Last $1.04 USD
Change Today -0.0016 / -0.15%
Volume 22.0K
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As of 2:20 PM 11/28/14 All times are local (Market data is delayed by at least 15 minutes).

ocean power technologies inc (OPTT) Snapshot

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03/11/14 - $7.01
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10/16/14 - $0.91
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ocean power technologies inc (OPTT) Details

Ocean Power Technologies, Inc. develops and commercializes proprietary systems that generate electricity by harnessing the renewable energy of ocean waves primarily in the United States, Europe, Asia, and Australia. It offers utility scale PowerBuoy system to supply electricity to a local or regional electric power grid; and autonomous PowerBuoy system that is designed to generate power for use independent of the power grid in remote locations. The company sells its products to public utilities, independent power producers, and other governmental entities and agencies, as well as public and private entities that use electricity in and near the ocean. Ocean Power Technologies, Inc. was incorporated in 1984 and is headquartered in Pennington, New Jersey.

29 Employees
Last Reported Date: 07/29/14
Founded in 1984

ocean power technologies inc (OPTT) Top Compensated Officers

Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $123.5K
Chief Operating Officer
Total Annual Compensation: $105.8K
Compensation as of Fiscal Year 2014.

ocean power technologies inc (OPTT) Key Developments

Ocean Power Technologies, Inc. Announces Board Changes

Ocean Power Technologies, Inc. announced that Dean J. Glover was duly elected to the company's Board of Directors at the company's annual meeting of stockholders held on October 2, 2014. Seymour S. Preston III retired from the Board of Directors effective, October 2, 2014. Mr. Glover is currently an independent consultant providing consulting services to clients in the energy sector. Mr. Glover previously served as Senior Vice President and President of the Products Division of Global Power Equipment Group, Inc.

Ocean Power Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended July 31, 2014

Ocean Power Technologies, Inc. announced unaudited consolidated earnings results for the first quarter ended July 31, 2014. For the quarter, the company reported revenue of $1.5 million as compared to revenue of $0.5 million for the three months ended July 31, 2013. This increase relates primarily to the expiration of the WavePort contract with EU which resulted in recognition of the remaining estimated amount of contract revenue to be earned related to the project in Spain and increased billable work under the current phase of the company's project with MES. These increases were offset by decreased revenues on the company's development project for the company's modular power take-off technology. The net loss was $3.3 million as compared to a net loss of $3.8 million for the three months ended July 31, 2013. The favorable decrease in the Company's net loss year-over-year reflects lower product development costs related primarily to the completion of the company's cost-sharing contract with the European Union for the company's WavePort project in Spain. This is a result of the decreased cost-sharing portion of the contract which the company recorded under product development in prior periods and was recovered during the three months ended July 31, 2014. Operating loss was $3,469,553 against $3,818,153 for the same period a year ago. Basic and diluted net loss per share were $0.19 against $0.36 for the same period a year ago. Net cash used in operating activities were $3,167,540 against $3,077,530 for the same period a year ago. Purchases of equipment was $1,041 against $14,522 for the same period a year ago.

Ocean Power Technologies, Inc., Annual General Meeting, Oct 02, 2014

Ocean Power Technologies, Inc., Annual General Meeting, Oct 02, 2014., at 09:00 Eastern Daylight. Location: Courtyard by Marriott. Agenda: To elect four persons to Board of Directors; to consider and take action on the ratification of the selection of KPMG LLP as independent registered public accounting firm for fiscal 2015; to conduct a nonbinding advisory vote on executive officer compensation; and to transact such other business as may properly come before the meeting or any adjournments thereof.


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