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Ocean Power Technologies Announces Results for the Fiscal First Quarter Ended July 31, 2016

PENNINGTON, N.J., Sept. 12, 2016 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (OPTT) (“OPT” or “the Company”) today announced financial results for its Fiscal 2017 first quarter ended July 31, 2016 ("fiscal 2017").

George H. Kirby, President and Chief Executive Officer of OPT, stated, "The first quarter of fiscal 2017 has been a very eventful quarter for us on the technical, commercial and financial fronts. In June, we redeployed the PB3-A1 PowerBuoy off the coast of New Jersey, which included payloads from the National Data Buoy Center and the Wildlife Conservation Society. In July, we deployed our second PB3 PowerBuoy off the coast of New Jersey, which is intended to be our first commercial unit, and which includes a number of enhancements from the PB3-A1. In June we announced our first commercial agreement, which includes a six month PB3 PowerBuoy lease. Also in June, we completed a registered direct offering of common stock and warrants with net proceeds realized of approximately $1.7 million. In July, we completed a public offering of common stock and warrants with net proceeds realized of approximately $3.6 million.”

Results for the First Fiscal Quarter Ended July 31, 2016

For the three months ended July 31, 2016, OPT reported revenue of $0.2 million, as compared to revenue of $0.1 million for the three months ended July 31, 2015. The increase in revenues compared with the prior year was primarily related to the commercial contract we announced in June 2016 while the prior year included revenue from prior contracts with the U.S. Department of Energy. The net loss for the three months ended July 31, 2016 was $3.8 million as compared to a net loss of $4.1 million for the three months ended July 31, 2015. The decrease in net loss is primarily due to lower product development costs and lower selling, general and administrative costs compared to the prior year, resulting in an operating loss of $3.1 million vs. $4.4 million in the prior year quarter.

Selling, general and administrative expenses were $1.5 million in the fiscal 2017 quarter compared with $1.9 million in the prior year quarter, reflecting lower consulting, legal and employee related costs.

Balance Sheet and Available Cash

As of July 31, 2016, total cash, cash equivalents, and marketable securities were $9.1 million, up from $6.8 million on April 30, 2016. As of July 31, 2016 and April 30, 2016, restricted cash was $0.3 million. Net cash used in operating activities was $2.9 million during the quarter ended July 31, 2016, slightly down from $3.1 million for the quarter ended July 31, 2015. During the quarter, OPT also completed two common stock and warrant capital raises wherein a combined net $5.3 million was raised.

Conclusion

Mr. Kirby concluded, "I am excited by our commercial progress and the continued positive market feedback we receive. I believe that our PowerBuoy represents a more cost-effective alternative to incumbent solutions that generally use more costly and less capable sources of power. We are continuing to discuss new opportunities with potential customers as part of our business development and commercialization efforts. We are encouraged by the opportunities in our target markets, including oil and gas, ocean observing, security and defense, communications and offshore wind, each of which we believe can derive significant benefits from our PB3 PowerBuoy...


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