1. Aide
    1. Espace Client
    2. Connexion
  1. Aide
    1. Espace Client
    2. Connexion
Espace Membre Boursorama

Erreur d'authentification

Votre compte a été clôturé.

Vous êtes authentifié. Nous chargeons votre espace membre.

Mot de passe oublié ?

Nouveau sur Boursorama ? Devenez membre

Identifiant/Mot de passe oublié
Si vous êtes Membre de la Communauté Boursorama, veuillez indiquer l'adresse email que vous avez fournie lors de votre enregistrement pour recevoir votre identifiant et/ou ré-initialiser votre mot de passe :

Nouveau sur Boursorama ? Devenez membre

Fermer

Forum

OCEAN POWER TECH
0.3800 (c) USD
+4.57% 
valeur indicative 0.3517 EUR

US6748705067 OPTT

NASDAQ données temps différé
  • ouverture

    0.3800

  • clôture veille

    0.3634

  • + haut

    0.3896

  • + bas

    0.3500

  • volume

    488 551

  • valorisation

    0 MUSD

  • capital échangé

    0.00%

  • dernier échange

    03.04.20 / 22:00:00

  • limite à la baisse

    Qu'est-ce qu'une limite à la hausse/baisse ?

    Fermer

    1.1000

  • limite à la hausse

    Qu'est-ce qu'une limite à la hausse/baisse ?

    Fermer

    0.0000

  • rendement estimé 2020

    -

  • PER estimé 2020

    Qu'est-ce que le PER ?

    Fermer

    -

  • dernier dividende

    -

  • date dernier dividende

    -

  • Éligibilité

    -

  • + Portefeuille

  • + Liste

Retour au sujet OPTEK TECHNOLOGY

OCEAN POWER TECH : OPTT au 31/07/2009

sasane
22 nov. 200908:18


http://phx.corporate-ir.net/phoenix.zhtml?c=155437&p=irol-newsArticle&ID =1329341&highlight=

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

PENNINGTON, N.J.--(BUSINESS WIRE)--Sep. 9, 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.”

Operational Review

OPT started fiscal 2010 with strong operational and financial performance in the first quarter. The Company achieved a contract order backlog of $6.4 million, compared to $3.7 million at July 31, 2008 and $7.5 million at April 30, 2009. The majority of the current backlog is expected to be recognized as revenue over the remainder of the fiscal year.

The Company’s technology is supported by a strong patent portfolio. As of July 31, 2009, OPT owned a total of 40 issued US patents, with 16 US patent applications pending.

OPT also increased its technical capability by hiring qualified personnel in the manufacturing, product development and engineering functions. As of July 31, 2009, OPT had 59 employees, which is expected to increase, primarily in engineering, manufacturing and marine operations functions, in order to meet the Company’s current manufacturing and deployment targets.

The first quarter saw a further strengthening of the management team with the appointment of Angus Norman as Chief Executive of Ocean Power Technologies Limited. Mr. Norman joined OPT from EDF Energy, one of the UK’s largest energy companies, where he held the position of Managing Director of Sustainable Solutions.

The strength of OPT’s personnel – as well as the Company’s contribution to the wave power industry – was recognized by the Foundation for Ocean Renewables in awarding Dr. George W. Taylor the 2009 Renewable Energy Navigator Award. This award was given in recognition of Dr. Taylor’s service over the past 25 years in promoting the responsible commercialization of marine renewable energy as one of the world’s pioneers and leaders in the development and establishment of wave energy technology.

OPT believes it is well-placed to benefit from the improving environment for renewable energy, prospects for which the Company believes remain bright amid increasing commitment by governments worldwide. For example, the UK government revealed its blueprint for a low carbon economy and the provision of funding to assist renewable energy development, including for Wave Hub in Cornwall, England and EMEC in Scotland – both of which are important OPT projects. In the US, the Department of Energy announced a program for companies that build and place into service renewable energy facilities to receive direct payments in lieu of tax credits.

During the first quarter ended July 31, 2009, the Company achieved key milestones in a number of ongoing projects, which include:

US NAVY DEEP OCEAN APPLICATION – Progress continued on OPT’s ongoing project to provide the Company’s autonomous PowerBuoy technology for the US Navy’s Deep Water Active Detection System (“DWADS”) for ocean data gathering. During the quarter, work continued on an advanced version of the PowerBuoy under a $3.0 million contract, which was awarded in November 2008 following the completion of the initial test phase.

REEDSPORT, OREGON, US – With support from Pacific Northwest Generating Cooperative (“PNGC Power”), OPT continued to work extensively with interested stakeholder groups at local, county, state and federal agency levels to launch this project. Progress was made on the overall permitting and licensing process, and the Company is now seeking bids from prospective vendors for the fabrication of the metal structure for the PowerBuoy to be installed at the Reedsport site.

SPAIN – Progress was made on the manufacturing of an underwater substation pod, under contract with Iberdrola S.A. The current phase of the contract includes building and testing the pod for use in a utility-grade OPT wave power station expected to be built at a site approximately three miles off the coast of Santoña, Spain.

HAWAII, US – OPT continued work to upgrade its 40kW peak-rated PowerBuoy, under its ongoing program with the US Navy for the development and construction of wave power systems at the Marine Corps Base in Oahu, Hawaii. This device is expected to be redeployed later this year to continue operational testing, with the ultimate goal of connection to the grid via an existing underwater power transmission cable.

ORKNEY ISLANDS, UK – OPT made significant progress on the development of its first 150kW PowerBuoy, that is earmarked for deployment at EMEC, near the Orkney Islands, Scotland, under contract with the Scottish Government. During the quarter, two major manufacturing milestones were achieved in the development of the PB150 PowerBuoy: the award of the steel fabrication contract for the PowerBuoy structure to Isleburn Limited, and the completion of the mechanical elements of the power take-off system at the Company’s manufacturing centre in Warwick, England. Construction of the PB150 has now commenced and testing is underway on the power conversion and power take-off sub-assemblies. The PowerBuoy is expected to be deployed in the first half of calendar year 2010.

Advances made in the development of the 150kW PowerBuoy system will facilitate the future transition to the 500kW PowerBuoy. As a result, the current focus of OPT’s engineering and development efforts is directed to increasing the power output and maintainability of the utility-scale PowerBuoy, and exploring design and construction techniques to enable larger systems to be built and deployed at a significantly reduced cost.

CORNWALL, UK – OPT signed an agreement with the South West Regional Development Agency (“SWRDA”) to advance the development of Wave Hub, off the coast of Cornwall, England – one of the world’s largest proposed renewable marine energy projects. OPT is one of the first companies to sign the agreement, which ratifies the Company’s involvement over several years to make this project a commercial reality. Also during the quarter, the Wave Hub project received formal UK government go-ahead as part of a £100 million investment package – with £42 million earmarked for Wave Hub – aimed at establishing the South West of England region as the UK’s first low carbon economic area. This area is expected to become a major global centre and showcase for the wave power industry and is being backed by the UK government as part of its Low Carbon Industrial Strategy. After the end of OPT’s first fiscal quarter, SWRDA awarded a £1 million contract to Powermann Limited for the supply and installation of the onshore electrical equipment for the Wave Hub. The final cabling and subsea infrastructure is expected by SWRDA to be installed by the engineering contractor by the end of calendar year 2010.

