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Last $0.52 USD
Change Today -0.0098 / -1.85%
Volume 9.8K
As of 12:41 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).

ocean power technologies inc (OPTT) Key Developments

Ocean Power Technologies, Inc. Elects Robert J. Burger as Director

Ocean Power Technologies, Inc. announced that Robert J. Burger was elected to the company's Board of Directors effective May 8, 2015. Most recently, Mr. Burger was President and CEO of MAN Diesel & Turbo North America Inc.

Ocean Power Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 31, 2015

Ocean Power Technologies, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended January 31, 2015. For the quarter, the company reported revenues of $328,511 against $199,622 a year ago. Operating loss was $3,089,925 against $2,551,097 a year ago. Loss before income taxes was $3,329,134 against $2,524,313 a year ago. Net loss was $2,191,262 against $778,418 a year ago. Net loss attributable to the company was $2,185,971 or $0.12 per share basic and diluted against $739,790 or $0.06 per share basic and diluted a year ago. The increase in revenue is primarily related to increased billable work under the current phase of project with Mitsui Engineering & Shipbuilding. The increase in the company's net loss year-over-year primarily reflects increased product development costs associated with PB40 PowerBuoy project that it intends to deploy off the coast of New Jersey and increased costs associated with the next design iteration of the prototype APB-350. In addition, costs increased related to higher consulting fees and patent amortization costs related to shortening the estimated useful lives for recording amortization expense. These increases were partially offset by decreased site development expenses related to terminated project in Australia. The increase in net loss was also a result of a decrease in income tax benefits and losses on foreign exchange. For the nine months, the company reported revenues of $3,616,827 against $1,124,157 a year ago. Operating loss was $10,743,131 against $9,786,959 a year ago. Loss before income taxes was $11,074,443 against $9,627,811 a year ago. Net loss was $9,936,571 against $7,881,916 a year ago. Net loss attributable to the company was $9,838,417 or $0.56 per share basic and diluted against $7,760,317 or $0.71 per share basic and diluted a year ago. Net cash used in operating activities was $14,751,624 against $8,052,017 a year ago. Purchases of equipment were $54,466 against $21,191 a year ago. The increase in revenue is primarily related to increased billable work for the removal of the anchoring and mooring equipment from the seabed off the coast of Oregon, increased billable work under the current phase of project with MES and the completion of WavePort contract with the European Union. These increases were partially offset by decreased revenue on other billable development projects.

Ocean Power Technologies, Inc. to Report Q3, 2015 Results on Mar 11, 2015

Ocean Power Technologies, Inc. announced that they will report Q3, 2015 results at 9:00 AM, Eastern Standard Time on Mar 11, 2015

Ocean Power Technologies, Inc., Q3 2015 Earnings Call, Mar 11, 2015

Ocean Power Technologies, Inc., Q3 2015 Earnings Call, Mar 11, 2015

Ocean Power Technologies Receives Non-Compliance Notice From NASDAQ

On January 14, 2015, Ocean Power Technologies, Inc. received a letter from the staff of The NASDAQ Stock Market LLC ("Nasdaq") providing notification that, for the previous 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued on The Nasdaq Global Market under Nasdaq Rule 5450(a)(1). This notification letter does not impact the Company's on the Nasdaq Global Market at this time. In accordance with Nasdaq Rule 5810(c)(3)(A)(i), the Company has been provided an initial period of 180 calendar days, or until July 13, 2015, to regain compliance. If at any time before July 13, 2015, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide the Company with written confirmation of compliance. If the Company does not regain compliance with Rule 5450(a)(1) by July 13, 2015, the Company may be eligible for an additional 180 calendar days compliance period. To qualify, the Company would be required to meet the continued requirement for market value of publicly held shares and all other initial standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, the Staff would notify the Company that its securities would be subject to delisting. In the event of such notification, the Company may appeal the Staff's determination to delist its securities, but there can be no assurance the Staff would grant the Company's request for continued. The Company is actively monitoring the bid price of its common stock and its minimum market value of securities and will any and all options available to it to achieve compliance, including, without limitation, effecting a reverse stock split. In the case of a delisting, the Company's shares could be eligible for trading on the Over The Counter Bulletin Board (OTCBB) interdealer quotation system.

 

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