the US dollar compared to the British pound sterling
and the Euro. Interest income was $398,000 for the six months ended October 31,
2010 compared to $533,000 for the comparable period in 2009. This decrease was
due to lower interest rates and cash balances.
Cash and Investments-
On October 31, 2010, total cash, cash equivalents, restricted cash and
marketable securities were $57.7 million. Net cash used in operating activities
was $3.3 million and $9.4 million for the three and six months ended October 31,
2010 respectively. While OPT expects cash used in the second half of fiscal 2011
to be consistent with the first half, it expects the rate of its cash outflows
to decrease in future periods, reflecting completion of significant milestones
associated with the construction of its two PB150 systems for Oregon and
Scotland and continued receipt of non-dilutive funding from external sources for
development of the PB500.
**********
Additional information may be found in the Company's Quarterly Report on Form
10-Q that will be filed with the US Securities and Exchange Commission. The Form
10-Q 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 Friday, December 10,
2010 at 10:00 a.m. Eastern Time (3:00 p.m. GMT). Charles F. Dunleavy, Chief
Executive Officer, and Brian M. Posner, Chief Financial Officer, will host the
webcast. Investors and other interested parties may access the webcast by
visiting the Company's website at www.oceanpowertechnologies.com and clicking on
the Investor Relations tab, then Webcasts and Presentations. In addition,
parties without web access may listen to the presentation by calling:
866-362-4820 (Toll free call in the US) or +1-617-597-5345 (Toll call),
passcode: 61791534
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 and clean and environmentally-beneficial electricity. OPT has
a strong track record in the advancement of wave energy. The Company
participates in a $150 billion annual power generation equipment market. OPT's
proprietary PowerBuoy system is based on modular, ocean-going buoys that
capture and convert predictable wave energy into 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 is headquartered in Pennington, New Jersey with an office in
Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
**********
Contact information:
+----------------------------------------+---------------------------------+
| Ocean Power Technologies, Inc. | |
| Charles F. Dunleavy, Chief Executive | Telephone: +1 609 730 0400 |
| Officer | |
| Brian M. Posner, Chief Financial | |
| Officer | |
+----------------------------------------+---------------------------------+
| Nomura Code Securities Limited | |
| Juliet Thompson, Richard Potts | Telephone: +44 20 7776 1200 |
+----------------------------------------+---------------------------------+
| Media Contact: | |
| Corfin Public Relations Limited | |
| Neil Thapar, Claire Norbury | Telephone: +44 20 7596 2860 |
| | |
+----------------------------------------+---------------------------------+
*********
Consolidated Balance Sheets as of
October 31, 2010, April 30, 2010 and October 31, 2009
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | October | | April | | October |
| | | | 31, | | 30, | | 31, |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | 2010 | | 2010 | | 2009 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| ASSETS | | | $ | | $ | | $ |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| CURRENT ASSETS: | | | (Unaudited) | | | | (Unaudited) |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Cash and cash equivalents | | | 10,497,663 | | 4,236,597 | | 6,347,906 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Marketable securities | | | 13,802,594 | | 32,536,001 | | 30,184,439 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Accounts receivable, net | | | 456,590 | | 1,474,600 | | 835,901 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Unbilled receivables | | | 499,832 | | 448,686 | | 863,745 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Other current assets | | | 723,612 | | 1,005,885 | | 962,842 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Total current assets | | | 25,980,291 | | 39,701,769 | | 39,194,833 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Marketable securities | | | 31,877,543 | | 28,865,046 | | 38,868,340 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Restricted cash | | | 1,504,544 | | 1,205,288 | | 1,316,032 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Property and equipment, net | | | 599,787 | | 710,563 | | 898,506 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Patents, net | 1,076,690 | | 1,036,881 | | 940,610 |
+--------------------------------------------------+---------------+----------+--------------+----------+--------------+
| Other noncurrent assets | | | 754,441 | | 1,458,646 | | 1,558,302 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| TOTAL ASSETS | | | 61,793,296 | | 72,978,193 | | 82,776,623 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| LIABILITIES AND STOCKHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| CURRENT LIABILITIES: | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Accounts payable | | | 980,713 | | 1,843,378 | | 836,966 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Accrued expenses | | | 4,177,678 | | 4,092,113 | | 3,291,160 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Unearned revenues | | | 1,205,101 | | 1,101,541 | | 554,687 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Current portion of long term debt | | | 89,378 | | 95,386 | | - |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Total current liabilities | | | 6,452,870 | | 7,132,418 | | 4,682,813 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Other non-current liabilities | | | - | | 140,685 | | 113,246 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Long-term debt | | | 500,000 | | 250,000 | | 345,386 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Deferred rent | | | - | | - | | 10,825 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Deferred credits | | | 600,000 | | 600,000 | | 600,000 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Total liabilities | | | 7,552,870 | | 8,123,103 | | 5,752,270 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| 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 10,419,183, | 10,419 | | 10,391 | | 10,210 |