Financial Review

For the three months ended July 31, 2009, the Company reported revenues of $1.3 million compared to $1.8 million in the three months ended July 31, 2008. The decrease in revenues for the three months ended July 31, 2009 primarily reflects a lower level of billable activity in connection with work on the Company’s wave power project off the coast of Spain as the project nears completion. Also, lower revenues related to OPT’s EMEC project near Orkney, Scotland were offset by an increase in revenue related to the Company’s utility PowerBuoy project in Hawaii and its autonomous PowerBuoy project, both for the US Navy.

Cost of revenues decreased to $1.0 million in the three months ended July 31, 2009 from $1.9 million in the three months ended July 31, 2008. This decrease in cost of revenues reflects the lower level of activity on revenue bearing contracts, primarily the wave power station off the coast of Spain and the absence of any provision for contract losses as was accrued in the three months ended July 31, 2008.

Operating loss for the three months ended July 31, 2009 was $3.2 million compared to $4.4 million in the three months ended July 31, 2008. OPT reported a net loss of $2.1 million for the three months ended July 31, 2009 compared to a net loss of $3.9 million for the three months ended July 31, 2008. These decreases in operating loss and net loss reflect an increase in gross profit and a decrease in selling, general and administrative costs that are primarily attributable to reduced consulting expenses related to marketing efforts and a reduction in the Company’s share-based compensation expense. In addition, foreign exchange gains increased relative to the change in the value of the British pound sterling, and other income increased from the settlement of a claim against a supplier of engineering services. These were offset by a decrease in interest income due primarily to lower interest rates, as well as lower cash balances.

On July 31, 2009, total cash, cash equivalents and marketable securities were $79.7 million. The Company’s balance sheet remains strong, and its cash, cash equivalents and marketable securities are highly liquid investments consisting primarily of term deposits with large commercial banks and US Treasury bills and notes.

Additional information may be found in the Company’s Quarterly Report on Form 10-Q filed with the US Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company’s website in the Investor Relations tab.

Webcast Details

OPT will host an audio webcast to review its results on Wednesday, September 9, 2009, at 10:00 a.m. Eastern Time (3:00 p.m. BST). Mark R. Draper, Chief Executive Officer, and Charles F. Dunleavy, Chief Financial Officer, will host the webcast. Investors and other interested parties may access the webcast by visiting the Company's Web site at www.oceanpowertechnologies.com and clicking on the Investor Relations tab, then Webcasts and Presentations. In addition, parties without web access may listen to the presentation by calling: 877-718-5106 (Toll free call in the US) or +1-719-325-4775 (Toll call).

Forward-Looking Statements

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over a decade of in-ocean experience. OPT’s technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.



Consolidated Balance Sheets as of

July 31, 2009, April 30, 2009 and July 31, 2008 (Unaudited)

July 31, April 30, July 31,
2009 2009 2008
ASSETS $ $ $
CURRENT ASSETS:
Cash and cash equivalents 5,336,756 12,267,830 73,644,649
Marketable securities 44,940,113 40,849,736 22,814,188
Accounts receivable 939,294 985,149 495,597
Unbilled receivables 949,202 988,418 1,402,162
Other current assets 703,645 1,082,696 1,835,115

Total current assets 52,869,010 56,173,829 100,191,711

Marketable securities 29,409,756 28,619,528 -
Restricted cash 1,262,392 951,552 1,121,976
Property and equipment, net 942,787 897,718 842,323
Patents, net of accumulated amortization of $254,372,

$244,294 and $213,459, respectively
928,038 909,727 755,055
Other noncurrent assets 1,374,749 1,241,552 329,927

TOTAL ASSETS 86,786,732 88,793,906 103,240,992

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Accounts payable 816,346 908,837 1,961,196
Accrued expenses 2,707,683 3,853,437 3,352,823
Unearned revenues 411,601 281,570 511,828

Total current liabilities 3,935,630 5,043,844 5,825,847

Other non-current liabilities 107,555 - -

Long-term debt 345,386 345,386 126,491
Deferred rent 16,237 21,649 17,590
Deferred credits 600,000 600,000 600,000

Total liabilities 5,004,808 6,010,879 6,569,928

OCEAN POWER TECHNOLOGIES, INC. STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value; authorized

5,000,000 shares; none issued or outstanding


-


-


-

Common stock, $0.001 par value; authorized 105,000,000

shares; issued and outstanding 10,210,354 shares


10,210


10,210


10,210
Additional paid-in capital 154,917,130 154,568,931 153,517,711
Accumulated deficit (73,341,268) (71,242,791) (56,820,805)
Accumulated other comprehensive income (loss) 144,795 (553,323) (36,052)

Total Ocean Power Technologies, Inc. stockholders' equity 81,730,867 82,783,027 96,671,064

Noncontrolling interest in Ocean Power Technologies (Australasia) Pty, Ltd 51,057 - -


Total equity
81,781,924 82,783,027 96,671,064

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 86,786,732 88,793,906 103,240,992



Consolidated Statements of Operations

For the quarter ended July 31, 2009 and 2008 (Unaudited)

July 31,

2009

$
July 31,

2008

$

REVENUES 1,310,937 1,786,628
COST OF REVENUES 1,024,227 1,948,146
Gross profit (loss) 286,710 (161,518)
PRODUCT DEVELOPMENT COSTS 1,361,400 1,702,949
SELLING, GENERAL AND ADMINISTRATIVE COSTS 2,166,271 2,551,816
Operating expenses 3,527,671 4,254,765
Operating loss (3,240,961) (4,416,283)
INTEREST INCOME 285,220 547,592
OTHER INCOME 506,630 -
FOREIGN EXCHANGE GAIN (LOSS) 401,691 (24,473)
Net loss (2,047,420) (3,893,164)

Less: Net income attributable to the noncontrolling interest
in Ocean Power Technologies (Australasia) Pty, Ltd
(51,057) -
NET LOSS attributable to Ocean Power Technologies, Inc. (2,098,477) (3,893,164)
Basic and diluted net loss per share (0.21) (0.38)

Weighted average shares used to compute
basic and diluted net loss per share


10,210,354


10,210,354



Consolidated Statements of Cash Flows

For the three months ended July 31, 2009 and 2008 (Unaudited)





CASH FLOWS FROM OPERATING ACTIVITIES:
July 31,

2009

$
July 31,

2008

$

Net Loss (2,098,477) (3,893,164)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange (gain) loss (401,691) 24,473
Depreciation and amortization 88,567 69,475
Treasury note premium/discount amortization, net 49,837 48,632
Compensation expense related to stock option grants and restricted stock 348,199 460,446
Deferred rent (5,412) 1,353
Noncontrolling interest in Ocean Power Technologies (Australasia) Pty, Ltd 51,057 -
Changes in operating assets and liabilities:
Accounts receivable 89,052 1,228,508
Unbilled receivables 119,031 (822,876)
Other current assets 401,607 (459,808)
Other noncurrent assets (34,953) (22,398)
Accounts payable (17,973) 483,097
Accrued expenses (1,275,636) (1,132,801)
Unearned revenues 130,031 (187,924)
Other noncurrent liabilities 104,831 -

Net cash used in operating activities (2,451,930) (4,202,987)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities (24,228,410) (10,629,383)
Maturities of marketable securities 19,357,547 -
Restricted Cash (250,000) -
Purchases of equipment (102,046) (234,705)
Payments of Patent costs (38,405) (61,363)

Net cash used in investing activities (5,261,314) (10,925,451)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt (93,398) (42,801)

Net cash used in financing activities (93,398) (42,801)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

875,568


(20,416)

NET DECREASE IN CASH AND CASH EQUIVALENTS (6,931,074) (15,191,655)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 12,267,830 88,836,304

CASH AND CASH EQUIVALENTS, END OF PERIOD 5,336,756 73,644,649

Source: Ocean Power Technologies, Inc.

