Wednesday Ocean Power Technologies, Inc. (OPTT,OPT.L) reported a narrower loss for the first quarter ended July 31, reflecting a decline in cost of revenue and reduced consulting expenses.
Net loss for the first quarter narrowed to US$2.10 million or US$0.21 per share from US$3.89 million or US$0.38 per share a year earlier.
Revenues for the first quarter declined to US$1.31 million from US$1.79 million for the same period last year. The company attributed the decline to lower level of billable activity in connection with work on its wave power project off the coast of Spain, as the project nears completion. Also, lower revenues related to the company's EMEC project near Orkney, Scotland were offset by an increase in revenue related to the Company's utility PowerBuoy project in Hawaii and its autonomous PowerBuoy project, both for the US Navy.
Cost of revenues also declined to US$1.02 million from US$1.95 million, reflecting lower level of activity on revenue bearing contracts and the absence of any provision for contract losses as was accrued in the same period last year.
Operating expenses for the quarter declined to US$3.53 million from US$4.25 million last year, driven by reduced consulting fees related to marketing efforts and a reduction in the Ocean Power's share-based compensation expense.
Contract order backlog was at US$6.4 million compared to US$3.7 million at July 31, 2008. "The majority of the current backlog is expected to be recognized as revenue over the remainder of the fiscal year," the company added.
Tuesday, OPTT closed at US$3.81, down 1.55% on Nasdaq and OPT.L closed at 268.75 pence, up 4.37% on LSE.
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