Ocean Power Technologies, Inc. (Nasdaq: OPTT), a Pennington-based company developing electricity-generating ocean buoys, announced increased revenues and a reduced loss for the second quarter of its fiscal year ending April 30, 2008.
Revenues for the three months ended Oct. 31, 2007 increased by 204 percent to $1.7 million compared to $0.6 million in the three months ended Oct. 31, 2006. OPT incurred a net loss of $1.9 million in the second quarter of fiscal 2008 compared to a net loss of $2.3 million in the second quarter of fiscal 2007. The second quarter basic and diluted net loss per share was $0.18 in fiscal 2008 compared to $0.45 in fiscal 2007.
For the six months ended Oct. 31, 2007, OPT reported revenues of $2.2 million compared to $0.9 million in the six months ended Oct. 31, 2006. OPT reported a net loss of $4.3 million, or $0.42 per basic and diluted share, for the six months ended Oct. 31, 2007 compared to a net loss of $4 million, or $0.77 per basic and diluted share, for the six months ended Oct. 31, 2006.

