Optima Health Regulatory News (OPT)

19 Mar 2007 12:17

Ocean Power Technologies Inc19 March 2007 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA March 19, 2007 OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS FOR THE NINE MONTHS ENDED JANUARY 31, 2007 Ocean Power Technologies, Inc ("OPT" or the "Company") (London Stock Exchange:AIM-OPT), announced today its results for the nine months ended January 31,2007. Contract backlog for the Company was $4.8 million as of January 31, 2007,as compared to $2.6 million as of January 31, 2006. On January 12, 2007, the Board of Directors and the shareholders of the Companyunanimously approved a 1 for 10 reverse stock split, to be effective prior tothe Company's re-incorporation in Delaware. All share data shown in theaccompanying consolidated financial statements have been retroactively restatedto reflect the reverse split. 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 Telephone: +1 609 730 0400Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial OfficerCorfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar Consolidated Balance Sheets as ofJanuary 31, 2006 and January 31, 2007 Jan 31, 2006 Jan 31, 2007 (Unaudited) (Unaudited) $ $Cash and cashequivalents 7,562,005 19,622,549Certificates ofdeposit 26,168,568 7,034,603Accounts receivable 36,561 494,673Unbilledreceivables 373,135 345,418Other currentassets 361,742 2,232,443 Total current assets 34,502,011 29,729,686Property andequipment, net 546,101 439,431Patents, net of accumulated amortization of$152,396and $172,490,respectively 346,655 526,443 OTHER NONCURRENTASSETS 88,569 230,070 TOTAL ASSETS 35,483,336 30,925,630LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Accounts payable 372,342 685,897Accrued expenses 1,638,884 2,724,694Unearned revenues 76,469 66,877Other currentliabilities 26,106 27,496 Total current 2,113,801 3,504,964 liabilitiesLONG-TERM DEBT 240,357 233,959 DEFERRED RENT - 9,472 DEFERRED CREDITS 600,000 600,000 Total liabilities 2,954,158 4,348,395 COMMITMENTS AND CONTINGENCIESSTOCKHOLDERS' EQUITY:Preferred stock, $0.001 par value; authorized5,000,000shares; none issued or outstanding - -Common stock, $0.001 par value; authorized105,000,000shares; issued and outstanding 5,171,119 and5,177,219shares,respectively 5,171 5,177Additional paid-incapital 59,596,638 60,731,724Accumulated deficit (27,039,519) (34,140,603)Accumulated othercomprehensive loss (33,112) (19,063) Total stockholders' 32,529,178 26,577,235 equityTOTAL LIABILITIESAND STOCKHOLDERS'EQUITY 35,483,336 30,925,630 Consolidated Statements of OperationsFor the nine months ended January 31, 2006 and2007 Jan 31, 2006 Jan 31, 2007 (Unaudited) (Unaudited) $ $REVENUES 1,467,283 1,513,631COST OF REVENUES 1,920,980 2,103,108 Gross loss (453,697) (589,477) PRODUCT DEVELOPMENT COSTS 2,630,663 4,100,418SELLING, GENERAL ANDADMINISTRATIVE COSTS 2,168,345 3,083,621 Operating loss (5,252,705) (7,773,516) INTEREST INCOME, NET 1,062,095 1,066,823OTHER INCOME, NET 218,963 13,744FOREIGN EXCHANGE (LOSS)GAIN (1,514,630) 1,184,499NET LOSS (5,486,277) (5,508,450) Consolidated Statements of Cash FlowsFor the nine months ended January 31, 2006 and2007 Jan 31, 2006 Jan 31, 2007 (Unaudited) (Unaudited)CASH FLOWS FROM OPERATING ACTIVITIES: $ $Net loss (5,486,277) (5,508,450)Adjustments to reconcile net loss to net cashused inoperating activities:Foreignexchange loss(gain) 1,514,630 (1,184,499)Depreciationandamortization 170,477 199,845Loss ondisposal ofequipment - 20,344Compensationexpenserelated tostock optiongrants - 951,828Realization ofdeferredcredits (75,000) -Deferred rent - 9,472 Changes in operating assets and liabilities:Accountsreceivable 631,863 (477,281)Unbilledreceivables 448,902 (132,737)Other currentassets 105,439 (1,896,820)Accountspayable (510,113) 433,568Accruedexpenses (252,598) 983,831Unearnedrevenues 59,681 50,120Other currentliabilities (27,667) (85,470) Net cash used in operating activities (3,420,663) (6,636,249) CASH FLOWS FROM INVESTING ACTIVITIES:Purchases ofcertificatesof deposit (62,778,856) (46,889,973)Maturities ofcertificatesof deposit 61,812,650 40,337,527Purchases ofequipment (274,262) (94,790)Payments ofpatent costs (26,549) (163,494)Investments injoint venturesand othernoncurrentassets 578 (125,696) Net cash used in investing activities (1,266,439) (6,936,426) CASH FLOWS FROM FINANCING ACTIVITES:Proceeds fromexercise ofstock options 172,702 54,125 Net cash provided by financing 172,702 54,125 activitiesEFFECT OF EXCHANGE RATE CHANGES ON CASH ANDCASHEQUIVALENTS (1,508,409) 1,183,890NET DECREASEIN CASH ANDCASHEQUIVALENTS (6,022,809) (12,334,660)CASH AND CASHEQUIVALENTS,BEGINNING OFPERIOD 13,584,814 31,957,209CASH AND CASHEQUIVALENTS,END OF PERIOD 7,562,005 19,622,549 ****** This information is provided by RNS The company news service from the London Stock Exchange