Ocean Power Tech Q2 Loss Narrows; Names Mark Featherstone CFO - Quick Facts

(RTTNews) - Ocean Power Technologies Inc. (OPTT) reported that its second-quarter ended October 31, 2013 net loss attributable to the company narrowed to $3.27 million or $0.31 per share from last year's $4.75 million or $0.46 per share, reflecting lower product development costs, with the decline due primarily to a lower level of activity for the company's project in Oregon.

Quarterly revenue slipped to $0.46 million from $1.36 million in the prior year quarter. This decrease related primarily to a lower level of external funding for the Company's Mark 4 PowerBuoy development project and a decline in revenue tied to the company's prospective PowerBuoy deployment off Reedsport, Oregon, which has been suspended pending resolution of regulatory, financial and other matters. The company also completed a project with Mitsui Engineering & Shipbuilding in the prior fiscal year.

In a separate press lease, Ocean Power Technologies, announced that it appointed Mark Featherstone as Chief Financial Officer, effective December 12, 2013. Featherstone, 52, is a seasoned executive with 30 years of experience working with capital markets, regulatory and accounting matters, strategic alliances and treasury management.

Before joining to OPT, Featherstone spent over ten years at Quaker Chemical Corp. (KWR), most recently as Vice President, CFO and Treasurer. Prior to Quaker, Featherstone spent several years at both Coty, and Scott Paper, now part of Kimberly-Clark Corporation, in a series of financial and accounting positions of increasing responsibility.

Previously he served at Arthur Andersen & Company. Over his career, Featherstone has been responsible for the financial reporting of many product lines, raised both debt and equity, assisted in the restructuring of operations leading to improved financial results and has overseen mergers, acquisitions, and divestitures.