~ Strong Balance Sheet Provides Solid Foundation for a Range of Product
Launches on Deck ~
VANCOUVER, Nov. 8, 2012 /CNW/ - Westport Innovations Inc. (TSX:WPT /
NASDAQ:WPRT), the global leader in natural gas engines, today reported
financial results for the third quarter ended September 30, 2012 and
provided an update on operations. All figures are in U.S. dollars
unless otherwise stated.
"The overall market for natural gas transportation is developing with
more infrastructure in place by the end of this year and key product
launches for the industry, such as the Cummins Westport ISX12 G, edging
closer," said David Demers, CEO of Westport Innovations Inc. "We expect
to launch a portfolio of new products ranging from automotive and
trucking to off-road applications over the next few quarters from a
broad variety of OEMs. Our Ford F-250/350 program and Westport™ WiNG
Power System is in full production now which positions us with a new
product line with strong prospects for growth."
"We may have changed our near-term and annual revenue expectations,
however, recent announcements to bring a new Cummins Westport 6.7 litre
engine to market, targeting school buses, and an innovative new engine
with Tata, also prove the thesis that virtually all segments of the
transportation market will see significant opportunity for natural gas
this decade," continued Demers. "While new markets evolve, our North
American heavy-duty business is seeing repeat orders from customers
such as UPS who've ordered 21 additional liquefied natural gas (LNG)
tractors with Westport high pressure direct injection (HPDI). Finally,
our programs with Caterpillar to jointly develop LNG as a fuel in
mining truck and locomotive operations are off to a strong start. We
are seeing high levels of interest from customers in these high fuel
use industries."
"We have a strong balance sheet and our asset-light business model
allows us to remain competitively positioned. We will continue to
invest in key products and markets that will help provide new revenue
streams and distribution channels to maintain our dominant market
share."
Third Quarter and Year to Date (YTD) Highlights
| Quarter Ended September 30, | % Change | YTD Ended September 30, | % Change |
($ in millions, except per share amounts) | 2012 | 2011 | 2012 | 2011 |
Consolidated revenues
|
$ 76.1
|
$ 81.0
| (6%) |
$ 270.8
|
$ 164.0
| 65% |
Consolidated gross margin
|
21.2
|
25.8
| (18%) |
90.2
|
58.6
| 54% |
Consolidated gross margin percentage
|
27.8%
|
31.8%
| - |
33.3%
|
35.7%
| - |
Operating expenses (Research and development, general and administrative
and sales and marketing)
|
39.1
|
28.5
| 37% |
115.8
|
76.5
| 51% |
Consolidated adjusted EBITDA (The reconciliation of adjusted EBITDA is
described below)
|
(18.5)
|
(5.4)
| (243%) |
(28.1)
|
(21.9)
| (28%) |
Cash and short-term investments balance
|
294.7
|
105.6
| 179% |
294.7
|
105.6
| 179% |
Cash used in operations
|
3.6
|
21.8
| (83%) |
25.4
|
44.3
| 43% |
Net loss*
|
32.5
|
13.2
| 146% |
61.2
|
45.7
| 34% |
Net loss per share
|
0.59
|
0.27
| 119% |
1.14
|
0.96
| 19% |
* Included in the Company's net loss for the three months ended
September 30, 2012 and September 30, 2011 is a $7.4 million net foreign
exchange loss and a $2.0 million net foreign exchange gain,
respectively. Included in the Company's net loss for the nine months
ended September 30, 2012 and September 30, 2011 is a $2.9 million and a
$1.3 million net foreign exchange loss, respectively. These foreign
exchange gains/losses are attributed to the movement in the Canadian
dollar relative to the U.S. dollar, which are unrealized.
-
Westport product revenue for the quarter ended September 30, 2012 was
$65.1 million, a decrease of $7.1 million, or 9.8%, from $72.2 million
for the three months ended September 30, 2011. Westport parts revenue
for the quarter ended September 30, 2012 was $9.7 million, an increase
of $1.2 million, or 14.1%, from $8.5 million for the three months ended
September 30, 2011. The number of engines in the field, their age and
their reliability all impacted parts revenue each period. Service and
other revenue was $1.4 million for the quarter ended September 30, 2012
compared with $0.4 million for the same period last year.
-
Research and development (R&D) expenses focused primarily on new
products and new technology were $20.0 million for the three months
ended September 30, 2012, an increase of $6.1 million from $13.9
million in the same period last year.
