OPT announces financial results for fiscal 2013 first quarter

Ocean Power Technologies (OPT) has announced financial results for its fiscal 2013 first quarter ended 31 July 2012.

According to the figures, net loss decreased to $4.4m (£2.7m) for the three months ended 31 July 2011 — primarily reflecting a 38 per cent decrease in product development costs.

OPT reported revenues of $1m for the three months ended 31 July 2012, compared with revenues of $1.9m for the same period in 2011.

Charles F Dunleavy, chief executive officer of OPT, said he believes OPT got off to a strong fiscal start in 2012 with progress on a number of initiatives in the US and abroad.