Ocean Power Q1 Loss Narrows - Quick Facts

(RTTNews) - Ocean Power Technologies Inc. (OPTT) reported that its first-quarter net loss attributable to company narrowed to $3.75 million or $0.36 per share, compared to a loss of $4.34 million o $0.42 per share, last year. The company noted that the favorable decrease in net loss year-over-year reflects lower product development costs, with the decline primarily due to a lower level of activity for OPT's project in Oregon.

Revenues declined to $461 thousand, from $982 thousand, a year ago. Ocean Power said the decrease relates primarily to a lower level of external funding for the company's Mark 4 PowerBuoy development project and a decline in revenue tied to prospective PowerBuoy deployment off Reedsport, Oregon, which has been delayed pending resolution of regulatory, financial and other matters.