Not sure why an updated thread hasnt developed on this one yet, but it looks set to go higher. I bought in this morning after selling Voller Energy. Any thoughts?

Page 49 Shares Magazine today Rocking and Rolling gives a positive overview of Ocean.

Never trust Shares Magazine...


Ocean Power Technologies Inc
31 October 2006


For Immediate Release 31 October 2006


OCEAN POWER TECHNOLOGIES ANNOUNCES RESULTS

FOR THE YEAR ENDED 30 APRIL 2006



Ocean Power Technologies, Inc ('OPT', or 'the Company') (London Stock Exchange: AIM-OPT), announced today its results for the year ended 30 April 2006 (exchange rate of 1=$1.88).

HIGHLIGHTS

In fiscal 2006 revenues were $1.7 million (0.9 million) as compared to
$5.4 million (2.9 million) in fiscal 2005. The decrease in revenues was
primarily attributable to delays in contract approvals for the Company's
wave power project for the US Navy in Hawaii, the completion of a
development and construction contract with Lockheed Martin in the first
quarter of fiscal 2006 and the determination by Lockheed not to proceed with
a further project that would have involved the Company's autonomous
PowerBuoy(R) System. This was partially offset by revenues from a contract
with the US Department of Homeland Security to design and study an
autonomous PowerBuoy system for offshore marine surveillance, under which
Lockheed is a subcontractor to OPT.

In response to this reduction in revenues, during fiscal 2006 the
Company refocused its engineering and development resources on product
development for its current 40kW rated PowerBuoy system and began efforts to
increase the maximum rated output of the system to 150kW. Product
development costs were $4.2 million (2.2 million) in fiscal 2006 compared
to $0.9 million (0.5 million) in fiscal 2005. In addition, selling, general
and administrative costs increased, primarily attributable to additional
marketing personnel and to increased professional fees, as the Company
expanded its sales and marketing effort. Selling, general and administrative
costs were $3.2 million (1.7 million) in fiscal 2006, compared to
$2.6 million (1.4 million) in fiscal 2005.

The Company incurred a net loss of $7.1 million (3.8 million) in fiscal
2006 compared to a net loss of $0.4 million (0.2 million) in the prior
fiscal year primarily due to the decrease in revenues, the increase in
product development costs and the increase in selling, general and
administrative costs.

At July 31, 2006, our contract backlog (order book) was $5.5 million
(2.9 million) compared to $2.4 million (1.3 million) at April 30, 2006.
This backlog consists of the aggregate anticipated revenue remaining to be
earned from the uncompleted portions of our existing customer contracts.

At July 31, 2006, our cash, cash equivalents and certificates of deposit
were $31.1 million (16.5 million) compared to $32.4 million (17.2 million)
at April 30, 2006.

OPT has successfully completed for the New Jersey Board of Public
Utilities a 12-month testing of a PowerBuoy five miles off the coast of New
Jersey. These tests have allowed us to monitor the system and evaluate its
performance in actual wave conditions. It has provided us with valuable
operational data as well as important marketing opportunities. These tests
are an important milestone in the commercialization of OPT's PowerBuoy.

As an important element of its business strategy, OPT continues to
pursue the construction of demonstration wave power stations to encourage
market adoption of its wave power technology:

- In February 2006, OPT was approved by the South West of England Regional
Development Agency to install a 5MW demonstration wave power station off
the coast of Cornwall, England.

Developments Since the End of Fiscal 2006

In July 2006, OPT entered into its first commercial construction
contract with affiliates of Iberdrola S.A. and Total S.A. and with two
Spanish governmental agencies for the first phase of the construction of a
1.39 MW wave power station off the coast of Santona, Spain. OPT and
affiliates of Iberdrola and Total are also assessing the viability of a
2 to 5 MW wave power station off the coast of France.

In July 2006, OPT filed an application with the US Federal Energy
Regulatory Commission for a permit to evaluate the feasibility of a location
off the coast of Oregon for a 50 MW wave power station.

In September 2006, OPT entered into a marketing cooperation agreement
with Lockheed Martin to identify marketing opportunities for use of OPT's
autonomous PowerBuoy system to power Lockheed Martin equipment in remote
locations.

Commenting on these results, Dr. George W. Taylor, Chief Executive Officer of
OPT, said: 'We are encouraged by our progress in expanding our market
opportunities and in developing our core PowerBuoy technology, and believe that
the Company's systems have the potential to provide cost competitive, clean
electrical power on a large scale. The alternative energy marketplace is
expanding rapidly. Worldwide interest can be seen in the policies put forward by
national and local governments, and in the focus of many utilities and
energy-producing companies. OPT is well-positioned, from the standpoint of its
technology and its marketing efforts, to take advantage of the accelerating
movement to diversify the world's sources of energy.'

Look at OPT fly like a rocket. BUY!