Wave-energy company Ocean Power Technologies, Inc. (Nasdaq: OPTT; OPT.L) announced a slight decrease in revenue for the fiscal year ending April 30, 2009.
Revenues decreased by $0.8 million in fiscal 2009, or 15%, to $4.0
million as compared to $4.8 million in fiscal 2008. The decrease in
revenues primarily reflects a lower level of billable activity in
connection with work on the Company’s wave power project off the coast
of Spain. Also, lower revenues from the company’s Hawaii project for the US Navy
and EMEC project near Orkney, Scotland were offset by an increase in
revenue related to the wave power project off the coast of Reedsport,
Oregon.
The net loss for the year ended April 30, 2009 was $18.3 million,
compared to a net loss of $14.7 million in the prior year. The fiscal
2009 loss was partially attributable to costs incurred in the Company’s
product development programs, which were $8.4 million for fiscal 2009
(fiscal 2008: $8.3 million) and which were focused on enhancing the
core PowerBuoy Technology.
In fiscal 2009, OPT generated the majority of its revenues from the US
Navy, the Company’s largest customer, which accounted for 67% of total
revenues (fiscal 2008: 58%), while Iberdrola and Total accounted for
18% of fiscal year revenues (fiscal 2008: 31%).
The Company said it finished the year with very strong liquidity. On April 30,
2009, total cash, cash equivalents and investments were $81.7 million.
Fiscal year highlights:
- The company deployed and ocean-tested a PowerBuoy® at the Marine Corps Base, Oahu, Hawaii under an on-going program with the US Navy. An additional $1.4 million in funding for this program was added by the Navy for the PowerBuoy system during fiscal year 2009.
- Ocean-tested an autonomous PowerBuoy off the coast of New Jersey, developed for the US Navy’s Deep Water Active Detection System ocean data gathering program. Following the ocean test, OPT was awarded a $3.0 million contract from the US Navy for the second phase of the program.
- Deployed a PowerBuoy off the coast of Spain under a wave power contract with Iberdrola and the Company is continuing the construction and testing of its proprietary underwater substation pod.
- Contract order backlog at April 30, 2009 increased to $7.5 million (April 30, 2008: $5.5 million).
- Awarded $2.0 million from the US Department of Energy in support of OPT’s wave power project off the coast of Reedsport, Oregon–the first award by DDE for the building of ocean wave energy systems
- Signed agreement with Leighton Contractors to develop wave power projects off the east and south coasts of Australia.
Ocean Power Technologies, Inc. is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. The Company’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into electricity.
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