Earnings Call Excerpt
Ocean Power Technologies Inc. (OPTT)
F1Q10 Earnings Call
September 9, 2009; 10:00 am ET
Executives
Mark Draper - Chief Executive Officer
Charles Dunleavy - Chief Financial Officer
Presentation
Operator
Good day everyone and welcome to Ocean Power Technologies audio webcast for the first quarter of fiscal year 2010. 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 Dunleavy
Thank you. Good morning and welcome to Ocean Power Technologies audio webcast for the first quarter ended July 31, 2009. Today we issued our first quarter earnings press release and we will be filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Our public filings can be viewed on the SEC website at www.sec.gov, or you may go to our website, www.oceanpowertechnologies.com. I’ll be joined on today’s webcast by Mark Draper, our Chief Executive Officer. Please advance to the next slide, number two.
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-Q 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 to Mark Draper, our Chief Executive Officer.
Mark Draper
Moving to slide three; thank you Chuck and thanks to everyone who has joined us for today’s webcast. OPT started fiscal 2010 with strong operational and financial performance, achieving several successes this quarter. Firstly we achieved a gross profit of $0.3 million, compared to a gross loss for the same period last year and our contract order backlog remains strong at $6.4 million, up 70% compared with the prior year’s comparable quarter. Chuck will go through the financials in more detail shortly.
I’d like to take a few minutes to update you on the operational progress made during the quarter. A key milestone was the signing of the commitment agreement for the Wave Hub project in Cornwall, U.K., while also making significant progress of the manufacturing of our next generation PowerBuoy, the 150 kilowatt rated PB 150. We also advanced the construction of our Underwater Substation Pod, which is an important part of the complete solution we are developing for the delivery of full operational waveforms to our customers.
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