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Ocean Power Technologies Announces Results for the First Quarter Ended July 31, 2009

Posted by Dana in September 10th 2009

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) (“OPT” or “the Company”) announces its financial results for the first quarter ended July 31, 2009 of its fiscal year ending on April 30, 2010.

First Quarter Highlights

* Cash, cash equivalents and marketable securities of $79.7 million at July 31, 2009 (April 30, 2009: $81.7 million)
* Contract order backlog of $6.4 million at July 31, 2009, compared to $3.7 million at July 31, 2008 and $7.5 million at April 30, 2009
* Signed commitment agreement to advance the development of Wave Hub – a 20MW wave energy project in Cornwall, England sponsored by a regional development agency that received £42 million in UK government funding to establish the area as a leading global centre for marine energy
* Achieved two major manufacturing milestones in the development of the Company’s PB150 PowerBuoy
* Strengthened management team with appointment of Angus Norman as Chief Executive of Ocean Power Technologies Limited, the Company’s UK-based wholly-owned subsidiary
* Received industry honour with Dr. George W. Taylor being awarded the 2009 Renewable Energy Navigator Award from the Foundation for Ocean Renewables

Mark R. Draper, Chief Executive Officer of OPT, said: “We made a strong start to our fiscal year with significant progress on our flagship projects, and achieving gross profits on our contracts. The development of our first PB150 PowerBuoy remains on track. We also signed a commitment agreement with the South West Regional Development Agency to make Wave Hub, one of the world’s largest proposed renewable marine energy projects, a commercial reality. As a result, we continue to look to the future with confidence.”