-
CWI R&D expenses were $3.6 million compared with $2.3 million.
-
Westport HD R&D expenses were $7.3 million compared with $6.0 million.
Of the $7.3 million, $3.6 million was related to efforts under OEM
development programs, which will be recovered at the next milestone.
-
Westport LD R&D expenses were $2.7 million compared with $4.2 million.
-
Corporate R&D expenses were $6.3 million compared with $1.4 million
primarily due to investments in new product development programs.
-
General and administrative expenses were $9.0 million for the three
months ended September 30, 2012, an increase of $2.1 million from $6.9
million in the same period last year primarily due to the addition of
Westport LD North American facilities and acquired operations, as well
as costs related to an increase in headcount. As of September 30, 2012,
Westport had 1,098 employees globally, compared with 769 employees on
September 30, 2011.
-
Sales and marketing expenses were $10.0 million for the three months
ended September 30, 2012, an increase of $2.3 million from $7.7 million
in the same period last year primarily due to an increase in OEM
development initiatives, North American trucking activities, and costs
related to high-horsepower and other new business development
initiatives.
-
For the three months ended September 30, 2012, Westport reported a
consolidated adjusted EBITDA loss of $18.5 million compared with a loss
of $5.4 million in the prior year period. The reconciliation of
adjusted EBITDA is described below.
-
Westport consolidated net loss increased due to lower sales volume and
an increase in key product development efforts, along with the timing
of payments under various development agreements. Included in the
Company's net loss for the three months ended September 30, 2012 is a
$7.4 million net foreign exchange loss attributed to the movement in
the Canadian dollar relative to the U.S. dollar, which is unrealized.
Excluding this impact, the Company's net loss and net loss per share
were $25.1 million and $0.46, respectively.
Financial Outlook for 2012
Based on recent feedback from OEM and fleet customers in North America
and automotive OEM customers in Europe, Westport has proactively
updated its 2012 financial outlook to reflect approximately 30% revenue
growth year over year with the consolidated revenue expected to be
between $340 and $350 million for the calendar year ended December 31,
2012.
Cummins Westport Inc. (CWI) Business Unit Highlights
| Quarter Ended September 30, | % Change | YTD Ended September 30, | % Change |
($ in millions) | 2012 | 2011 | 2012 | 2011 |
Units
|
1,588
|
1,625
| (2%) |
5,503
|
3,454
| 59% |
Revenue
|
$ 45.5
|
$ 49.2
| (8%) |
$ 155.1
|
$ 106.2
| 46% |
Gross margin
|
13.4
|
20.7
| (35%) |
50.5
|
46.3
| 9% |
Gross margin percentage
|
29.5%
|
42.1%
| - |
32.6%
|
43.6%
| - |
Operating expenses
|
6.4
|
5.8
| 10% |
17.0
|
15.1
| 13% |
Segment operating income / Adjusted EBITDA(1) |
6.9
|
14.9
| (54%) |
33.4
|
31.2
| 7% |
(1)
| Segment operating income (loss) is based on segment net operating income
(loss), which is before income taxes and does not include depreciation
and amortization, foreign exchange gains and losses, bank charges,
interest and other expenses, interest and other income, and gain on
sale of long-term investments. The reconciliation of Segment adjusted
EBITDA is described below. |
-
CWI delivered four quarters of record sales to June 30, 2012, however,
general slowdown in truck shipments and inventory reductions in the
refuse segment have contributed to a decrease in ISL G sales in the
third quarter. September 2012 market orders for Class 8 trucks were 35%
below the same month last year, contributing to the weakest quarter in
the industry since Q3 2010, as reported by FTR Associates.
-
CWI revenue for the nine months ended September 30, 2012 was up 46.1% to
$155.1 million with 5,503 engines shipped, compared with $106.2 million
with 3,454 engines shipped in the same period last year.
-
CWI parts revenue for the quarter ended September 30, 2012 was $8.7
million, an increase of $0.7 million from $8.0 million in the same
period last year, driven by the number of engines in service.
-
The decrease in CWI gross margin percentage during the quarter was
primarily due to warranty adjustments, extended coverage adjustments,
and net extended coverage claims totalling $3.4 million, and mix of
sales. Excluding the adjustments, CWI gross margin percentage was
36.9%.