Ocean Power Technologies, Inc.
Mark R. Draper, Chief Executive Officer, +1 609-730-0400
Charles F. Dunleavy, Chief Financial Officer, +1 609-730-0400
or
Nomura Code Securities Limited
Juliet Thompson / Richard Potts, +44 20 7776 1200
or
Media:
Corfin Communications
Neil Thapar / Martin Sutton / Claire Norbury, +44 20 7977 0020

Signaler un abus

Vous devez être membre pour ajouter un commentaire.
Vous êtes déjà membre ? Connectez-vous
Pas encore membre ? Devenez membre gratuitement

1 réponse

  • sasane
    22 novembre 200908:23


    http://phx.corporate-ir.net/phoenix.zhtml?c=155437&p=irol-SECText&TEXT=a HR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NjUwO DE1OSZhdHRhY2g9T04mc1hCUkw9MQ%3d%3d



    UNITED STATES SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    Form 10-Q
    (Mark One)

    þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the Quarterly Period Ended July 31, 2009
    Or

    o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the Transition Period From to
    Commission file number: 001-33417
    OCEAN POWER TECHNOLOGIES, INC.
    (Exact Name of Registrant as Specified in Its Charter)

    Delaware
    (State or Other Jurisdiction of
    Incorporation or Organization) 22-2535818
    (I.R.S. Employer
    Identification No.)
    1590 REED ROAD, PENNINGTON, NJ 08534
    (Address of Principal Executive Offices, Including Zip Code)
    (609) 730-0400
    (Registrant’s Telephone Number, Including Area Code)
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
    Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

    Large accelerated filer o Accelerated filer þ Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ
    As of August 31, 2009, the number of outstanding shares of common stock of the registrant was 10,210,354.







    OCEAN POWER TECHNOLOGIES, INC.
    INDEX TO FORM 10-Q
    FOR THE THREE MONTHS ENDED JULY 31, 2009

    Page
    Number
    PART I — FINANCIAL INFORMATION

    Item 1. Financial Statements (unaudited):

    Consolidated Balance Sheets as of April 30, 2009 and July 31, 2009
    3
    Consolidated Statements of Operations for the Three Months Ended July 31, 2009 and 2008
    4
    Consolidated Statements of Cash Flows for the Three Months Ended July 31, 2009 and 2008
    5
    Notes to Consolidated Financial Statements
    6
    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    17
    Item 3. Quantitative and Qualitative Disclosures About Market Risk
    24
    Item 4. Controls and Procedures
    25


    PART II — OTHER INFORMATION

    Item 1. Legal Proceedings
    25
    Item 1A. Risk Factors
    25
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    26
    Item 3. Defaults Upon Senior Securities
    26
    Item 4. Submission of Matters to a Vote of Security Holders
    26
    Item 5. Other Information
    26
    Item 6. Exhibits
    26


    EX-31.1: CERTIFICATION



    EX-31.2: CERTIFICATION



    EX-32.1: CERTIFICATION



    EX-32.2: CERTIFICATION

    EX-31.1
    EX-31.2
    EX-32.1
    EX-32.2
    PowerBuoy® is a registered trademark of Ocean Power Technologies, Inc. and the Ocean Power Technologies logo is a trademark of Ocean Power Technologies, Inc. All other trademarks appearing in this report are the property of their respective holders.
    Special Note Regarding Forward-Looking Statements
    We have made statements in this Quarterly Report on Form 10-Q that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “anticipate” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking.
    Any or all of our forward-looking statements in this report may turn out to be inaccurate. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. They may be affected by inaccurate assumptions we might make or unknown risks and uncertainties, including the risks, uncertainties and assumptions described in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended April 30, 2009 and elsewhere in this report. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this report may not occur as contemplated and actual results could differ materially from those anticipated or implied by the forward-looking statements.
    You should not unduly rely on these forward-looking statements, which speak only as of the date of this filing. Unless required by law, we undertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise.

    2

    Table of Contents

    PART I — FINANCIAL INFORMATION

    Item 1. FINANCIAL STATEMENTS
    Ocean Power Technologies, Inc. and Subsidiaries
    Consolidated Balance Sheets

    July 31, 2009 April 30, 2009
    (Unaudited)
    ASSETS

    Current assets:

    Cash and cash equivalents
    $ 5,336,756 12,267,830
    Marketable securities
    44,940,113 40,849,736
    Accounts receivable
    939,294 985,149
    Unbilled receivables
    949,202 988,418
    Other current assets
    703,645 1,082,696


    Total current assets
    52,869,010 56,173,829
    Marketable securities
    29,409,756 28,619,528
    Restricted cash
    1,262,392 951,552
    Property and equipment, net
    942,787 897,718
    Patents, net
    928,038 909,727
    Other noncurrent assets
    1,374,749 1,241,552


    Total assets
    $ 86,786,732 88,793,906


    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities:

    Accounts payable
    $ 816,346 908,837
    Accrued expenses
    2,707,683 3,853,437
    Unearned revenues
    411,601 281,570


    Total current liabilities
    3,935,630 5,043,844
    Other noncurrent liabilities
    107,555 —
    Long-term debt
    345,386 345,386
    Deferred rent
    16,237 21,649
    Deferred credits
    600,000 600,000


    Total liabilities
    5,004,808 6,010,879


    Commitments and contingencies (note 9)



    Ocean Power Technologies, Inc. Stockholders’ equity:

    Preferred stock, $0.001 par value; authorized 5,000,000 shares, none issued or outstanding
    — —
    Common stock, $0.001 par value; authorized 105,000,000 shares, issued and outstanding 10,210,354 shares
    10,210 10,210
    Additional paid-in capital
    154,917,130 154,568,931
    Accumulated deficit
    (73,341,268 ) (71,242,791 )
    Accumulated other comprehensive loss
    144,795 (553,323 )


    Total Ocean Power Technologies, Inc. stockholders’ equity
    81,730,867 82,783,027


    Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. (note 2(r))
    51,057 —


    Total equity
    81,781,924 82,783,027


    Total liabilities and stockholders’ equity
    $ 86,786,732 88,793,906


    See accompanying notes to consolidated financial statements (unaudited).