| 10,390,563 and 10,210,354 shares, respectively | | | | | |
+--------------------------------------------------+---------------+----------+--------------+----------+--------------+
| Treasury Stock, at cost:1,072, 1,072 and 0 | (6,443) | | (6,443) | | - |
| shares, respectively | | | | | |
+--------------------------------------------------+---------------+----------+--------------+----------+--------------+
| Additional paid-in capital | | | 156,518,657 | | 155,726,672 | | 155,268,900 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Accumulated deficit | | | (102,178,883) | | (90,413,098) | | (78,533,039) |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Accumulated other comprehensive | | | (134,639) | | (503,322) | | 225,049 |
| income (loss) | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | | |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
| Total Ocean Power Technologies, Inc. | 54,209,111 | | 64,814,200 | | 76,971,120 |
| stockholders' equity | | | | | |
+--------------------------------------------------+---------------+----------+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+---------------+----------+--------------+----------+--------------+
| Noncontrolling interest in Ocean Power | | 31,315 | | 40,890 | | 53,233 |
| Technologies (Australasia) Pty, Ltd | | | | | | |
+----------------------------------------------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+---------------+----------+--------------+----------+--------------+
| Total equity | | 54,240,426 | | 64,855,090 | | 77,024,353 |
+----------------------------------------------+---+---------------+----------+--------------+----------+--------------+
| | | | | | | |
+----------------------------------------------+---+---------------+----------+--------------+----------+--------------+
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | | 61,793,296 | | 72,978,193 | | 82,776,623 |
+-----------------------------------+----------+---+---------------+----------+--------------+----------+--------------+
Consolidated Statements of Operations
For the quarter ended October 31, 2010 and 2009 (Unaudited)
+--------------------------------------------+----------+-------------+----------+-------------+
| | | October | | October |
| | | 31, | | 31, |
| | | 2010 | | 2009 |
| | | $ | | $ |
+--------------------------------------------+----------+-------------+----------+-------------+
| | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| REVENUES | | 1,864,407 | | 581,875 |
+--------------------------------------------+----------+-------------+----------+-------------+
| COST OF REVENUES | | 1,776,980 | | 528,148 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Gross profit | | 87,427 | | 53,727 |
+--------------------------------------------+----------+-------------+----------+-------------+
| PRODUCT DEVELOPMENT COSTS | | 3,679,470 | | 3,425,348 |
+--------------------------------------------+----------+-------------+----------+-------------+
| SELLING, GENERAL AND ADMINISTRATIVE COSTS | | 2,146,845 | | 2,191,233 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Total operating expenses | | 5,826,315 | | 5,616,581 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Operating loss | | (5,738,888) | | (5,562,854) |
+--------------------------------------------+----------+-------------+----------+-------------+
| INTEREST INCOME, NET | | 160,884 | | 247,601 |
+--------------------------------------------+----------+-------------+----------+-------------+
| OTHER INCOME | | - | | 24,960 |
+--------------------------------------------+----------+-------------+----------+-------------+
| FOREIGN EXCHANGE GAIN | | 71,192 | | 100,698 |
+--------------------------------------------+----------+-------------+----------+-------------+
| Net loss | | (5,506,812) | | (5,189,595) |
+--------------------------------------------+----------+-------------+----------+-------------+
| Less: Net loss (income) attributable to | | 7,620 | | (2,176) |
| the noncontrolling interest in Ocean Power | | | | |
| Technologies (Australasia) Pty, Ltd | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| NET LOSS attributable to Ocean Power | | (5,499,192) | | (5,191,771) |
| Technologies, Inc. | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| Basic and diluted net loss per share | | (0.54) | | (0.51) |
| | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
| Weighted average shares used to compute | | 10,245,168 | | 10,210,354 |
| basic and diluted net loss per share | | | | |
+--------------------------------------------+----------+-------------+----------+-------------+
Consolidated Statements of Operations
For the six months ended October 31, 2010 and 2009 (Unaudited)
+--------------------------------------------+----------+--------------+----------+-------------+
| | | October | | October |
| | | 31, | | 31, |
| | | 2010 | | 2009 |
| | | $ | | $ |
+--------------------------------------------+----------+--------------+----------+-------------+
| | | | | |
+--------------------------------------------+----------+--------------+----------+-------------+
| REVENUES | | 3,238,814 | | 1,892,812 |
+--------------------------------------------+----------+--------------+----------+-------------+
| COST OF REVENUES | | 3,365,226 | | 1,552,375 |
+--------------------------------------------+----------+--------------+----------+-------------+
| Gross (loss) profit | | (126,412) | | 340,437 |
+--------------------------------------------+----------+--------------+----------+-------------+
| PRODUCT DEVELOPMENT COSTS | | 7,705,256 | | 4,786,748 |
