Ocean Power Technologies cuts FY loss

Jul 12, 2013 - Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, managed to trim its net loss to USD 14.8 million (EUR 11.3m) in fiscal 2012/13 ended April 30 thanks to a rise in gross profit and reduced product development costs.

The US wave energy technology group posted a USD-15.2-million loss a year ago. Product development expenses were lower in the reporting period because of the completion of a Scottish project in fiscal 2011/12.

The company noted that in 2012/13 it had recorded lower interest income, slightly reduced foreign exchange losses and an increased recorded income tax benefit due to the sale of New Jersey net operating tax losses.

Full-year revenues fell to USD 3.6 million from USD 5.7 million as OPT’s LEAP project with the US Navy had wrapped up in the preceding fiscal year. Also, revenues from the Mark 4 PowerBuoy development project and an offshore project in Spain declined. These effects were in part offset by higher revenues from projects in Oregon and Japan.

As of April 30 OPT has a fully funded contract backlog of USD 3.8 million, down from USD 6.8 million a year ago.

For its fourth quarter through April, the company saw its loss grow slightly to USD 4.2 million from USD 4.1 million a year ago. Revenue fell to USD 400,000 from USD 1.4 million.

(USD 1 = EUR 0.766)

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