Good day everyone and welcome to Ocean Power Technologies fiscal year 2009 audio webcast. Today's conference is being recorded and webcast. At this time for opening remarks I would like to turn the call over to the Chief Financial Officer of Ocean Power Technologies, Mr. Charles Dunleavy.

Good morning and welcome to Ocean Power Technologies audio Web cast for the fiscal year ended April 30, 2009. Today we issued our year-end earnings press release and we will be filing our annual report on Form 10-K with the Securities and Exchange Commission today. Our public filings can be viewed on the SEC Web site at sec.gov or you may go to our Web site, oceanpowertechnologies.com. I will be joined on today's webcast by Mark Draper, our Chief Executive Officer. During the course of this conference call management may make projections or other forward-looking statements regarding future events or financial performance of the company within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. As indicated in the slide, these forward-looking statements are subject to numerous assumptions made by management regarding future circumstances over which the company may have little or no control, and involve risks and 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. We refer you to the company's Form 10-K and other recent filings with the Securities and Exchange Commission for a description of these and other risk factors. I'll now turn the call over the Mark Draper, our Chief Executive Officer.

Thanks to everyone who has joined us today for the Web cast. Fiscal year 2009 has been a pivotal year for OPT. We saw strengthening of our leadership team. In addition, we made significant progress in the development of the PB150 PowerBuoy and also achieved major milestones on a number of key projects, including the deployment of several PowerBuoys. Our contract order backlog increased over the prior year. We advanced our relationships with existing partners and established new relationships in our global market. I would now like to discuss some of these operational successes. This year has seen of our leadership team with several key senior appointments. Effective February 1, 2009, I was appointed Chief Executive Officer of OPT in succession to Dr. George Taylor. Dr. Taylor will continue as executive chairman, providing OPT with strategic guidance and focus on business development opportunities. Seymour Preston, previously OPT’s Chairman and Non-Executive Director, was appointed Vice Chairman of the company and Lead Independent Director. In this capacity he will preside at all meetings of the board of directors and the stockholders. Other key appointments included key appointments included Dr. Philip Hart, who is recognized internationally for his expertise in marine technology, as our Chief Technology Officer. I will discuss Phil's background later. Victor Chatigny was appointed Non-Executive Director. Victor served over many years in a senior managing capacity at Measurement Specialties, Inc., a publicly-held company specializing in the design and manufacture of advanced technology-based sensors. In June 2009, Angus Norman was appointed Chief Executive of our wholly-owned wick, England. Angus joined us from EDF Energy where he held the position of Managing Director of Sustainable Solutions and brings more than a decade of leadership experience in the energy and renewable energy generation sector. For my part, I had held the position of…

Our earnings decreased in fiscal 2009 to $4.0 million as compared to $4.8 million in fiscal 2008. The decrease in revenues primarily reflects the lower level of billable activity in connection with work on our wave power station off the coast of Spain. Also, lower revenues related to our Hawaii project for the U.S. Navy and our EMEC project off Orkney, Scotland, were offset by an increase in revenue related to our wave power project off the coast of Reedsport, Oregon. Cost of revenues decreased to $4.8 million in fiscal 2009 as compared to $8.0 million in fiscal 2008. This decrease reflected a lower level of activity on revenue-bearing contracts and the recognition in fiscal 2008 of an additional anticipated loss at completion on our contract for a wave power station off the coast of Spain. Our development costs increased to $8.4 million as compared to $8.3 million in fiscal 2008. This reflected our continuing work to increase the power output of our utility PowerBuoy system to complete the 150KW PowerBuoy. We expect our product development costs to increase next year as we continue to focus on increasing the output and efficiency of our PowerBuoy systems. Selling, general, and administrative costs increased to $9.6 million in fiscal 2009 as compared to $7.7 million in fiscal 2008. The increase was primarily due to an additional $1.8 million in payroll and incentive-based costs related to company growth. Our loss from operations, at $18.7 million, was in accordance with our budget set at the beginning of the year. Interest income in fiscal 2009 decreased by $2.7 million to $1.7 million as compared to $4.4 million in fiscal 2008. This reflected lower interest rates as well as a decrease in cash, cash equivalents, and investments. The company recognized a foreign exchange loss of $1.3…

I would now like to look forward and discuss our growth strategies as we enter the next stage of our development. Over the forthcoming months OPT will reach further milestones with a number of key projects, including our PB150 PowerBuoy being ready for deployment at EMEC by the end of calendar year 2009, the redeployment this year in collaboration with the U.S. Navy of the Hawaii PowerBuoy to continue testing and ultimately to be connected to the Oahu power grid and strong progress on manufacture of the first PB150 for the Reedsport, Oregon, project. We are also currently working on an advanced version of the autonomous PowerBuoy under the DWADS program with the U.S. Navy. For our project in Spain we are continuing on the manufacture and test of the underwater substation pod. We anticipate achieving noticeable success with all of these projects. While we continue to focus on the construction of our PB150 PowerBuoy, and advancing our existing projects, we remain committed to increasing our sales and marketing efforts over the next three years, primarily on the West Coast of North America, the West Coast of Europe, and the coast of Australia and Japan. These areas represent strong potential markets for our PowerBuoy wave power stations because they combine favorable wave conditions, political and economic stability, large population centers, high levels of industrialization, and significant and increasing electricity requirements. We intend to build on our existing commercial relationships and expand the number and size of projects we have with our current customers. We have already delivered on this strategy by continuing to build on our relationships with the U.S. Navy and Lockheed Martin respectively, as well as established new partnerships, such as with Leighton Contractors in Australia. Fiscal 2009 has been an important year in the development of the…

This concludes today’s conference call.