Ocean Power Technologies Q1 Loss Narrows - Quick Facts

(RTTNews) - Ocean Power Technologies, Inc. (OPTT) Friday reported first-quarter net loss attributable to the company of $3.28 million or $0.19 per share, narrower than $3.75 million or $0.36 per share in the prior year.

According to the company, the decrease in the net loss reflected lower product development costs related primarily to completion of cost-sharing contract with the European Union for its WavePort project in Spain.

Revenues for the quarter climbed to $1.54 million from $460.93 thousand a year ago.

Total operating expenses were $3.04 million, lower than $3.82 million last year.

OPTT closed Thursday's regular trading at $1.19. In the pre-market activity, the shares rose 12.61 percent.