Ocean Power Technologies up after posting 92% surge in fiscal year revenue
Ocean Power Technologies, Inc. (Nasdaq:OPTT) is up in afternoon trading after the renewable energy company said early Monday that its fiscal 2008 revenue rose to $4.8 million, up 92% from $2.5 million a year earlier. The Pennington, N.J.-based firm’s yearly net loss widened to $14.7 million, or $1.44 per share, down from a loss of $9.6 million, or $1.83 per share, during 2007.
Ocean Power’s cost of revenue during 2008 rose doubled to $8 million, from $4 million last year.
In Monday afternoon trading, OPTT is up 2.35%, or $0.19, to $8.29. For detailed price information and recent news stories about Ocean Power Technologies, click OPTT.
