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Ocean Power Technologies posts smaller Q1 loss, sales fall

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Ocean Power Technologies (NASDAQ:OPTT) posted a narrower first-quarter loss thanks largely to a decline in development costs, though sales dropped.

The Pennington, New Jersey-based company develops and sells buoys that generate power using ocean waves.

A decline in product development costs led to a narrower loss of $4.33 million or 42 cents a share in the latest quarter. This is down from a $4.99 million or 49 cent per share loss, a year-earlier.

Revenue slipped to $982,396 from $1.91 million. The drop in sales reflects lower sales tied to the U.S. Navy's powerbuoy program, the company said.

Analysts polled by Bloomberg expected a per-share loss of 32 cents, on $2 million in sales during the quarter that ended July 31.

"OPT got off to a strong start in fiscal 2013," chief executive Charles Dunleavy said Friday in a statement, "with progress on a number of ongoing initiatives in the U.S. and abroad."

Ocean power's contract backlog was $5.8 million, down from $7.1 million a year-ago. Its backlog consists mainly of orders to support product development.

At the end of July, the company had $5.08 million in cash. 

Gross margin narrowed to 2.58 per cent from 4.68 per cent in the prior year period. 

Shares, in Friday late morning trade, rose 1.45 per cent to hit $3.49 on the Nasdaq.

Quick facts: Ocean Power Technologies

Price: 1.5 USD

NASDAQ:OPTT
Market: NASDAQ
Market Cap: $10.18 m
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