Good day, ladies and gentlemen and welcome to the Ocean Power Technologies Q2 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time [Operator Instructions]. As a reminder, today’s conference is being recorded. I would now like to turn this conference call to Shawn Severson with Blueshirt Group. You may begin.

Thank you and good afternoon. Thank you for joining us on OPT’s conference call and webcast to discuss the financial results for the three months ended October 31, 2015. On the call with me today are George Kirby, President and CEO; and Mark Featherstone, Chief Financial Officer. George will provide an update on the Company’s highlights for the quarter, key activities, and strategies, after which Mark will review the financial results for the second quarter. Following our prepared remarks, we will open the call for questions. This call is being webcast on our Web site at www.oceanpowertechnologies.com. It will also be available for replay later today. The replay will stay on the site for on-demand review over the next several months. Yesterday, OPT issued its earnings press release and filed its quarterly report on Form 10-Q with Securities and Exchange Commission. All of our public filings can be viewed on the SEC Web site at sec.gov or you may go to the OPT Web site, www.oceanpowertechnologies.com. 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. These forward-looking statements are subject to numerous assumptions made by management regarding the future circumstances over which the Company may have little or no control that involves 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 SEC for a description of these and other risk factors. And now, I would like to turn the call over to George to begin the discussion.

Thank you, Shawn. Good morning, everyone. Today, I’ll review our business operations and provide an update on key activities and developments in the quarter. Following this, Mark will briefly review our financial results. After which, Mark and I will be available to answer any questions. So, let’s begin. First, we’re excited that the Company is continuing to execute on our objectives and achieving considerable progress on both the commercial and technical fronts. As announced in late October, we redeployed the APB-350 A1 power buoy off the coast of New Jersey and resumed sea trials. We also released select performance data gathered during A1’s initial deployment as well as initial results from the accelerated live testing of this redesigned PowerTakeoff system or PTO. Our goal is to provide reliable, durable, and cost effective offshore autonomous power solutions where current power solutions are either too costly or unavailable. The deployment of A1 was a milestone in our long term strategy to achieve this goal and gives us the opportunity to further develop and validate our APB-350 technology. Consistent with our strategic pivot, we also made considerable progress toward our next generation APB-350 product which we expect will feature an enhanced electrical storage system, a higher efficiency power management system and a user friendly interface providing even more flexibility to end users. I am excited to announce that this next generation buoy has undergone its critical design review and we expect that it will achieve a maturity level through extensive in ocean and factory accelerated life testing that will allow us to proceed with the commercial product launch in 2016. As we’ve mentioned before, we strongly believe that our APB-350 represents a very appealing solution which provides a robust and cost effective alternative to incumbent solutions that utilize batteries, solar, wind, and diesel…

Thanks, George, and good morning everyone. I will now review results for the second quarter of 2016 before we open up the call for questions. For the three months ended October 31, 2015, OPT reported revenue of $0.5 million as compared to revenue of $1.7 million for the three months ended October 31, 2014. The decrease in revenues compared with the prior year was primarily related to the decreased billable cost on our project with Mitsui Engineering & Shipbuilding or MES, and with our contract with the U.S. Department of Energy. The MES project is currently undergoing a stage-gate review with its project stakeholders. The net loss for the three months ended October 31, 2015 was $3.0 million compared to a net loss of $4.4 million for the three months ended October 31, 2014. The decrease in net loss is primarily due to lower selling, general and administrative expenses including reduced third party consulting, site development and patent amortization costs. During the three months ended October 31, 2015, we recovered product development costs from prior periods under our cost-sharing contract with the European Union for our WavePort project. In addition, the prior year included $0.3 million of gross loss due to a change in estimated project cost related to the MES contract. For the six months ended October 31, 2015, OPT reported revenue of $0.6 million as compared to revenue of $3.3 million for the six months ended October 31, 2014. The decrease in revenue is primarily related to decreased billable work for the DOE, WavePort and MES contracts. The net loss for the six months ended October 31, 2015 was $7.1 million, as compared to a net loss of $7.7 million for the six months ended October 31, 2014. The decrease in the Company's net loss year-over-year primarily reflects…

Thanks Mark. Before we move on to Q&A, I want to highlight a few compelling reasons to consider OPT. One, we believe we are the technology leader in wave energy conversion for offshore applications. Our technology provides a critical offshore power solution for a number of industries. Our technology focuses on driving down cost, improving reliability and durability, as well as broadening and enabling commercial applications. Also, we currently have been continuing to develop significant intellectual property around our technologies and applications. Two, we’re targeting large addressable markets including offshore oil and gas, ocean based communication and data gathering, and security and defense. We’re also garnering what we believe to be significant interest from potential customers to develop power buoy applications, which could lead to solutions demonstrations and market launch. And lastly, we consider our staff to be world class and we have a solid leadership team in place at both the executive management and Board levels. We’re executing multiple power buoy deployments in order to further advance power buoy validation, which we believe will serve as a near term market catalyst as we move closer to commercialization. So thank you for your support and time today. And operator, we’re now ready to take questions.

Well, thank you all once again for attending today’s call. If you do have any further questions, please don’t hesitate to contact us. Otherwise, we look forward to speaking with you all next quarter.

Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect and have a wonderful day.