+--------------------------------------------+----------+--------------+----------+-------------+
| SELLING, GENERAL AND ADMINISTRATIVE COSTS | | 4,175,755 | | 4,357,504 |
+--------------------------------------------+----------+--------------+----------+-------------+
| Total operating expenses | | 11,881,011 | | 9,144,252 |
+--------------------------------------------+----------+--------------+----------+-------------+
| Operating loss | | (12,007,423) | | (8,803,815) |
+--------------------------------------------+----------+--------------+----------+-------------+
| INTEREST INCOME, NET | | 398,349 | | 532,821 |
+--------------------------------------------+----------+--------------+----------+-------------+
| OTHER INCOME | | - | | 531,590 |
+--------------------------------------------+----------+--------------+----------+-------------+
| FOREIGN EXCHANGE (LOSS) GAIN | | (167,810) | | 502,389 |
+--------------------------------------------+----------+--------------+----------+-------------+
| Net loss | | (11,776,884) | | (7,237,015) |
+--------------------------------------------+----------+--------------+----------+-------------+
| Less: Net loss (income) attributable to | | 11,099 | | (53,233) |
| the noncontrolling interest in Ocean Power | | | | |
| Technologies (Australasia) Pty, Ltd | | | | |
+--------------------------------------------+----------+--------------+----------+-------------+
| NET LOSS attributable to Ocean Power | | (11,765,785) | | (7,290,248) |
| Technologies, Inc. | | | | |
+--------------------------------------------+----------+--------------+----------+-------------+
| Basic and diluted net loss per share | | (1.15) | | (0.71) |
| | | | | |
+--------------------------------------------+----------+--------------+----------+-------------+
| Weighted average shares used to compute | | 10,240,817 | | 10,210,354 |
| basic and diluted net loss per share | | | | |
+--------------------------------------------+----------+--------------+----------+-------------+
Consolidated Statements of Cash Flows
For the six months ended October 31, 2010 and 2009 (Unaudited)
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | October | | October |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | 31, | | 31, |
| | | 2010 | | 2009 |
| | | $ | | $ |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Net Loss | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | (11,776,884) | | (7,237,015) |
| Adjustments to reconcile net loss to net cash | | | | |
| used in operating activities: | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Foreign exchange loss (gain) | | 167,810 | | (502,389) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Depreciation and amortization | | 184,083 | | 184,424 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Treasury note premium amortization | | 44,268 | | 93,691 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Loss on disposals of property, plant and | | 923 | | - |
| equipment | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Compensation expense related to stock option | | 792,013 | | 739,969 |
| grants and restricted stock | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Deferred rent | | - | | (10,824) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Changes in operating assets and liabilities: | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Accounts receivable | | 1,035,153 | | 206,452 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Unbilled receivables | | (37,578) | | 213,990 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Other current assets | | 291,575 | | 150,207 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Other noncurrent assets | | 730,413 | | (192,362) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Accounts payable | | (859,251) | | 13,652 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Accrued expenses | | 67,957 | | (767,723) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Unearned revenues | | 103,096 | | 273,117 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Other noncurrent liabilities | | (141,101) | | 110,955 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Net cash used in operating activities | | (9,397,523) | | (6,723,856) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Purchases of marketable securities | | (6,775,252) | | (35,407,938) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Maturities of marketable securities | | 22,504,766 | | 35,863,482 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Restricted cash | | (250,000) | | (250,000) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Purchases of equipment | | (41,743) | | (155,298) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Payments of patent costs | | (113,538) | | (61,054) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Net cash provided by (used in) investing | | 15,324,233 | | (10,808) |
| activities | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Repayment of debt | | (6,008) | | (93,398) |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Proceeds from long-term debt | | 250,000 | | - |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| Net cash provided by (used in) financing | | 243,992 | | (93,398) |
| activities | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH | | 90,364 | | 908,138 |
| EQUIVALENTS | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| NET INCREASE (DECREASE) IN CASH AND CASH | | 6,261,066 | | (5,919,924) |
| EQUIVALENTS | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | 4,236,597 | | 12,267,830 |
+--------------------------------------------------+----------+--------------+----------+--------------+
| | | | | |
+--------------------------------------------------+----------+--------------+----------+--------------+
| CASH AND CASH EQUIVALENTS, END OF PERIOD | | 10,497,663 | | 6,347,906 |
+--------------------------------------------------+----------+--------------+----------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR TMBTTMBMBMRM
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