    3

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Consolidated Statements of Operations
    (Unaudited)

    Three Months Ended July 31,
    2009 2008


    Revenues
    $ 1,310,937 1,786,628
    Cost of revenues
    1,024,227 1,948,146


    Gross profit (loss)
    286,710 (161,518 )


    Operating expenses:

    Product development costs
    1,361,400 1,702,949
    Selling, general and administrative costs
    2,166,271 2,551,816


    Total operating expenses
    3,527,671 4,254,765


    Operating loss
    (3,240,961 ) (4,416,283 )
    Interest income
    285,220 547,592
    Other income
    506,630 —
    Foreign exchange gain (loss)
    401,691 (24,473 )


    Net loss
    (2,047,420 ) (3,893,164 )
    Less: Net income attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.
    (51,057 ) —


    Net loss attributable to Ocean Power Technologies, Inc.
    $ (2,098,477 ) (3,893,164 )


    Basic and diluted net loss per share
    $ (0.21 ) (0.38 )


    Weighted average shares used to compute basic and diluted net loss per share
    10,210,354 10,210,354


    See accompanying notes to consolidated financial statements (unaudited).

    4

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows
    (Unaudited)

    Three Months Ended July 31,
    2009 2008
    Cash flows from operating activities:



    Net loss
    $ (2,098,477 ) (3,893,164 )


    Adjustments to reconcile net loss to net cash used in operating activities:

    Foreign exchange (gain) loss
    (401,691 ) 24,473
    Depreciation and amortization
    88,567 69,475
    Treasury note premium/discount amortization, net
    49,837 48,632
    Loss (gain) on disposals of property, plant and equipment
    — —
    Compensation expense related to stock option grants and restricted stock
    348,199 460,446
    Deferred rent
    (5,412 ) 1,353
    Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd.
    51,057 —
    Changes in operating assets and liabilities:

    Accounts receivable
    89,052 1,228,508
    Unbilled receivables
    119,031 (822,876 )
    Other current assets
    401,607 (459,808 )
    Other noncurrent assets
    (34,953 ) (22,398 )
    Other current liabilities
    — —
    Other noncurrent liabilities
    104,831 —
    Accounts payable
    (17,973 ) 483,097
    Accrued expenses
    (1,275,636 ) (1,132,801 )
    Unearned revenues
    130,031 (187,924 )


    Net cash used in operating activities
    (2,451,930 ) (4,202,987 )


    Cash flows from investing activities:



    Purchases of marketable securities
    (24,228,410 ) (10,629,383 )
    Maturities of marketable securities
    19,357,547 —
    Restricted cash
    (250,000 ) —
    Purchases of equipment
    (102,046 ) (234,705 )
    Payments of patent costs
    (38,405 ) (61,363 )


    Net cash used in investing activities
    (5,261,314 ) (10,925,451 )


    Cash flows from financing activities:



    Exercise of stock options
    — —
    Common stock issuance costs
    — —
    Repayment of long-term debt
    (93,398 ) (42,801 )
    Proceeds from exercise of stock options
    — —


    Net cash used in financing activities
    (93,398 ) (42,801 )


    Effect of exchange rates
    875,568 (20,416 )


    Net increase (decrease) in cash and cash equivalents
    (6,931,074 ) (15,191,655 )


    Cash and cash equivalents, beginning of year
    12,267,830 88,836,304


    Cash and cash equivalents, end of year
    $ 5,336,756 73,644,649


    Non-cash transactions:

    Capitalized patent costs financed through accounts payable and accrued expenses
    $ 13,239 20,326
    Capitalized fixed asset costs financed through accounts payable and accrued expenses
    $ 21,955 76,628
    See accompanying notes to consolidated financial statements (unaudited).

    5

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    (1) Background and Basis of Presentation
    Ocean Power Technologies, Inc. (the Company) was incorporated on April 19, 1984 in New Jersey, commenced active operations in 1994 and re-incorporated in Delaware in April 2007. The Company develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company markets and sells its products in the United States and internationally.
    The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The interim operating results are not necessarily indicative of the results for a full year or for any other interim period. Further information on potential factors that could affect the Company’s financial results can be found in the Company’s Annual Report on Form 10-K for the year ended April 30, 2009 filed with the Securities and Exchange Commission (SEC) and elsewhere in this Form 10-Q.
    (2) Summary of Significant Accounting Policies
    (a) Consolidation
    The accompanying consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Participation of stockholders other than the Company in the net assets and in the earnings or losses of a consolidated subsidiary is reflected in the caption “Noncontrolling interest” in the Company’s Consolidated Balance Sheets and Statements of Operations. Noncontrolling interest adjusts the Company’s consolidated results of operations to reflect only the Company’s share of the earnings or losses of the consolidated subsidiary.
    In addition, the Company evaluates its relationships with other entities to identify whether they are variable interest entities as defined by Financial Accounting Standards Board (FASB) Interpretation No. 46(R), Consolidation of Variable Interest Entities (FIN 46R), and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with FIN 46R. As of July 31, 2009, there are no such entities.
    (b) Use of Estimates
    The preparation of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include the recoverability of the carrying amount of property and equipment and patents; valuation allowances for receivables and deferred income tax assets; and percentage of completion of customer contracts for purposes of revenue recognition. Actual results could differ from those estimates. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.
    (c) Revenue Recognition
    The Company primarily recognizes revenue under the percentage-of-completion method. The percentage of completion is determined by relating the costs incurred to date to the estimated total costs. The cumulative effects resulting from revisions of estimated total contract costs and revenues are recorded in the period in which the facts requiring revision become known. Upon anticipating a loss on a contract, the Company recognizes the full amount of the anticipated loss in the current period. During the three months ended July 31, 2009, the Company’s provisions related to anticipated losses on contracts decreased by $48,000. Accruals related to losses on contracts in the amounts of approximately $1,104,000 and $1,152,000 are included in accrued expenses in the accompanying consolidated balance sheets as of July 31, 2009 and April 30, 2009, respectively. Modifications to contract provisions, such as those currently being discussed in connection with the Company’s Spain construction agreement (see Note 9), as well as modifications in contract loss estimates, may require changes in accruals established for anticipated contract losses.

    6

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    Unbilled receivables represent expenditures on contracts, plus applicable profit margin, not yet billed. Unbilled receivables are normally billed and collected within one year. Billings made on contracts are recorded as a reduction of unbilled receivables, and to the extent that such billings exceed costs incurred plus applicable profit margin, they are recorded as unearned revenues.
    (d) Cash and Cash Equivalents
    Cash equivalents consist of investments in short-term financial instruments with initial maturities of three months or less from the date of purchase. Cash and cash equivalents include $3,198,000 and $4,337,000 of certificates of deposit with an initial term of less than three months at July 31, 2009 and April 30, 2009, respectively, and $14,000 and $6,530,000 invested in a money market fund as of July 31, 2009 and April 30, 2009, respectively.
    (e) Marketable Securities
    Marketable securities with initial maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets. Marketable securities that mature more than one year from the balance sheet date are classified as noncurrent assets. Marketable securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity and are reported at amortized cost. The difference between the acquisition cost and face values of held-to-maturity securities is amortized over the remaining term of the security and added to or subtracted from the acquisition cost and interest income. As of July 31, 2009 and April 30, 2009, all of the Company’s marketable securities were classified as held-to-maturity.
    (f) Restricted Cash and Credit Facility
    The Company had $1,262,392 and $951,552 of restricted cash as of July 31, 2009 and April 30, 2009, respectively. The cash is restricted under the terms of two security agreements.
    One agreement is between Ocean Power Technologies, Inc. and Barclays Bank. Under this agreement, the cash is on deposit at Barclays Bank and serves as security for letters of credit that are expected to be issued by Barclays Bank on behalf of Ocean Power Technologies Ltd., one of the Company’s subsidiaries, under a €800,000 credit facility established by Barclays Bank for Ocean Power Technologies Ltd. The credit facility is for the issuance of letters of credit and bank guarantees, and carries a fee of 1% per annum of the amount of any such obligations issued by Barclays Bank. The credit facility does not have an expiration date, but is cancelable at the discretion of the bank. As of July 31, 2009, approximately €720,000 is included in restricted cash.
    The other agreement is between Ocean Power Technologies, Inc. and the New Jersey Board of Public Utilities (NJBPU). During the year ended April 30, 2009, the Company received a recoverable grant award from the NJBPU. Under this agreement, the Company is required to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance, which was $250,000 as of July 31, 2009.
    (g) Property and Equipment
    Property and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful lives (three to seven years) of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the remaining lease term. Expenses for maintenance and repairs are charged to operations as incurred. Depreciation was $78,490 and $60,602 for the three months ended July 31, 2009 and 2008, respectively.
    (h) Other Income
    Other income consists of transactions that the Company considers to be outside the normal scope of its operations and operating activities. In the three months ended July 31, 2009, the Company recognized other income of $506,630 in connection with the settlement of a claim that it had against a supplier that provided engineering services to the Company.

