Global Hunter’s Cable Maintains NEUTRAL rating on Ocean Power Technologies (Nasdaq:OPTT)
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/XJ1kAZIaAUs/Posted on Thursday, July 16th, 2009 | In Market Commentary, Small & Micro Cap
July 15, 2009 ndash; Analyst Comments ndash; Global Hunterrsquo;s Justin Cable weighed in on Ocean Power Technologies (Nasdaq:OPTT) this morning, after the company reported Q4 and FY09 results. Cable maintains a NEUTRAL rating on the stock and no price target.
Financial Results
Q4 revenues came in at $0.6 million, compared with $1.1 million for the same period last year. The company reported a negative GM of 40.1% for the quarter. FY09 revenues declined by $0.8 million , or 15% to $4 million, compared with $4.8 million in FY08. Net loss of the year was $18.3 million, compared with a net loss of $14.7 million in the prior year. nbsp;At year-end (April 30) OPTT had a backlog of $7.5 million, of which it says a majority will be recognized as revenue over the next 12 months.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenues negligible and company likely to remain in development stage for the next few years
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; No expectations of meaningful deployments or revenue contribution until the end of CY2010
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Only moderate progress since last update in March
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Shares continue to trade under net cash per share (cash and equivalents of $81.7 million and market cap is about $60 million)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating, but watching for near-term trading opportunities related to announcement of project milestones, new projects and government programs supporting renewable energy
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