13th Nov 2006 07:01
Ocean Power Technologies Inc13 November 2006 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 13 November 2006 OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS FOR THE QUARTER ENDED 31 JULY 2006 Ocean Power Technologies, Inc ("OPT", or "the Company") (London Stock Exchange:AIM-OPT), announced today its results for the quarter ended 31 July 2006. About Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. For further information, please contact: Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin Communications Ben Hunt, Neil Thapar Telephone: +44 20 7929 8989 Consolidated Balance Sheets as ofApril 30, 2006 and July 31, 2006 April 30, 2006 July 31, 2006 (Audited) (Unaudited) $ $Cash and cash equivalents 31,957,209 1,530,539Certificates of deposit 482,156 29,605,449Accounts receivable - 7,656Unbilled receivables 211,000 159,018Other current assets 331,139 348,796 Total current assets 32,981,504 31,651,458 Property and equipment, net 544,285 500,144Patents, net of accumulated amortization of $157,451 and $161,997, respectively 372,448 386,334 OTHER NONCURRENT ASSETS 97,901 117,473 TOTAL ASSETS 33,996,138 32,655,409 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:Accounts payable 242,624 156,938Accrued expenses 1,726,870 1,710,771Unearned revenues 14,405 -Other current liabilities 111,576 90,993 Total current liabilities 2,095,475 1,958,702 LONG-TERM DEBT 233,959 233,959DEFERRED RENT - 6,765DEFERRED CREDITS 600,000 600,000 Total liabilities 2,929,434 2,799,426 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY:Preferred stock, $0.001 par value; authorized 5,000,000 shares; none issued or outstandingCommon stock, $0.001 par value; authorized105,000,000 shares; issued and outstanding 51,711,941 and 51,721,941 shares, respectively 51,712 51,722Additional paid-in capital 59,679,236 60,132,479Accumulated deficit (28,632,153) (30,293,107)Accumulated other comprehensive loss (32,091) (35,111) Total stockholders' equity 31,066,704 29,855,983 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 33,996,138 32,655,409 Consolidated Statements of OperationsFor the quarters ended July 31, 2005 and 2006 July 31, 2005 July 31, 2006 (Unaudited) (Unaudited) $ $ REVENUES 492,820 305,186COST OF REVENUES 616,435 225,965 Gross profit (loss) (123,615) 79,221 PRODUCT DEVELOPMENT COSTS 587,935 1,052,126SELLING, GENERAL ANDADMINISTRATIVE COSTS 689,870 1,388,045 Operating loss (1,401,420) (2,360,950) INTEREST INCOME 355,590 362,367FOREIGN EXCHANGE GAIN (LOSS) (1,600,090) 337,629 NET LOSS (2,645,920) (1,660,954) Consolidated Statements of Cash FlowsFor the quarters ended July 31, 2005 and 2006 July 31, 2005 July 31, 2006 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: $ $Net loss (2,645,920) (1,660,954)Adjustments to reconcile net loss to net cash used in operating activities:Foreign exchange (gain) loss 1,600,090 (337,629)Depreciation and amortization 52,392 65,671Compensation expense related to stock option grants - 445,553Deferred Rent - 6,765 Changes in operating assets and liabilities:Accounts receivable 520,314 (7,614)Unbilled receivables 670,180 52,145Other current assets 179,131 (16,818)Accounts payable (639,821) (86,159)Accrued expenses (444,582) (16,273)Unearned revenues 279,191 (14,405)Other current liabilities - (24,420) Net cash used in operating activities (429,025) (1,594,138) CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of certificates of deposit (13,461,161) (29,123,293)Maturities of certificates of deposit 24,312,108 -Purchases of equipment (138,640) (15,836)Payments of patent costs (17,304) (18,432)Investments in joint ventures and other noncurrent assets (173) (19,469) Net cash provided by (used in) investing activities 10,694,830 (29,177,030) CASH FLOWS FROM FINANCING ACTIVITES:Proceeds from exercise of stock options 24,446 7,700 Cash provided by financing activities 24,446 7,700 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (1,594,337) 336,798 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 8,695,914 (30,426,670) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 13,584,814 31,957,209 CASH AND CASH EQUIVALENTS, END OF PERIOD 22,280,728 1,530,539 ****** This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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