    7

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    (i) Foreign Exchange Gains and Losses
    The Company has invested in certain certificates of deposit and has maintained cash accounts that are denominated in British pound sterling, Euros and Australian dollars. Such certificates of deposit and cash accounts had a balance of approximately $9,905,000 and $8,541,000 as of July 31, 2009 and April 30, 2009, respectively. Such positions may result in realized and unrealized foreign exchange gains or losses from exchange rate fluctuations, which are included in foreign exchange gain (loss) in the accompanying consolidated statements of operations. Foreign exchange gain (loss) was $401,691 and $(24,473) for the three months ended July 31, 2009 and 2008, respectively.
    (j) Patents
    External costs related to the filing of patents, including legal and filing fees, are capitalized. Amortization is calculated using the straight-line method over the life of the patents (17 years). Expenses for the development of technology are charged to operations as incurred. Amortization expense was $10,077 and $8,875 for the three months ended July 31, 2009 and 2008, respectively. Amortization expense for the next five fiscal years related to amounts capitalized for patents as of July 31, 2009 is estimated to be approximately $55,000 per year.
    (k) Long-Lived Assets
    In accordance with Statement of Financial Accounting Standards (SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS No. 144), long-lived assets, such as property and equipment and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, then an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company reviewed its long-lived assets for impairment in accordance with SFAS No. 144 and determined there was no impairment for the three months ended July 31, 2009.
    (l) Concentration of Credit Risk
    Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, bank certificates of deposit and trade receivables. The Company invests its excess cash in highly liquid investments (principally short-term bank deposits, Treasury bills, Treasury notes and a money market fund) and does not believe that it is exposed to any significant risks related to its cash accounts, money market fund or certificates of deposit.
    The table below shows the percentage of the Company’s revenues derived from customers whose revenues accounted for at least 10% of the Company’s consolidated revenues for at least one of the periods indicated:

    July 31,
    Customer 2009(1) 2008
    US Navy
    92 % 41 %
    Iberdrola and Total
    9 % 50 %

    (1) Total equals 101% due to a negative revenue adjustment made to another customer.
    The loss of, or a significant reduction in revenues from, any of the current customers could significantly impact the Company’s financial position or results of operations. The Company does not require collateral from its customers.
    (m) Net Loss per Common Share
    Basic and diluted net loss per share for all periods presented is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Due to the Company’s net losses, potentially dilutive securities, consisting of outstanding stock options, were excluded from the diluted loss per share calculation due to their anti-dilutive effect.

    8

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    In computing diluted net loss per share, 1,789,405 and 1,667,663 options to purchase shares of common stock, non-vested restricted stock and shares to be issued to non-employee directors were excluded from the computations for the three months ended July 31, 2009 and 2008, respectively.
    (n) Stock-Based Compensation
    On May 1, 2006, the Company adopted the provisions of SFAS No. 123 (revised 2004), Share-Based Payment (SFAS No. 123R), which requires that the costs resulting from all share-based payment transactions be recognized in the consolidated financial statements at their fair values. The Company adopted SFAS No. 123R using the modified prospective application method under which the provisions of SFAS No. 123R apply to new awards and to awards modified, repurchased, or canceled after the adoption date. Additionally, compensation cost for the portion of the awards for which the requisite service had not been rendered that were outstanding as of May 1, 2006 is being recognized in the consolidated statements of operations over the remaining service period after such date based on the award’s original estimated fair value. The aggregate share-based compensation expense recorded in the consolidated statements of operations for the three months ended July 31, 2009 and 2008 under SFAS No. 123R was approximately $348,000 and $460,000, respectively.
    Valuation Assumptions for Options Granted During the Three Months Ended July 31, 2009 and 2008.
    The fair value of each stock option granted during the three months ended July 31, 2009 and 2008 were estimated at the date of grant using the Black-Scholes option pricing model, assuming no dividends and using the weighted average valuation assumptions noted in the following table. The risk-free rate is based on the US Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of the stock options granted was estimated using the “simplified” method as permitted by the Securities and Exchange Commission’s Staff Accounting Bulletin No. 107, Share-Based Payment. Expected volatility was based on historical volatility for a peer group of companies for a period equal to the stock option’s expected life, calculated on a daily basis.

    Three Months Ended July 31,
    2009 2008
    Risk-free interest rate
    3.3 % 3.7 %
    Expected dividend yield
    0.0 % 0.0 %
    Expected life
    6.5 years 6.3 years
    Expected volatility
    75.4 % 79.4 %
    The above assumptions were used to determine the weighted average per share fair value of $4.82 and $6.81 for stock options granted during the three months ended July 31, 2009 and 2008, respectively.
    (o) Accounting for Income Taxes
    Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and operating loss and tax credit carryforwards are expected to be recovered, settled or utilized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
    In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carryforwards become deductible or are utilized. Due to our history of operating losses, the Company has recorded a full valuation allowance against the deferred tax assets, including net operating loss carryforwards, where management believes it is more likely than not that the Company will not have sufficient taxable income to utilize these assets before they expire.
    As of July 31, 2009, the Company had net operating loss carryforwards for Federal income tax purposes of approximately $46,000,000, which begin to expire in 2010. The Company also had Federal research and development tax credit carryforwards as of July 31, 2009, which begin to expire in 2012. The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss and tax credit carryforwards if there has been an ownership change, as defined. The Company has determined that such an ownership change, as described in Section 382 of the Internal Revenue Code, occurred in conjunction with the Company’s US initial public offering in April 2007. The Company’s annual Section 382 limitation is approximately $3,300,000. The Section 382 limitation is cumulative from year to year,

