Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q2 2020 Earnings Conference Call - Preliminary Transcript

Dec 10, 2019 • 11:00 am ET


Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q2 2020 Earnings Conference Call - Preliminary Transcript


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Good morning, ladies and gentlemen, and welcome to the Ocean Power Technologies Second Quarter Fiscal 2020 Conference Call. As a reminder, this conference call is being recorded. I'd now like to turn the call over to Mr. Michael Porter, Investor Relations for Ocean Power Technologies. Please go ahead, sir.

Michael Porter

Thank you. Good morning and thank you for joining us for 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 will 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 the call on December 9th, 2019 OPT issued its earning press release and filed its quarterly reports on Form 10-Q for the second 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 oceanpowertechnologies.com. Now let me reference the Safe Harbor provisions of the US securities law 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 cost and improve operating 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 the PowerBuoys, increasing the power input of PowerBuoys, hiring new key employees, expected cost of PowerBuoys, products and building customer relationships. Please refer to our most recent Form 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 the forward-looking statements in order to reflect events or circumstances discussed on this call.

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

George H. Kirby

Good morning, Michael. Thank you, good morning everyone. I'm going to review our business operations and provide an update on our commercial activities and developments during the second quarter, up to today, then Matt Shafer will provide a review of our financials. Then we'll open the floor for questions. In September, we announced the signing of two new contracts