Canada: Westport Revenue Rises

Westport Innovations Inc., the global leader in natural gas engines, reported financial results for the second quarter fiscal 2011 ended September 30, 2011 (FY2011).

“Westport posted a record quarter with revenue of $81 million, an increase of 80% over the same period last year,” said David Demers, CEO of Westport Innovations. “With strong growth in all areas of our business, we now expect consolidated revenue for the year to reach between $240 and $250 million, representing growth of approximately 70% over calendar 2010.”

“A few years from now, we expect that, looking back, 2011 will be seen as the tipping point for the use of natural gas as a transportation fuel. We are working with 3 of the top 4 heavy-duty engine manufacturers around the world, and more than 60 OEMs; our LD business works with 7 of the top 10 automotive OEMs. This quarter, we announced a co-marketing agreement with Shell, the largest and most sophisticated liquefied natural gas (LNG) production company in the world, that would improve the economic case for acquiring LNG vehicles along with the infrastructure, providing a complete, cost-effective solution for fleet owners who want to unlock the savings, price stability, and environmental performance advantages of LNG.”

Second Quarter Financial and Business Highlights

• Reported consolidated revenues of $81.0 million for the quarter ended September 30, 2011 compared to $44.9 million for the same period last year, an increase of 80%.
• Reported consolidated revenues of $164.0 million for the nine months ended September 30, 2011 compared to $104.9 million for the same period last year, an increase of 56%.
• Reported net loss of $13.2 million ($0.27 loss per share) for the quarter ended September 30, 2011 compared to a net loss of $6.2 million ($0.16 loss per share) for the same period last year. Adjusted EBITDA losses for the three months ended September 30, 2011 and 2010 were $5.4 million and $40,000, respectively.
• Reported net loss of $45.7 million ($0.96 loss per share) for the nine months ended September 30, 2011 compared to a net loss of $26.0 million ($0.66 loss per share) for the same period last year. Adjusted EBITDA losses for the nine months ended September 30, 2011 and 2010 were $21.9 million and $11.9 million, respectively.
• Reported cash and short-term investments balance as at September 30, 2011 of $105.6 million compared to $162.4 million as at June 30, 2011.
• Launched a co-marketing program with Shell to develop North American market for liquefied natural gas vehicles (LNGVs) and fuels.
• Acquired AFV Sweden AB (of Gothenburg, Sweden, the sole supplier of natural gas fuel systems to Volvo Car Company (VCC), for approximately SEK 51 million (approximately US$7.6 million).
• Westport LD announced the new natural gas Westport WiNG™ Power System to be available in the popular Ford F-250 and F-350 Super Duty pickup trucks sold and serviced through authorized Ford dealers.
• Raised CDN$36 million through the issuance of debentures offered by Macquarie Private Wealth Inc., on a private placement basis to replace previously issued debentures that matured in July 2011.
• Philip G. Hill, principal inventor of Westport’s founding technology using clean-burning natural gas in diesel engines, won the 2011 $100,000 Encana Principal Award granted by the Ernest C. Manning Awards Foundation.

[mappress]

Source: Westport Innovations, November 2, 2011