    9

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    and thus, to the extent net operating loss or other credit carryforwards are not utilized up to the amount of the available annual limitation, the limitation is carried forward and added to the following year’s available limitation. The Company had foreign loss before income taxes for the periods ended July 31, 2009 and July 31, 2008. As of July 31, 2009, the Company had foreign net operating loss carryforwards, which begin to expire in 2024. The ability to utilize these carryforwards may be limited in the event of an ownership change.
    (p) Accumulated Other Comprehensive Loss
    The functional currency for the Company’s foreign operations is the applicable local currency. The translation from the applicable foreign currencies to US dollars is performed for balance sheet accounts using the exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The unrealized gains or losses resulting from such translation are included in accumulated other comprehensive income (loss) within stockholders’ equity.
    (q) Recent Accounting Pronouncements
    In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements, which establishes a framework for reporting fair value and expands disclosures about fair value measurements. SFAS No. 157 as issued is effective for fiscal years beginning after November 15, 2007. On February 12, 2008, FASB Staff Position (FSP) FAS 157-2, Effective Date of FASB Statement No. 157, was issued, which delays the effective date to fiscal years beginning after November 15, 2008 for certain nonfinancial assets and liabilities. The Company adopted SFAS No. 157 on May 1, 2008, except for the items covered by FSP FAS 157-2. The adoption of SFAS No. 157 did not have any impact on the Company’s consolidated financial statements.
    SFAS No. 157 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
    • Level 1: Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

    • Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

    • Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
    In February 2008, the FASB issued FSP FAS 157-1, Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement under Statement 13. FSP FAS 157-1 amends SFAS No. 157 to exclude certain leasing transactions accounted for under previously existing accounting guidance. This exclusion, however, does not apply to assets acquired and liabilities assumed in a business combination, regardless of whether those assets and liabilities are related to leases. The adoption of FSP FAS 157-1 did not have any impact on the Company’s consolidated financial statements.
    In October 2008, the FASB issued FSP FAS 157-3, Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active. FSP FAS 157-3 clarifies the application of SFAS No. 157 when the market for a financial asset is not active. FSP FAS 157-3 was effective upon issuance, including reporting for prior periods for which financial statements have not been issued. The adoption of FSP FAS 157-3 did not have any impact on the Company’s consolidated financial statements.
    In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities. SFAS No. 159 allows companies to elect to measure certain assets and liabilities at fair value and is effective for fiscal years beginning after November 15, 2007. The adoption of SFAS No. 159 on May 1, 2008 did not have any impact on the Company’s consolidated financial statements.
    In December 2007, the FASB issued SFAS No. 141 (revised 2007), Business Combinations (SFAS No. 141R), which establishes the principles and requirements for how an acquirer recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquirer at the acquisition date, measured at their fair values as of that date, with limited exceptions. This statement applies to business combinations for which the acquisition date is after the beginning of the first annual reporting period beginning after December 15, 2008. Earlier adoption is not permitted. Accordingly, the Company will apply SFAS No. 141R to business combinations occurring on or after May 1, 2009.

    10

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements. SFAS No. 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be recorded as a component of equity in the consolidated financial statements. This statement also requires that consolidated net income shall be adjusted to include the net income attributed to the noncontrolling interest. It also requires that net losses be attributed to the noncontrolling interest even if they exceed the noncontrolling interest’s equity balance. Disclosure on the face of the statement of operations of the amounts of consolidated net income attributable to the parent and to the noncontrolling interest is required. The provisions of SFAS No. 160 were effective for the Company for interim periods and fiscal years beginning May 1, 2009. The adoption of SFAS No. 160 did not have a material impact on the Company’s consolidated financial statements other than the presentation of a noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. in the Company’s consolidated financial statements. Net income attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. was $51,057 for the three months ended July 31, 2009. The proforma information specified in SFAS No. 160 for the three months ended July 31, 2008 is not presented as it is not material.
    In April 2008, the FASB issued FSP FAS 142-3, Determination of the Useful Life of Intangible Assets. FSP FAS 142-3 amends the factors that should be considered in developing renewal or extension assumptions used to determine the useful life of a recognized intangible asset under SFAS No. 142, Goodwill and Other Intangible Assets. FSP FAS 142-3 also adds certain disclosures to those already prescribed in SFAS No. 142. FSP FAS 142-3 is effective as of the beginning of the first fiscal year beginning after December 15, 2008, and early adoption is prohibited. The guidance for determining useful lives must be applied prospectively to intangible assets acquired after the effective date. The disclosure requirements must be applied prospectively to all intangible assets recognized as of the effective date. The adoption of FSP FAS 142-3 did not have any impact on the Company’s consolidated financial statements.
    In June 2009, the FASB issued SFAS No. 168, “The FASB Standards Codification and the Hierarchy of Generally Accepted Accounting Principles” (SFAS 168 or the “Codification”), a replacement of SFAS 162. SFAS 168 will become the source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the U.S. Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. On the effective date of SFAS 168, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative. SFAS 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009.
    In April 2009, the FASB issued FSP FAS 115-2 and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments, FSP FAS 115-2 and 124-2 changes existing guidance for determining whether debt securities are other-than-temporarily impaired and replaces the existing requirement that the entity’s management assert it has both the intent and ability to hold an impaired security until recovery with a requirement that management assert: (a) it does not have the intent to sell the security; and (b) it is more likely than not it will not have to sell the security before recovery of its cost basis. FSP FAS 115-2 and 124-2 requires entities to separate an other-than-temporary impairment of a debt security into two components when there are credit related losses associated with the impaired debt security for which management asserts that it does not have the intent to sell the security, and it is more likely than not that it will not be required to sell the security before recovery of its cost basis. The amount of the other-than-temporary impairment related to a credit loss is recognized in earnings, and the amount of the other-than-temporary impairment related to other factors is recorded in other comprehensive income (loss). FSP FAS 115-2 and 124-2 is effective for interim and annual reporting periods ending after June 15, 2009. The adoption of FSP FAS 115-2 and 124-2 did not have any impact the Company’s financial position or results of operations.
    In April 2009, the FASB issued FSP FAS 107-1 and APB 28-1, Interim Disclosures about Fair Value of Financial Instruments. FSP FAS 107-1 and APB 28-1 require disclosures about fair values of financial instruments in interim and annual financial statements. Prior to the issuance of FSP FAS 107-1 and APB 28-1, disclosures about fair values of financial instruments were only required to be disclosed annually. FSP FAS 107-1 and APB 28-1 require disclosures about fair value of financial instruments in interim and annual financial statements. The adoption of FSP FAS 107-1 and APB 28-1 did not affect the Company’s financial position or results of operations.

    11

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (SFAS No. 165). SFAS No. 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or available to be issued. SFAS No. 165 sets forth the period after the balance sheet date during which management shall evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity shall recognize events or transactions occurring after the balance sheet date in its financial statements and the disclosures that an entity shall make about events or transactions that occurred after the balance sheet date. SFAS No. 165 is effective for interim and annual periods ending after June 15, 2009. The adoption of SFAS No. 165 did not have a material impact on the Company’s Consolidated Financial Statements. The Company evaluated subsequent events through September 9, 2009, which is the date these financial statements were issued.

