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Ocean Power Technologies Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: March 12, 2012 03:53PM

Ocean Power Technologies Inc. (OPTT) filed Quarterly Report for the period ended 2012-01-31. Ocean Power Tec has a market cap of $30.62 million; its shares were traded at around $3.27 with and P/S ratio of 4.58.



Highlight of Business Operations:

During the three months ended October 31, 2011, we received a $3.0 million grant from the European Union related to our WavePort project to enhance the efficiency of our PowerBuoy. At January 31, 2012, our total negotiated backlog was $7.8 million compared with $5.8 million at January 31, 2011. We anticipate that a majority of our backlog will be recognized as revenue over the next 12 months. Most of our backlog at January 31, 2012 and 2011 consisted of cost-sharing contracts as described in the Financial Operations Overview section of this Management’s Discussion and Analysis. Our backlog includes both funded amounts, which are unfilled firm orders for our products and services for which funding has been both authorized and appropriated by the customer (Congress, in the case of US Government agencies) and unfunded amounts, which are unfilled firm orders from the US Department of Energy (“DOE”) for which funding has not been appropriated. If any of our contracts were to be terminated, our backlog would be reduced by the expected value of the remaining terms of such contracts. Funded backlog was $5.8 million and $5.3 million at January 31, 2012 and 2011, respectively.

For the three months ended January 31, 2012, we generated revenues of $0.9 million and incurred a net loss attributable to Ocean Power Technologies, Inc. of $2.2 million, compared to revenues of $1.5 million and a net loss attributable to Ocean Power Technologies, Inc. of $3.4 million for the three months ended January 31, 2011. For the nine months ended January 31, 2012, we generated revenues of $4.3 million and incurred a net loss attributable to Ocean Power Technologies, Inc. of $11.0 million, compared to revenues of $4.8 million and a net loss attributable to Ocean Power Technologies, Inc. of $15.1 million for the nine months ended January 31, 2011. As of January 31, 2012, our accumulated deficit was $121.9 million. We have not been profitable since inception, and we do not know whether or when we will become profitable because of the significant uncertainties with respect to our ability to successfully commercialize our PowerBuoy systems in the emerging renewable energy market.

Revenues decreased by $0.6 million, or 39%, to $0.9 million in the three months ended January 31, 2012, as compared to $1.5 million in the three months ended January 31, 2011. The change in revenues was attributable to the following factors:

Cost of revenues decreased by $0.5 million, or 36%, to $0.9 million in the three months ended January 31, 2012, as compared to $1.5 million in the three months ended January 31, 2011. This decrease in the cost of revenues reflected the decreased activity related to our 150kW PowerBuoy project off the coast of Oregon and our LEAP and DWADS projects with the US Navy. This was partially offset by the increased activity on our WavePort project off the coast of Spain.

Revenues decreased by $0.5 million, or 9%, to $4.3 million in the nine months ended January 31, 2012, as compared to $4.8 million in the nine months ended January 31, 2011. The change in revenues was attributable to the following factors:

Read the The complete Report



Stocks Discussed: OPTT,
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