Earnings Call Excerpt
Ocean Power Technologies, Inc. (OPTT)
F4Q09 Earnings Call
July 14, 2009 10:00 am ET
Executives
Mark R. Draper – Chief Executive Officer
Charles F. Dunleavy – Chief Financial Officer
Presentation
Operator
Good day everyone and welcome to Ocean Power Technologies fiscal year 2009 audio webcast. Today's conference is being recorded and webcast. At this time for opening remarks I would like to turn the call over to the Chief Financial Officer of Ocean Power Technologies, Mr. Charles Dunleavy.
Charles F. Dunleavy
Good morning and welcome to Ocean Power Technologies audio Web cast for the fiscal year ended April 30, 2009. Today we issued our year-end earnings press release and we will be filing our annual report on Form 10-K with the Securities and Exchange Commission today. Our public filings can be viewed on the SEC Web site at sec.gov or you may go to our Web site, oceanpowertechnologies.com. I will be joined on today's webcast by Mark Draper, our Chief Executive Officer.
During the course of this conference call management may make projections or other forward-looking statements regarding future events or financial performance of the company within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. As indicated in the slide, these forward-looking statements are subject to numerous assumptions made by management regarding future circumstances over which the company may have little or no control, and involve risks and uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. We refer you to the company's Form 10-K and other recent filings with the Securities and Exchange Commission for a description of these and other risk factors.
I'll now turn the call over the Mark Draper, our Chief Executive Officer.
Mark R. Draper
Thanks to everyone who has joined us today for the Web cast. Fiscal year 2009 has been a pivotal year for OPT. We saw strengthening of our leadership team. In addition, we made significant progress in the development of the PB150 PowerBuoy and also achieved major milestones on a number of key projects, including the deployment of several PowerBuoys. Our contract order backlog increased over the prior year. We advanced our relationships with existing partners and established new relationships in our global market.
I would now like to discuss some of these operational successes.
This year has seen of our leadership team with several key senior appointments. Effective February 1, 2009, I was appointed Chief Executive Officer of OPT in succession to Dr. George Taylor. Dr. Taylor will continue as executive chairman, providing OPT with strategic guidance and focus on business development opportunities.
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