    (3) Marketable Securities
    Marketable securities with initial maturities longer than three months but that mature in less than one year from the balance sheet date are classified as current assets and are summarized as follows:

    July 31, 2009 April 30, 2009
    Certificates of deposit denominated in USD
    $ — 3,685,370
    Certificates of deposit denominated in GBP
    3,334,415 3,217,152
    Certificates of deposit denominated in AUD
    624,872 —
    US Treasury obligations
    40,980,826 33,947,214





    $ 44,940,113 40,849,736


    The Company’s marketable securities that mature more than one year from the balance sheet date are classified as noncurrent assets, are all classified as held-to-maturity, carried at amortized cost and are summarized as follows:

    Gross Gross
    Amortized unrealized unrealized Market
    cost gains losses value
    July 31, 2009



    US Treasury obligations
    $ 25,602,948 — (84,398 ) 25,518,550
    Certificate of deposit
    3,806,808 28,950 — 3,835,758





    $ 29,409,756 28,950 (84,398 ) 29,354,308




    April 30, 2009



    US Treasury obligations
    $ 28,619,528 423,095 (20,963 ) 29,021,660


    The April 30, 2009 balance of marketable securities was changed to increase the current portion and decrease the noncurrent portion by $12,009,000 to reflect the maturities of the underlying securities as of such date.

    (4) Accrued Expenses
    Included in accrued expenses at July 31, 2009 and April 30, 2009 were contract loss accruals of approximately $1,104,000 and $1,152,000, respectively, and accrued employee incentive payments of approximately $214,000 and $672,000, respectively. Accrued expenses at July 31, 2009 and April 30, 2009 also included legal and accounting fees of approximately $258,000 and $485,000, respectively, and accrued employee vacation of $203,000 and $151,000, respectively.

    12

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)

    (5) Related Party Transactions
    In August 1999, the Company entered into a consulting agreement with an individual for marketing services at a rate of $800 per day of services provided. The individual became a member of the board of directors in June 2006. Under this consulting agreement, the Company expensed approximately $14,000 and $10,000 during the three months ended July 31, 2009 and 2008, respectively.

    (6) Debt
    During the year ended April 30, 2000, the Company received an award of $250,000 from the State of New Jersey Commission on Science and Technology for the development of a wave power system that was deployed off the coast of New Jersey. The award contract was assigned to the New Jersey Economic Development Authority in fiscal 2008. Under the terms of this award, the Company must repay the amount funded, without interest, by January 15, 2012. The amounts to be repaid each year are determined as a percentage of revenues (as defined in the loan agreement) the Company receives that year from its customer contracts that meet criteria specified in the loan agreement, with any remaining amount due on January 15, 2012. Based upon the terms of the award, the Company has repaid approximately $61,000 and is required to repay an additional approximately $93,000 as of July 31, 2009. The current payment required of $93,000 was included in accrued expenses in the accompanying consolidated balance sheet as of July 31, 2009. As of July 31, 2009, the remaining amount due of $96,000 was included in long-term debt on the accompanying consolidated balance sheet.
    During the year ended April 30, 2009, the Company received a recoverable grant award of $250,000 from the NJBPU under the Renewable Energy Business Venture Assistance Program. Under the terms of this agreement, the amount to be repaid is a fixed monthly amount of principal only, repayable over a five-year period beginning May 2012. The terms also require the Company to assign to the NJBPU a certificate of deposit in an amount equal to the outstanding grant balance.

    (7) Deferred Credits
    During the year ended April 30, 2001, in connection with the sale of common stock to an investor, the Company received $600,000 from the investor in exchange for an option to purchase up to 500,000 metric tons of carbon emissions credits generated by the Company during the years 2008 through 2012, at a 30% discount from the then-prevailing market rate. This amount has been recorded as deferred credits in the accompanying consolidated balance sheets as of July 31, 2009 and April 30, 2009. If the Company does not become entitled under applicable laws to the full amount of emission credits covered by the option by December 31, 2012, the Company is obligated to return the option fee of $600,000, less the aggregate discount on any emission credits sold to the investor prior to such date. If the Company receives emission credits under applicable laws and fails to sell to the investor the credits up to the full amount of emission credits covered by the option, the investor is entitled to liquidated damages equal to 30% of the aggregate market value of the shortfall in emission credits (subject to a limit on the market price of emission credits).

    (8) Share-Based Compensation
    Prior to August 2001, the Company maintained qualified and nonqualified stock option plans. The Company had reserved 423,390 shares of common stock for issuance under these plans. There are no options available for future grant under these plans as of July 31, 2009.
    In August 2001, the Company approved the 2001 Stock Plan, which provides for the grant of incentive stock options and nonqualified stock options. A total of 1,000,000 shares were authorized for issuance under the 2001 Stock Plan. As of July 31, 2009, the Company had issued or reserved 610,402 shares for issuance under the 2001 Stock Plan. After the effectiveness of the 2006 Stock Incentive Plan, no further options or other awards have been or will be granted under the 2001 Stock Plan.

    13

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements
    (Unaudited)
    On April 24, 2007, the Company’s 2006 Stock Incentive Plan became effective. A total of 803,215 shares are authorized for issuance under the 2006 Stock Incentive Plan. As of July 31, 2009, the Company had issued share-based compensation for 755,613 shares of common stock and had reserved an additional 47,602 shares of common stock for future issuance under the 2006 Stock Incentive Plan. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2006 Stock Incentive Plan; however, incentive stock options may only be granted to employees. The maximum number of shares of common stock with respect to which awards may be granted to any participant under the 2006 Stock Incentive Plan is 200,000 per calendar year. Members of the board of directors who are not full-time employees receive, as part of their annual compensation, a choice of either (a) an option to purchase 2,000 shares of common stock that is fully vested at the time of grant, or (b) shares of common stock worth $10,000, which vests 50% at the time of grant and 50% one year later. Vesting provisions of stock options are determined by the board of directors. The contractual term of these stock options is up to ten years. The 2006 Stock Incentive Plan is administered by the Company’s board of directors who may delegate authority to one or more committees or subcommittees of the board of directors or to the Company’s officers. If the board of directors delegates authority to an officer, the officer has the power to make awards to all of the Company’s employees, except to executive officers. The board of directors will fix the terms of the awards to be granted by such officer. No award may be granted under the 2006 Stock Incentive Plan after December 7, 2016, but the vesting and effectiveness of awards granted before that date may extend beyond that date. On July 20, 2009, subject to stockholder approval, our Board of Directors approved an amendment to the 2006 Stock Incentive Plan, increasing the aggregate number of shares authorized for issuance by 850,000 shares to 1,653,215. If the amendment to the 2006 Stock Incentive Plan is approved by stockholders in October 2009, the Company will file an amendment to its Form S–8 registration statement to register the additional shares under the Securities Act of 1933.

    (a) Stock Options
    A summary of stock options under the plans is as follows:

    Weighted
    Average
    Weighted Remaining
    Shares Under Average Contractual
    Option Exercise Price Term
    (In Years)
    Outstanding at April 30, 2009
    1,632,263 $ 13.43
    Forfeited
    (7,158 ) 10.52
    Expired
    (30,000 ) 16.70
    Exercised
    — —
    Granted
    132,308 6.90


    Outstanding at July 31, 2009
    1,727,413 12.89 5.3


    Exercisable at July 31, 2009
    1,204,419 14.12 3.9


    The total intrinsic value of outstanding and exercisable options as of July 31, 2009 was zero. As of July 31, 2009, approximately 465,000 additional options were expected to vest, which had zero intrinsic value and a weighted average remaining contractual term of 8.6 years. As of July 31, 2009, there was approximately $3,177,000 of total unrecognized compensation cost related to non-vested stock options granted under the plans. This cost is expected to be recognized over a weighted-average period of 3.8 years. The Company normally issues new shares to satisfy option exercises under these plans.