Year to date shipments in North America have increased by 38% compared
to the previous year, with growth in each of the transit, refuse and
conventional truck segments. Year to date international shipments
increased 131% over 2011 due to large transit bus engine orders for
China, Peru and Venezuela. During the quarter there were several new
CWI ISL G-powered fleets put into service, including new refuse truck
fleets in Pomona, CA, and Winnipeg, MB, and new transit bus fleets in
Long Beach, CA, and Guadalajara, Mexico.
CWI is continuing the development of the ISX12 G, a 12 litre heavy-duty
natural gas engine for regional haul, vocational and refuse
applications. Limited production of this engine will commence in early
2013 at Cummins' Jamestown, New York engine plant. CWI is working with
OEM launch partners including Freightliner, Peterbilt, Kenworth, Volvo
and Autocar, all of whom are participating in the field trials.
Westport Light-Duty (Westport LD) Business Unit Highlights
| Quarter Ended September 30, | % Change | YTD Ended September 30, | % Change |
($ in millions) | 2012 | 2011 | 2012 | 2011 |
Revenue
|
$ 25.6
|
$ 25.7
| (0.4%) |
$ 82.9
|
$ 44.0
| 88% |
Gross margin
|
6.1
|
5.3
| 15% |
22.3
|
9.2
| 142% |
Gross margin percentage
|
23.9%
|
20.6%
| - |
26.9%
|
21.0%
| - |
Operating expenses
|
7.7
|
7.8
| (1%) |
25.4
|
13.4
| 90% |
Segment operating loss
|
1.6
|
2.5
| (36%) |
3.2
|
4.1
| (22%) |
Segment adjusted EBITDA
|
(1.1)
|
(2.3)
| 50% |
(1.8)
|
(3.8)
| 53% |
-
Westport LD revenue for the quarter ended September 30, 2012 decreased
compared with the same period last year as a result of the economic
conditions in key geographic markets including the Eurozone and weaker
Euro to US dollar foreign exchange rate (an 11% decrease in exchange
rate), offset by increases in industrial revenue of $0.8 million and
North American revenue of $2.8 million attributed to deliveries of the
Westport WiNG Power System. If foreign exchange was neutral, Westport
LD revenue would have been $28.3 million or an increase of 10.1%.
-
Westport LD revenue for the nine months ended September 30, 2012 was up
88.2% to $82.9 million from $44.0 million in the same period last year
primarily due to acquisitions. Westport is preparing for a variety of
new product launches around the world in 2013 for automotive /
light-duty vehicle applications.
During the quarter, Pioneer Natural Resources announced that it was
adding 225 bi-fuel Westport WiNG natural gas powered Ford F-250 Super
Duty trucks to its fleet. Pioneer has begun transitioning a number of
its fleet vehicles from gasoline and diesel powered to those able to
run on more cost-effective natural gas for light-duty and heavy-duty
applications. Westport LD delivered 184 WiNG Power Systems to Pioneer
during the quarter. Westport LD remains on track to deliver more than
500 units by the end of the year.
Westport LD in Sweden, the sole supplier of natural gas fuel systems to
Volvo Car Corporation for the bi-fuel version of the popular V70 wagon,
launched the 2013 model year V70. The 2.0-litre turbocharged V70 has
improved fuel efficiency and extended range compared with the previous
model. The manual transmission option is particularly popular for
company cars in Sweden.
Westport Heavy-Duty (Westport HD) Business Unit Highlights
| Quarter Ended September 30, | % Change | YTD Ended September 30, | % Change |
($ in millions) | 2012 | 2011 | 2012 | 2011 |
Units
|
58
|
85
| (32%) |
284
|
104
| 173% |
Product & parts revenue
|
$ 3.7
|
$ 5.8
| (36%) |
$ 17.3
|
$ 9.4
| 84% |
Gross margin
|
0.2
|
(0.6)
| 133% |
1.9
|
(1.3)
| 246% |
Gross margin percentage
|
6.5%
|
(9.7%)
| - |
11.2%
|
(13.5%)
| - |
Operating expenses
|
12.0
|
10.0
| 20% |
37.5
|
27.7
| 35% |
Segment operating loss
|
11.8
|
10.2
| 16% |
29.4
|
24.5
| 20% |
Segment adjusted EBITDA
|
(11.0)
|
(9.4)
| (17%) |
(27.3)
|
(23.8)
| (15%) |
-
Westport HD (product and parts) revenue for the quarter ended September
30, 2012 was $3.7 million with 58 systems shipped, a decrease of $2.1
million from $5.8 million with 85 systems shipped. Westport HD average
selling price (ASP) for the quarter ended September 30, 2012 was
approximately $47,400 compared with $62,700 in the same period last
year - a reduction of 24.4% while gross margin increased 133% compared
to the same period last year.
