Financial highlights included:
* Revenues increased by 89% to $4.8 million, compared to $2.5 million for the prior fiscal year
* Contract order backlog at April 30, 2008 increased to $5.5 million (April 30, 2007: $5.2 million)
* Net loss for fiscal 2008 was $14.7 million (fiscal 2007: $9.6 million net loss)
* Cash, cash equivalents and investments of $101.1 million at year end (April 30, 2007: $115.9 million)
According to the firm it has made the following progress;
“OPT has made significant investments to scale up its technology over the last year and has achieved substantial progress with the design of the 150 kW PowerBuoys. The Company expects the PB150 product design to be completed by the end of 2008, and to be ready for ocean testing in 2009. The present schedule for development of the 150 kW PowerBuoy reflects management’s decision to enhance the system design to allow for survivability in 100-year storm wave conditions, and to work with a third-party engineering group to attain independent certification of the 150 kW PowerBuoy design. In addition, the Company believes that direct transition to the 500 kW from the 150 kW PowerBuoy system will be accelerated by the measures now being undertaken in connection with the 150kW design. OPT also continues to advance the development of the 500 kW PowerBuoy with its design expected to be complete by the end of 2010. This progress includes completion of the design and testing of the control systems that will be used in the 150 kW and 500 kW PowerBuoy systems.”
Dr. George W. Taylor, OPT’s Chief Executive Officer was quoted as saying; “OPT continued to make good progress during fiscal year 2008, as evidenced by our strong revenue growth mainly due to projects in Hawaii, Spain and Scotland. We have also improved the technology of the PowerBuoys; achieved a significant product certification milestone; increased our global footprint by partnering with world-class companies; and have made significant strides in the development of our next generation 150 kW system. Over the past year, we have also enhanced our capabilities with key additions to our management team. This has helped us bolster our overall combined experience and knowledge as a leading wave energy company,”
“We are also delighted to announce that we have begun production of what we believe to be the first utility-grade underwater substation, or pod, for wave power. The pod will serve as the point at which energy generated by multiple PowerBuoys is aggregated prior to being transmitted ashore. OPT is now exceptionally well-positioned, including having a strong cash position, to spearhead the commercial adoption of wave power as an economically viable renewable energy source, with the potential of competing head-on with fossil fuel,” Dr. Taylor concluded.
For additional information:
www.oceanpowertechnologies.com
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