    (b) Non-Vested Restricted Stock
    Compensation expense for non-vested restricted stock was historically recorded based on its market value on the date of grant and recognized ratably over the associated service and performance period. During the three months ended July 31, 2009, there were 20,000 shares of non-vested restricted stock granted to employees with service-based vesting requirements. As of July 31, 2009, all 20,000 restricted shares are unvested.

    14

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements — (Continued)
    (Unaudited)
    A summary of non-vested restricted stock under the plans is as follows:

    Weighted
    Average
    Number Price per
    of Shares Share
    Outstanding at April 30, 2009
    40,000 $ 6.48
    Forfeited
    — —
    Expired
    (3,000 ) 6.48
    Vested
    — —
    Granted
    20,000 6.10


    Outstanding at July 31, 2009
    57,000 6.35


    As of July 31, 2009, there was approximately $40,000 of total recognized compensation cost and $237,000 of total unrecognized compensation cost related to non-vested restricted stock granted under the plans. That cost is expected to be recognized over a weighted average period of 1.4 years.

    (c) Shares of Common Stock
    During the year ended April 30, 2009, 4,992 shares of common stock were awarded to non-employee directors pursuant to annual retainer arrangements. The aggregate share-based compensation expense recorded in the consolidated statement of operations for the year ended April 30, 2009 related to the shares was approximately $40,000, which represents the fair value on the date of grant. The shares were not issued as of July 31, 2009, and accordingly the liability was included in accrued expenses.

    (9) Commitments and Contingencies
    Litigation
    The Company is involved from time to time in certain legal actions arising in the ordinary course of business. Management believes that the outcome of such actions will not have a material adverse effect on the Company’s financial position or results of operations.
    Other Contingencies
    The Company is currently engaged in discussions regarding modifications to its agreement for the first phase of the construction of a wave power station off the coast of Spain. If the parties are unable to agree upon the necessary contract changes, the agreement may be terminated if the first phase of the project is not completed by December 31, 2009 for reasons attributable to the Company or if the Company is otherwise in default of its obligations under the agreement. In such an event, the Company’s customer will be entitled to seek reimbursement for direct damages only, limited to amounts specified in the agreement. As of July 31, 2009, the Company does not believe that the outcome of this matter will have a material adverse effect on the Company’s financial position or results of operations.

    15

    Table of Contents

    Ocean Power Technologies, Inc. and Subsidiaries
    Notes to Consolidated Financial Statements — (Continued)
    (Unaudited)

    (10) Operating Segments and Geographic Information
    The Company’s business consists of one segment as this represents management’s view of the Company’s operations. The Company operates on a worldwide basis with one operating company in the US, one operating subsidiary in the UK and one operating subsidiary in Australia, which are categorized below as North America, Europe and Australia, respectively. Revenues are generally attributed to the operating unit that bills the customers.
    Geographic information is as follows:

    North America Europe Australia Total
    Three months ended July 31, 2009

    Revenues from external customers
    $ 1,236,325 74,612 — 1,310,937
    Operating loss
    (2,853,585 ) (306,256 ) (81,120 ) (3,240,961 )


    Three months ended July 31, 2008

    Revenues from external customers
    748,299 1,038,329 — 1,786,628
    Operating loss
    (3,652,555 ) (682,658 ) (81,070 ) (4,416,283 )


    July 31, 2009

    Long-lived assets
    2,979,924 1,528,042 — 4,507,966
    Total assets
    77,854,562 8,185,028 747,142 86,786,732


    April 30, 2009

    Long-lived assets
    2,639,302 1,361,189 58 4,000,549
    Total assets
    $ 81,006,430 7,677,316 110,160 88,793,906

    16

    Table of Contents


    Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    The following discussion and analysis should be read in conjunction with the accompanying unaudited consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q. References to a fiscal year in this Form 10-Q refer to the year ended April 30 of that year (e.g., fiscal 2010 refers to the year ending April 30, 2010).
    Overview
    We develop and are commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. Our PowerBuoy® systems use proprietary technologies to convert the mechanical energy created by the rising and falling of ocean waves into electricity. We currently offer two PowerBuoy products, which consist of our utility PowerBuoy system and our autonomous PowerBuoy system.
    We market our utility PowerBuoy system, which is designed to supply electricity to a local or regional power grid, to utilities and other electrical power producers seeking to add electricity generated by wave energy to their existing electricity supply. We market our autonomous PowerBuoy system, which is designed to generate power for use independent of the power grid, to customers that require electricity in remote locations. We believe there are a variety of potential applications for our autonomous PowerBuoy system, including sonar and radar surveillance, tsunami warning, oceanographic data collection, offshore platforms and offshore aquaculture. We also offer our customers operations and maintenance services for our PowerBuoy systems, which are expected to provide a source of recurring revenues.
    We were incorporated in New Jersey in April 1984, began commercial operations in 1994, and were re-incorporated in Delaware in 2007. We currently have six wholly-owned subsidiaries, which include Ocean Power Technologies Ltd., Reedsport OPT Wave Park LLC, Oregon Wave Energy Partners I, LLC, Oregon Wave Energy Partners II, LLC, California Wave Energy Partners I, and Fairhaven OPT Ocean Power LLC, and we own approximately 88% of the ordinary shares of Ocean Power Technologies (Australasia) Pty Ltd.
    The development of our technology has been funded by capital we raised and by development engineering contracts we received starting in fiscal 1995. In fiscal 1996, we received the first of several research contracts with the US Navy to study the feasibility of wave energy. As a result of those research contracts, we entered into our first development and construction contract with the US Navy in fiscal 2002 under a still on-going project for the development and testing of our wave power systems at the US Marine Corps Base in Oahu, Hawaii. We generated our first revenue relating to our autonomous PowerBuoy system from contracts with Lockheed Martin Corporation in fiscal 2003, and we entered into our first development and construction contract with Lockheed Martin in fiscal 2004 for the development and construction of a prototype demonstration autonomous PowerBuoy system.
    In fiscal 2005, we entered into a development agreement with an affiliate of Iberdrola S.A., a large electric utility company located in Spain and one of the largest renewable energy producers in the world, and other parties to jointly study the possibility of developing a wave power station off the coast of northern Spain. An affiliate of Total S.A., which is one of the world’s largest oil and gas companies, also entered into the development agreement in June 2005. In January 2006, we completed the assessment phase of the project, and in July 2006 we entered into an agreement with Iberdrola Energias Marinas de Cantabria, S.A. to complete the first phase of the construction of a 1.39 MegaWatt (MW) wave power station. Under the Spain construction agreement, we agreed to manufacture and deploy by no later than December 31, 2009, one 40kW PowerBuoy system and the ocean-based substation and infrastructure required to connect nine additional 150kW PowerBuoy systems that together are contemplated to constitute a 1.39MW wave power station. In February 2008, the Spain construction agreement was amended to provide for the current phase of the construction of the PowerBuoy system plus the fabrication of the underwater power tran

    Signaler un abus

Retour au sujet OPTEK TECHNOLOGY

Signaler le message

Fermer

Qui a recommandé ce message ?

Fermer

Mes listes

Une erreur est survenue pendant le chargement de la liste

valeur

dernier

var.

33.53 -7.58%
34.69 +16.84%
24.735 -5.03%
1.0805 -0.05%
12.8 -8.15%

Les Risques en Bourse

Fermer