Ocean Power still under water

9th Sep 2009 09:25

Wave energy technology company Ocean Power Technologies continues to experience choppy trading conditions, though first quarter losses have been trimmed.The company made a net loss in the three months to the end of July of $2.05m, versus a loss of $3.89m a year earlier.Revenues sank to $1.3m from £1.8m in the corresponding period of last year, reflecting a lower level of billable activity in connection with the company’s wave power project off the coast of Spain as the project nears completion.At the end of July 2009 cash and equivalents totalled $79.7m, down from $81.7m three months earlier.The company’s contract order backlog of $6.4m at the end of July is sharply higher than the $3.7m order backlog seen at the corresponding stage of 2008, but is down from $7.5m at April 30, 2009. The majority of the current backlog is expected to be recognised as revenue over the remainder of the fiscal year.