Ocean Power Technologies Announces Results for the First Quarter of Fiscal Year 2018 ended July 31, 2017
"Our first quarter results were in line with our expectations, and we continued to make progress on our strategic initiatives to commercialize the PB3 PowerBuoy and position the company for future growth,” said
Operations Review
Kirby added, “Production is underway on two new commercial PB3 PowerBuoys. These will be our third and fourth units and they are being built to meet anticipated demand from potential new customers. We are continuing to pursue additional opportunities to identify markets and applications for the PB3 PowerBuoy that could contribute to increased sales and financial performance for OPT. As part of that initiative, we announced our presence in
Financial Highlights
Revenue for the first quarter of fiscal year 2018 was
The net loss for the first quarter of fiscal year 2018 was
Total cash, cash equivalents, restricted cash and marketable securities were
The company closed on a public offering of its common stock on
Summary
"We remain committed to developing long-term partnerships and generating revenues as quickly as possible. We are focused on establishing new strategic relationships, as well as pursuing unique opportunities with our current partners and potential customers. Our emphasis for the remainder of the fiscal year will be on maximizing our sales and marketing activities as well as improving overall operational execution,” said Kirby.
Conference Call Details
OPT management will host a conference call to review the first quarter financial and operating results on
About
Headquartered in New Jersey, Ocean Power Technologies aspires to transform the world through durable, innovative and cost-effective ocean energy solutions. Our PB3 PowerBuoy uses ocean waves to provide clean, reliable and persistent electric power and real-time communications for remote offshore applications in markets such as oil and gas, defense, security, ocean observing, and communications. To learn more, visit www.oceanpowertechnologies.com.
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. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. 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 Forms 10-Q and 10-K and subsequent filings with the
FINANCIAL TABLES FOLLOW
Additional information may be found in the Company's Annual Report on Form 10-K that has been filed with the
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (in thousands, except share data) | ||||||||||
| July 31, 2017 | April 30, 2017 | |||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 11,414 | $ | 8,421 | ||||||
| Marketable securities | 25 | 25 | ||||||||
| Restricted cash- short-term | 361 | 334 | ||||||||
| Accounts Receivable | 86 | 48 | ||||||||
| Unbilled receivables | 163 | 296 | ||||||||
| Litigation receivable | 350 | - | ||||||||
| Other current assets | 383 | 622 | ||||||||
| Total current assets | 12,782 | 9,746 | ||||||||
| Property and equipment, net | 146 | 170 | ||||||||
| Restricted cash- long-term | 154 | 154 | ||||||||
| Other noncurrent assets | 3 | 3 | ||||||||
| Total assets | $ | 13,085 | $ | 10,073 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 183 | $ | 586 | ||||||
| Accrued expenses | 1,530 | 3,059 | ||||||||
| Litigation payable | 350 | - | ||||||||
| Warrant liabilities | 286 | 323 | ||||||||
| Current portion of capital lease obligations | 36 | 35 | ||||||||
| Deferred credits payable current | 600 | 600 | ||||||||
| Total current liabilities | 2,985 | 4,603 | ||||||||
| Long-term portion of capital lease obligations | 14 | 23 | ||||||||
| Total liabilities | 2,999 | 4,626 | ||||||||
| Commitments and contingencies | ||||||||||
| 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 50,000,000 shares, | ||||||||||
| issued 12,621,205 and 6,313,996 shares, respectively | 13 | 6 | ||||||||
| Treasury stock, at cost; 70,081 and 48,065 shares, respectively | (295 | ) | (263 | ) | ||||||
| Additional paid-in capital | 200,549 | 193,234 | ||||||||
| Accumulated deficit | (190,043 | ) | (187,370 | ) | ||||||
| Accumulated other comprehensive loss | (138 | ) | (160 | ) | ||||||
| Total stockholders' equity | 10,086 | 5,447 | ||||||||
| Total liabilities and stockholders’ equity | $ | 13,085 | $ | 10,073 | ||||||
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||||
| Consolidated Statements of Operations | ||||||||||
| (in thousands, except per share data) | ||||||||||
| (Unaudited) | ||||||||||
| Three months ended July 31, | ||||||||||
| 2017 | 2016 | |||||||||
| Revenues | $ | 195 | $ | 202 | ||||||
| Cost of revenues | 217 | 127 | ||||||||
| Gross profit (loss) | (22 | ) | 75 | |||||||
| Operating expenses: | ||||||||||
| Product development costs | 1,102 | 1,636 | ||||||||
| Selling, general and administrative costs | 1,641 | 1,519 | ||||||||
| Total operating expenses | 2,743 | 3,155 | ||||||||
| Operating loss | (2,765 | ) | (3,080 | ) | ||||||
| Change in fair value of warrant liabilities | 37 | (752 | ) | |||||||
| Interest income, net | 3 | - | ||||||||
| Foreign exchange gain | 62 | 5 | ||||||||
| Net loss | $ | (2,663 | ) | $ | (3,827 | ) | ||||
| Basic and diluted net loss per share | $ | (0.22 | ) | $ | (1.72 | ) | ||||
| Weighted average shares used to compute | ||||||||||
| basic and diluted net loss per share | 12,268,683 | 2,228,585 | ||||||||
| Ocean Power Technologies, Inc. and Subsidiaries | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
| Three months ended July 31, | ||||||||
| 2017 | 2016 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,663 | ) | $ | (3,827 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Foreign exchange gain | (62 | ) | (5 | ) | ||||
| Depreciation and amortization | 31 | 34 | ||||||
| Loss on disposal of property, plant and equipment | 4 | - | ||||||
| Compensation expense related to stock option grants and restricted stock | 91 | 218 | ||||||
| Change in fair value of warrant liabilities | (37 | ) | 752 | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (38 | ) | (150 | ) | ||||
| Unbilled receivable | 133 | (13 | ) | |||||
| Other assets | 239 | (370 | ) | |||||
| Accounts payable | (405 | ) | 264 | |||||
| Accrued expenses | (1,531 | ) | 215 | |||||
| Unearned revenues | - | (39 | ) | |||||
| Net cash used in operating activities | (4,238 | ) | (2,921 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of marketable securities | - | (25 | ) | |||||
| Purchases of equipment | (12 | ) | (5 | ) | ||||
| Net cash used in investing activities | (12 | ) | (30 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of common stock, net of costs | 7,221 | - | ||||||
| Proceeds from issuance of common stock and related warrants, net of costs | - | 5,261 | ||||||
| Payment of capital lease obligations | (9 | ) | - | |||||
| Payment of debt | - | (32 | ) | |||||
| Acquisition of treasury stock | (32 | ) | (4 | ) | ||||
| Net cash provided by financing activities | 7,180 | 5,225 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 90 | (13 | ) | |||||
| Net increase in cash, cash equivalents and restricted cash | 3,020 | 2,261 | ||||||
| Cash, cash equivalents and restricted cash, beginning of period | 8,909 | 7,030 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 11,929 | $ | 9,291 | ||||
Company Contact:Matthew T. Shafer Chief Financial Officer of OPT Phone: 609-730-0400 Investor Relations Contact:Andrew Barwicki Barwicki Investor Relations Inc. Phone: 516-662-9461 Media Contact:Marilyn Vollrath Reputation Partners LLC Phone: (414) 376-8834 Email: Marilyn@reputationpartners.com