Tuesday, Ocean Power Technologies, Inc. (OPTT, OPT.L), a wave-energy technology company, reported a wider loss for fiscal 2009, that primarily reflected a 15% decline in revenues and foreign exchange losses. The Pennington, New Jersey-based company's net loss for the year widened to $18.32 million or $1.79 per share from $14.66 million or $1.44 per share in the previous year.
Revenues decreased 15% to $4.05 million from $4.77 million in the prior year, attributed mainly to a lower level of billable activity in connection with work on the company's wave power project off the coast of Spain. The company said it generated majority of its revenues during the year from the US Navy, its largest customer, which accounted for 67% of total revenues, compared to 58% in the earlier year. According to Ocean Power it sell products and services in a number of countries outside the US, including Spain, the United Kingdom and Australia, with international customers accounting for 27% of revenues during the year, compared to 41% a year ago. Interest income for the year was $1.67 million in comparison with $4.43 million in the preceding year.
Foreign exchange losses for the year were $1.3 million compared to foreign exchange gains of $84 thousand in fiscal 2008. Total operating expenses increased to $17.9 million from $15.99 million in the earlier year. Selling, general and administrative costs rose to $9.53 million from $7.73 million a year ago.
The company said its contract order backlog at April 30, 2009 increased to $7.5 million from $5.5 million in the prior year and expects to recognize the majority of the backlog as revenue over the next 12 months. OPTT closed Monday's regular trading at $5.28 on the Nasdaq.
OPT.L is currently trading at 361.5 pence, up 29 pence or 8.72% on the LSE.
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