Ocean Power Technologies Q4 Net Loss Widens - Quick Facts

(RTTNews) - Ocean Power Technologies Inc. (OPTT) reported that its fourth-quarter net loss attributable to the company widened to $4.2 million from $4.1 million in the prior year quarter. The unfavorable increase in the Company's net loss year-over-year reflects slightly higher product development costs offset by lower SG&A expenses. The increase in product development costs was due primarily to a higher level of activity for OPT's project in Oregon and for the project in Spain. SG&A decreased due to cost-cutting initiatives implemented during Fiscal 2013.

On a per share basis, net loss for the quarter was $0.40 unchanged from last year.

Revenue for the quarter declined to $0.4 million from $1.4 million in the year ago quarter. This decrease relates primarily to lower external funding for the Company's Mark 4 PowerBuoy development project and its WavePort project off the coast of Spain. In addition, there was a decline in revenue tied to OPT's planned PowerBuoy deployment off Reedsport, Oregon, which is delayed pending receipt of further project-specific funding and the resolution of regulatory issues.