-
Westport HD parts revenue for the quarter ended September 30, 2012 was
$1.0 million, an increase of $0.5 million from $0.5 million in the same
period last year.
-
Westport HD gross margin (excluding service revenue) and gross margin
percentage for the quarter ended September 30, 2012 was $0.2 million
and 6.5%, respectively, compared with negative $0.6 million and
negative 9.7%, respectively, for the quarter ended September 30, 2011 -
an improvement of 133% in gross margin.
-
Westport HD (product and parts) revenue for the nine months ended
September 30, 2012 was up 83.8% to $17.3 million with 284 systems
shipped, compared with $9.4 million with 104 systems shipped in the
same period last year.
During the quarter, Westport HD shipped 58 HD Systems to Kenworth and
Peterbilt for LNG truck production for customers such as City of Los
Angeles, Basic Energy, Kenan Advantage and TransGas.
UPS has continued its commitment to building its natural gas powered
fleet with an order for 21 Kenworth T800 LNG heavy-duty trucks. The
T800s, powered by Westport HD, make UPS one of the largest fleet owners
of LNG trucks in North America.
FortisBC, the gas distribution utility in British Columbia, Canada
designed an incentive funding program to assist qualified medium and
heavy-duty fleet owners to purchase natural gas vehicles in British
Columbia and recently has notified successful applicants of their
preliminary awards. The conditionally awarded recipients consist of 16
on-road-transportation fleets for 236 compressed natural gas (CNG) and
165 LNG vehicles. The final award details will be made public by
FortisBC, which is expected to take place by the end of 2012 with
vehicles being delivered in 2013.
According to Clean Energy Fuels' America's Natural Gas Highway
deployment plan, 48 LNG stations have been built to date and Clean
Energy expects to be on track to complete its goal of approximately 70
stations by year end. As announced during its quarterly conference
call, Clean Energy has 21 LNG stations under construction, 12 in
various stages in entitlement, design, and permitting process, and 64
stations in process for next year. By the end of 2014, Westport is
confident that infrastructure will likely not be a material barrier to
any fleet in the U.S. that wants to move to natural gas.
As announced at the Atlantic Provinces Trucking Association
Transportation Summit in October, Irving Oil plans to open five LNG
stations in Eastern Canada commencing in late 2013. Irving Oil is
planning to make LNG available at five of its existing fuelling
stations in Nova Scotia, New Brunswick and Quebec.
In August, a Shaanxi truck powered by the Weichai Westport 12L HPDI
engine conquered 4,767 meter (or 15,640 feet) altitude testing for the
first time on China's Kunlun Mountain. This marked a significant
milestone as it was the highest altitude that natural gas trucks had
ever reached, proving HPDI's comparable performance to diesel. The
Weichai Westport HPDI engine will be undergoing cold testing through
the winter months to prepare for commercial launch in 2013.
Weichai Westport Inc. (WWI) Highlights
| Quarter Ended September 30, | %
Change | YTD Ended September 30, | % Change |
($ in millions) | 2012 | 2011 | 2012 | 2011 |
Units
|
4,825
|
2,272
| 112% |
12,884
|
5,697
| 126% |
Revenue
|
$ 58.7
|
$ 29.9
| 96% |
$ 164.7
|
$ 77.2
| 113% |
Gross margin
|
4.6
|
4.7
| (2%) |
20.3
|
13.3
| 53% |
Gross margin percentage
|
7.8%
|
15.7%
| - |
12.3%
|
17.2%
| - |
Operating expenses
|
2.3
|
2.9
| (21%) |
12.1
|
8.8
| 38% |
Operating income
|
2.3
|
1.8
| 28% |
8.2
|
4.6
| 78% |
Westport's 35% interest
|
0.7
|
0.4
| 75% |
2.3
|
1.3
| 77% |
-
Although not consolidated, Weichai Westport revenue increased to $58.7
million on 4,825 engines for the quarter ended September 30, 2012
compared with $29.9 million on 2,272 engines for the quarter ended
September 30, 2011. Weichai Westport revenue for the nine months ended
September 30, 2012 was up 113.3% to $164.7 million with 12,884 engines
compared with $77.2 million with 5,697 engines.
-
Income from investment accounted for by the equity method for the three
months ended September 30, 2012 was $0.7 million, which related to
Westport's 35% interest, compared with Westport's $0.4 million in the
prior year period.
