Ocean Power Technologies' net loss widens in Q2 FY 2012/13

Dec 17, 2012 - US wave energy group Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, on Friday said its net loss had expanded to USD 4.8 million (EUR 3.6m) for its fiscal second quarter through October from USD 3.9 million a year earlier.

The weaker result was mainly attributable to higher product development costs for ongoing work on projects and higher selling, general and administrative expenses related to intensified business development activity, the company said.

Operating loss widened to USD 4.9 million from USD 4 million as total operating expenses rose to USD 5 million from USD 4.1 million.

Revenue declined to USD 1.4 million from USD 1.5 million, mostly due to lower revenue related to a project completed in the fiscal 2011/12 under a programme of the US Navy and lower external funding on OPT's PB500 wave power system development projects.

Contract backlog, which includes mainly orders to support product development, stood at USD 5.2 million as of October 31, compared to USD 8.8 million a year earlier.

First-half net loss expanded to USD 9.2 million from USD 8.9 million, while revenue fell to USD 2.3 million from USD 3.4 million.

Cash used in operations in the first half of the current fiscal year was USD 6.3 million as of October 31, compared to USD 7.9 million a year ago.

(USD 1 = EUR 0.760)

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