Ocean Power Technologies (OPTT) Reports Q1 Loss of $0.19/Share

Ocean Power Technologies (NASDAQ: OPTT) reported Q1 EPS of ($0.19), versus ($0.36) reported last year. Revenue for the quarter came in at $1.54 million, versus $460.9 thousand reported last year.

David L. Keller, Interim Chief Executive of OPT stated, "Through the first quarter of Fiscal 2015, we concluded the termination of the Victoria Wave Partners project and made significant progress towards winding down the Reedsport, Oregon project as well. Concluding our obligations under these large scale contracts will significantly reduce our enterprise risk profile and allow us to focus our resources on our next generation designs. Our current improvements in advanced controls and our direct-drive Modular Power Take-Off (MPTO) technology are incorporated into our entire product portfolio in both autonomous and grid-connected applications. Significantly, our large scale devices, the PB40 and PB80, have been reduced in weight by about 1/3 from the prior generation PB150 design and are now better suited for both grid connected and standalone operation. The same technology advancements will be incorporated into our small APB-350 PowerBuoy and we anticipate that similar proportionate improvements in overall performance will be achieved allowing a broader application into new markets."

As of July 31, 2014, total cash, cash equivalents, and marketable securities were $24.9 million, down from $28.4 million on April 30, 2014. At July 31, 2014, restricted cash was $7.6 million, compared with $7.3 million as of April 30, 2014. Net cash used in operating activities was $3.2 million and $3.1 million for the three months ended July 31, 2014 and 2013, respectively. Subsequent to July 31, 2014, VWP repaid ARENA $5.2 million which had been included in restricted cash at July 31, 2014.

For earnings history and earnings-related data on Ocean Power Technologies (OPTT) click here.

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