Optima Health Regulatory News (OPT)

31 Jan 2007 16:03

Ocean Power Technologies Inc31 January 2007 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 31 January 2007 OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006 Ocean Power Technologies, Inc ("OPT" or the "Company") (London Stock Exchange:AIM-OPT), announced today its results for the six months ended 31 October 2006.Contract backlog for the Company was $5.0 million as of 31 October 2006, ascompared to $2.8 million as of 31 October 2005. About Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. For further information, please contact: Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin Communications Ben Hunt, Neil Thapar Telephone: +44 20 7929 8989 Consolidated Balance Sheets as ofOctober 31, 2005 and October 31, 2006 Oct 31, 2005 Oct 31, 2006 (Unaudited) (Unaudited) $ $ Cash and cash equivalents 3,882,319 18,250,604Certificates of deposit 31,311,409 10,927,992Accounts receivable 136,818 383,869Unbilled receivables 332,976 368,671Other current assets 330,036 1,512,924 Total current assets 35,993,558 31,444,060 Property and equipment 537,914 446,963Patents, net of accumulated amortization of$147,539 and $167,077, respectively 345,788 515,137 OTHER NONCURRENT ASSETS 88,837 278,944 TOTAL ASSETS 36,966,097 32,685,104 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:Accounts payable 404,030 1,167,263Accrued expenses 1,596,909 2,671,965Unearned revenues 166,671 108,791Other current liabilities 53,773 50,526 Total current liabilities 2,221,383 3,998,545 LONG-TERM DEBT 240,357 233,959 DEFERRED RENT - 8,118 DEFERRED CREDITS 600,000 600,000 Total liabilities 3,061,740 4,840,622 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY:Preferred stock, $0.001 par value; authorized5,000,000 shares; none issued or outstanding - - Common stock, $0.001 par value; authorized105,000,000 shares; issued and outstanding 51,599,441 and 51,766,941 shares, respectively 51,599 51,767 Additional paid-in capital 59,488,709 60,436,657Accumulated deficit (25,633,514) (32,600,307)Accumulated other comprehensive loss (2,437) (43,635) Total stockholders' equity 33,904,357 27,844,482 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 36,966,097 32,685,104 Consolidated Statements of OperationsFor the six months ended October 31, 2005 and 2006 Oct 31, 2005 Oct 31, 2006 (Unaudited) (Unaudited) $ $ REVENUES 1,106,499 860,747COST OF REVENUES 1,506,634 1,382,630 Gross loss (400,135) (521,883) PRODUCT DEVELOPMENT COSTS 1,551,638 2,802,039 SELLING, GENERAL ANDADMINISTRATIVE COSTS 1,434,294 2,013,137 Operating loss (3,386,067) (5,337,059) INTEREST INCOME, NET 709,457 722,928 OTHER INCOME 75,000 - FOREIGN EXCHANGE (LOSS)GAIN (1,446,790) 645,977 NET LOSS (4,048,400) (3,968,154) Consolidated Statements of Cash FlowsFor the six months ended October 31, 2005 and2006 Oct 31, 2005 Oct 31, 2006 (Unaudited) (Unaudited)CASH FLOWS FROM OPERATING ACTIVITIES: $ $ Net loss (4,048,400) (3,968,154) Adjustments to reconcile net loss to net cashused in operating activities: Foreign exchange loss (gain) 1,446,790 (645,977)Depreciation and amortization 84,465 131,340Loss on disposal of equipment - 20,344Compensation expense related to stock option grants - 709,951Realization of deferred credits (75,000) -Deferred rent - 8,118 Changes in operating assets and liabilities: Accounts receivable 531,606 (378,228)Unbilled receivables 489,061 (157,311)Other current assets 137,144 (1,179,849)Accounts payable (472,938) 843,332Accrued expenses (300,060) 930,928Unearned revenues 149,883 92,727Other current liabilities - (61,050) Net cash used in operating activities (2,057,449) (3,653,829) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of certificates of deposit (37,194,886) (39,890,009)Maturities of certificates of deposit 31,085,839 29,444,173Purchases of equipment (184,919) (44,736)Payments of patent costs (20,826) (73,202)Investments in joint ventures and other noncurrent assets 309 (178,161) Net cash used in investing activities (6,314,483) (10,741,935) CASH FLOWS FROM FINANCING ACTIVITES: Proceeds from exercise of stock options 111,202 47,525 Net cash provided by financing activities 111,202 47,525 EFFECT OF EXCHANGE RATE CHANGES ON CASH ANDCASH EQUIVALENTS (1,441,765) 641,634 NET DECREASE IN CASH AND CASH EQUIVALENTS (9,702,495) (13,706,605) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 13,584,814 31,957,209 CASH AND CASH EQUIVALENTS, END OF PERIOD 3,882,319 18,250,604 ****** This information is provided by RNS The company news service from the London Stock Exchange