Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript

Sep 18, 2019 • 11:00 am ET


Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen and welcome to the Ocean Power Technologies First Quarter Fiscal Year 2020 Conference Call. As a reminder, this conference call is being recorded. I would now like to turn the call over to your host, Mr. Abenante, Investor Relations for power -- Ocean Power Technologies. Please go ahead, sir.

Matthew Abenante

Thank you, Donna and good morning, everyone. Thank you for joining us on the Ocean Power Technologies conference call and webcast. On the call with me today are George Kirby, President and Chief Executive Officer; and Matthew Shafer, Chief Financial Officer and Treasurer. Following our prepared remarks, we'll open the call to questions. This call is being webcast on the company's website at www.oceanpowertechnologies.com. It will also be available for replay after this call.

On September 16th, 2019, OPT issued its earnings press release and filed its quarterly report on Form 10-Q for the first quarter of fiscal year 2020 with the Securities and Exchange Commission. All of our public filings can be viewed on the SEC website at sec.gov or you may go to the Investor Relations section of the OPT website at oceanpowertechnologies.com.

Now let me reference the Safe Harbor provisions of the US securities laws for forward-looking statements.

This conference call may contain forward-looking statements that are within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases, such as may, will, aim, will likely result, believe, expect, will continue, anticipate, estimate, intend, plan, contemplate, seek to, future, objective, goal, project, should, will pursue and similar expressions or variations of such expressions. These forward-looking statements are based on assumptions made by management regarding future circumstances over which the company may have little or no control and involve risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.

Some of these factors include among others the following, future financial performance, expected cash flow, ability to reduce costs and improve operational efficiencies, revenue growth and increased sales volume, success in key markets, competition, ability to enter into relationships with partners and other third-parties, delivery and deployment of PowerBuoys, increasing the power output of PowerBuoys, hiring new key employees, expected costs of PowerBuoys and building customer relationships. Please refer to our most recent Forms 10-Q and 10-K and subsequent filings with the SEC for a further discussion of these risks and uncertainties. We disclaim any obligation or intent to update forward-looking statements in order to reflect events or circumstances discussed in this call.

Now I am pleased to introduce Mr. George Kirby. Good morning, George.

George H. Kirby

Thanks Matt, good morning everyone. I'm going to review our business operations and commercialization activities during the first quarter and up to today. Then Matt Shafer will provide a review of our financials and then we'll open the floor for questions. I mentioned last quarter that we've had several growth catalysts on the near and