Ocean Power Technologies Announces Results for the Fiscal First Quarter Ended July 31, 2015
"Our prototype APB350 (A1) utilizes the PowerBuoy structure previously deployed in 2013 but with a newly designed Power Takeoff (PTO). Our APB350 (A2) is expected to feature an optimized geometry which we expect to result in improved operating efficiency as well as reduced fabrication, transportation and deployment costs. The A2 PowerBuoy is expected to undergo a critical design review later this month."
Results for the First Fiscal Quarter Ended
For the three months ended
The net loss for the three months ended
Balance Sheet and Available Cash
As of
Conclusion
Mr. Kirby concluded, "We continue to receive positive market feedback as we develop our PowerBuoys, which we believe will be cost-effective alternatives to incumbent solutions that generally use less reliable and more costly sources of power. We are continuing to discuss new opportunities for joint development and projects with potential partners as part of our commercialization efforts. We are encouraged by the opportunities in front of us, and we look forward to achieving further progress in the near future."
Conference Call Details
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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 Quarterly Report on Form 10-Q that has been filed with the
| Consolidated Balance Sheets as of | ||
| July 31, 2015 and April 30, 2015 | ||
| ASSETS | July 31, 2015 | April 30, 2015 |
| (Unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $ 14,237,253 | $ 17,335,734 |
| Marketable securities | -- | 75,000 |
| Restricted cash | 436,227 | 438,561 |
| Accounts receivable | 123,881 | 103,470 |
| Unbilled receivables | 63,444 | 81,658 |
| Other current assets | 422,518 | 186,641 |
| Total current assets | 15,283,323 | 18,221,064 |
| Property and equipment, net | 244,587 | 263,898 |
| Restricted cash | 25,000 | 50,000 |
| Other noncurrent assets | 348,010 | 335,924 |
| Total assets | $ 15,900,920 | $ 18,870,886 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 321,675 | $ 352,827 |
| Accrued expenses | 3,625,947 | 2,507,119 |
| Current portion of long-term debt | 100,000 | 100,000 |
| Total current liabilities | 4,047,622 | 2,959,946 |
| Long-term debt | 25,000 | 50,000 |
| Deferred credits payable-noncurrent | 600,000 | 600,000 |
| Total liabilities | 4,672,622 | 3,609,946 |
| 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 18,387,270 and 18,387,769 shares, respectively | 18,387 | 18,388 |
| Treasury stock, at cost; 39,333 and 38,658 shares, respectively | (132,371) | (132,016) |
| Additional paid-in capital | 180,932,216 | 180,786,790 |
| Accumulated deficit | (168,917,096) | (164,755,055) |
| Accumulated other comprehensive loss | (315,312) | (229,915) |
| Total Ocean Power Technologies, Inc. stockholders' equity | 11,585,824 | 15,688,192 |
| Noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | (357,526) | (427,252) |
| Total equity | 11,228,298 | 15,260,940 |
| Total liabilities and stockholders' equity | $ 15,900,920 | $ 18,870,886 |
| Consolidated Statements of Operations | ||
| For the Three Months Ended July 31, 2015 and 2014 | ||
| (Unaudited) | ||
|
Three Months Ended July 31, |
||
| 2015 | 2014 | |
| Revenues | $ 105,666 | $ 1,540,528 |
| Cost of revenues | 105,666 | 1,967,164 |
| Gross loss | -- | (426,636) |
| Operating expenses: | ||
| Product development costs | 2,482,788 | (80,055) |
| Selling, general and administrative costs | 1,906,945 | 3,122,972 |
| Total operating expenses | 4,389,733 | 3,042,917 |
| Operating loss | (4,389,733) | (3,469,553) |
| Interest income (expense), net | 5,123 | (58,620) |
| Other Income | 251,007 | 185,000 |
| Foreign exchange gain (loss) | 18,959 | (5,658) |
| Net loss | (4,114,644) | (3,348,831) |
| Less: Net (profit) loss attributable to the noncontrolling interest in Ocean Power Technologies (Australasia) Pty Ltd. | (47,397) | 66,079 |
| Net loss attributable to Ocean Power Technologies, Inc | $ (4,162,041) | $ (3,282,752) |
| Basic and diluted net loss per share | $ 0.24 | $ (0.19) |
| Weighted average shares used to compute basic and diluted net loss per share | 17,516,316 | 17,464,683 |
| Consolidated Statements of Cash Flows | ||
| For the Three Months Ended July 31, 2015 and 2014 | ||
| (Unaudited) | ||
| Three Months Ended July 31, | ||
| 2015 | 2014 | |
| Cash flows from operating activities: | ||
| Net loss | $ (4,114,644) | $ (3,348,831) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Foreign exchange (gain) loss | (18,959) | 5,658 |
| Depreciation and amortization | 28,545 | 243,672 |
| Compensation expense related to stock option grants and restricted stock | 145,426 | 12,639 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (20,411) | 308,731 |
| Unbilled receivables | 18,214 | (454,222) |
| Other current assets | (236,828) | (378,606) |
| Other noncurrent assets | (9,060) | (46,816) |
| Accounts payable | (29,212) | 153,812 |
| Accrued expenses | 1,118,561 | 800,888 |
| Advance payment received from ARENA | -- | 527,982 |
| Unearned revenues | -- | (992,447) |
| Net cash used in operating activities | (3,118,368) | (3,167,540) |
| Cash flows from investing activities: | ||
| Purchases of marketable securities | -- | (11,747,042) |
| Maturities of marketable securities | 75,000 | 8,996,566 |
| Restricted cash | 27,334 | (255,000) |
| Purchases of equipment | (9,223) | (1,041) |
| Net cash provided by (used in) investing activities | 93,111 | (3,006,517) |
| Cash flows from financing activities: | ||
| Repayment of debt | (25,000) | (25,000) |
| Common stock issuance costs | -- | 641 |
| Acquisition of treasury stock | (355) | (1,309) |
| Net cash (used in) provided by financing activities | (25,355) | (25,668) |
| Effect of exchange rate changes on cash and cash equivalents | (47,869) | (31,284) |
| Net increase in cash and cash equivalents | (3,098,481) | (6,231,009) |
| Cash and cash equivalents, beginning of period | 17,335,734 | 13,858,659 |
| Cash and cash equivalents, end of period | $ 14,237,253 | $ 7,627,650 |
CONTACT: Company Contact:
Mark A. Featherstone ,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Contact:
Shawn Severson
The Blueshirt Group
Phone: (415)489-2198
