Good day, ladies and gentlemen, and welcome to the Ocean Power Technologies Q4 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, this conference is being recorded. I would now like to introduce your host for today’s conference, Mr. Andrew Barwicki. You may begin.

Thank you and good morning. Thank you for joining us on Ocean Power Technologies’ conference call and webcast to discuss the operating and financial results for the fiscal year ended April 30, 2016. On the call with me today are George Kirby, President and Chief Executive Officer; and Mark Featherstone, Chief Financial Officer. George will provide an update on the Company’s highlights for the year, key activities, and strategy, Mark will then proceed to review the financial results for the fourth quarter and fiscal year-end. Following our prepared remarks, we will open the call to questions. This call is being webcast on our website at www.oceanpowertechnologies.com. This call will also be available for replay later today. The replay will stay on the site for on-demand review for the next several months. After the market closed this past Friday, Ocean Power Technologies issued its earnings press release and filed its Form 10-K with the Securities and Exchange Commission. All of our public filings can be viewed at the SEC website, which is at www.sec.gov, or you may go to the OPT website, which is 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 provisions of the Private Securities Litigation Reform Act of 1995. 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 that involve risk 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 the 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.

Thank you, Andrew. Good morning, everyone, and thank you for joining. Today, I will start by reviewing some of our accomplishments for fiscal 2016 as well as provide an update on business operations. Mark will then briefly review our financial results after which both Mark and I will be available to answer any questions. Fiscal 2016 represented a year of strategic execution and achievements for our Company. In September 2015, we announced initial deployment of our earlier generation prototype PB3 PowerBuoy as a first step toward validating our next-generation advanced power takeoff, or PTO. In October 2015, we announced the initiation of accelerated life testing of our next-generation PTO in order to assist us in shortening the time to validate system design and reliability and to bring our product to market. During the remainder of fiscal 2016, we focused on developing our commercial PB3 PowerBuoy, making what we believe are significant improvements to the reliability, survivability, manufacturability, and cost to operate and maintain our autonomous PowerBuoy as compared to earlier iterations. Last month we announced the redeployment of our prototype PB3 PowerBuoy. And this month we announced the deployment of our first commercially designed PB3 PowerBuoy. This commercial design incorporates multiple enhancements over early prototypes, including our next generation PTO, a higher capacity modular energy storage system and a higher efficiency power management and distribution system, and several other improvements that make this design easier to manufacture, deploy, and maintain. With two PB3 PowerBuoys operating simultaneously, and when combined with our accelerated life testing data, we are receiving a constant stream of performance data which can be shared with prospective customers and partners. Additionally, we announced what we believe are significant milestones for our accelerated life testing. To date the accelerated life testing of our PTO systems has exceeded 10…

Thanks George. And good morning, everyone. I will now review results for the fiscal 2016 fourth quarter and fiscal year-end before we open the call for questions. For the three months ended April 30, 2016, OPT reported revenue of $100,000, as compared to revenue of approximately $500,000 for the three months ended April 30, 2015. The decrease in revenues compared with the prior year was primarily related to decreased billable costs on previous projects with MES and with the U.S. Department of Energy, while the current year reflects authorized pre-work under a Letter of Intent for our autonomous PowerBuoy project with MES. As George mentioned, we announced the full contract with MES in June 2016. The net loss for the three months ended April 30, 2016 was $4 million, as compared to a net loss of $3.3 million for the three months ended April 30, 2015. The fiscal 2016 fourth quarter included a charge of $1.1 million related to the pending settlement of a class-action lawsuit. In addition the fourth quarter of 2015 included a higher gross profit due to a change in project costs related to a now-suspended prior-year MES project. Both product development costs and selling, general, and administrative costs were favorable in the fiscal 2016 fourth quarter, compared to the prior year. While the prior-year fourth quarter included costs related to both our former utility-scale PB40 PowerBuoy, as well as our prototype PB3 PowerBuoy, the current-year fourth quarter reflects our focus on the development of our commercial PB3 PowerBuoy, the deployment of which we announced earlier this month. Our net loss in the fourth quarter of fiscal 2016 was higher than third quarter, primarily due to the charge related to the pending class-action lawsuit settlement noted previously, as well as the third quarter included the benefit from…

Thanks, Mark. Before we move on to Q&A, I want to remind everyone that there are thousands of offshore devices currently collecting a wide range of data in the oceans around the world. These devices mostly run on solar or battery power, all of which require numerous services on a continuous basis. We believe that our PowerBuoy is poised to be the data collection platform for the burgeoning blue economy, because it is capable of supplying continues power and real-time data communications, which we anticipate will allow end-users to create new, game-changing applications which leverage this capability while reducing our operating costs. We believe our PowerBuoy will enable more, better, lower-cost, and real-time data to enable environmental intelligence for the blue economy. At this time, I welcome the opportunity to answer your questions.

Thank you. I’m excited by the progress that our team has made. And we continue to explore opportunities to apply more resources to grow our markets. We are considering numerous business initiatives in the U.S. and Asian marketplaces, and we believe we have in place a platform to continue to strengthen and grow our business. We also believe that our value proposition, coupled with our targeted diversified markets, will allow us to improve our operating results regardless of market conditions. I want to thank you all once again for attending today’s call. And if you have any further questions, please don’t hesitate to contact us. Otherwise, we look forward to speaking with you next quarter. Thank you.

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.