New Jersey based Ocean Power Technologies, today, turned in a $3.6 million loss for the third quarter, a slight improvement from the $4 million loss the company turned in the year prior.
Ocean Power Tech makes buoys for the ocean that convert waves into clean energy. The company signed and agreement to work with Lockheed Martin in January. It is also developing projects off the coast of Australia, as well as projects for the Navy and projects off the coasts of Oregon and Spain, to name a few.
Revenues for the nine months ended January 31, 2009 were $3.4 million, compared to $3.7 million for the nine months ended January 31, 2008 Net loss for the nine months ended January 31, 2009 was $13.6 million, compared to a $8.3 million net loss for the nine months ended January 31, 2008 Cash, cash equivalents and investments of $85.6 million at January 31, 2009 (October 31, 2008: $89.6 million) Contract order backlog of $6.9 million on January 31, 2009 (April 30, 2008: $5.5 million)
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