-
Gross margins for Weichai Westport remain discounted as the company
penetrates new markets and builds market share in China.
High-Horsepower (HHP) Highlights
The off-road development program with Caterpillar was launched in June
2012. In September, Westport attended the first-ever HHP Summit in
Houston, which brought together delegates from key industries (e.g.
rail, mining, marine, drilling, agriculture, construction, and on-site
power generation) to discuss the use of natural gas for HHP
applications. At the Summit, Joel Feucht, Caterpillar's newly appointed
Director of Gas Engine Strategy, underlined the economic advantages of
moving to natural gas and confirmed Caterpillar's intentions to go
"all-in on natural gas" as quickly as possible. Feucht confirmed that
Caterpillar, who is working closely with Westport, is committed to a
long-term investment to provide natural gas fueled equipment and
engines across its product lines. Furthermore, Caterpillar announced at
September's MinExpo that its first expected LNG-powered products will
likely include Cat® 793, 795 and 797 mining trucks.
CN is presently running two of its diesel-fired locomotives on natural
gas as part of an evaluation program. This test also involves a longer
term demonstration project with Westport, Electro-Motive Diesel (a
Caterpillar subsidiary), and Quebec gas distributor Gaz Metro, with
funding from Sustainable Development Technology Canada to develop a
natural gas locomotive engine and LNG tender car to carry the fuel.
Westport anticipates the first results from the test engine in
mid-2013.
Non-GAAP Financial Measure; Adjusted EBITDA Results
Adjusted EBITDA is used by management to review operational progress of
its business units and investment programs over successive periods and
as a long-term indicator of operational success since it ties closely
to the unit's ability to generate sustained cash flows. Westport
defines Adjusted EBITDA as net loss attributed to the Company before
(a) income taxes, (b) depreciation and amortization, (c) interest
expense, net, (d) amortization of stock-based compensation, (e)
unrealized foreign exchange loss (gain), (f) income (loss) from
unconsolidated joint ventures and (g) gains and other. The term
Adjusted EBITDA is not defined under U.S. generally accepted accounting
principles, or U.S. GAAP, and is not a measure of operating income,
operating performance or liquidity presented in accordance with U.S.
GAAP. Adjusted EBITDA has limitations as an analytical tool, and when
assessing Westport's operating performance, investors should not
consider Adjusted EBITDA in isolation, or as a substitute for net loss
or other consolidated statement of operations data prepared in
accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not
reflect Westport's actual cash expenditures. Other companies may
calculate similar measures differently than Westport, limiting their
usefulness as comparative tools. Westport compensates for these
limitations by relying primarily on its GAAP results and using Adjusted
EBITDA only supplementally.
|
|
|
|
| Three Months Ended |
| Nine Months Ended |
|
|
|
|
| September 30, |
| September 30, |
|
|
|
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
Net loss attributed to the Company
|
|
|
|
$
|
|
(32,487)
|
|
$
|
|
(13,162)
|
|
$
|
|
(61,171)
|
|
$
|
|
(45,652)
|
|
Provision for income taxes
|
|
|
|
|
|
(54)
|
|
|
|
5,020
|
|
|
|
11,245
|
|
|
|
11,060
|
|
Depreciation and amortization
|
|
|
|
|
|
2,964
|
|
|
|
2,683
|
|
|
|
8,249
|
|
|
|
4,543
|
|
Interest expense, net
|
|
|
|
|
|
1,424
|
|
|
|
475
|
|
|
|
3,618
|
|
|
|
2,312
|
|
Amortization of stock-based compensation
|
|
|
|
|
|
2,924
|
|
|
|
1,993
|
|
|
|
9,217
|
|
|
|
5,631
|
|
Unrealized foreign exchange loss (gain)
|
|
|
|
|
|
7,371
|
|
|
|
(2,011)
|
|
|
|
2,878
|
|
|
|
1,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
(17,858)
|
|
|
|
(5,002)
|
|
|
|
(25,964)
|
|
|
|
(20,788)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Gains (loss) and other
|
|
|
|
|
|
87
|
|
|
|
76
|
|
|
|
305
|
|
|
|
141
|
Less: Income from unconsolidated
joint ventures
|
|
|
|
|
|
(715)
|
|
|
|
(436)
|
|
|
|
(2,430)
|
|
|
|
(1,254)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
$
|
|
(18,486)
|
|
$
|
|
(5,362)
|
|
$
|
|
(28,089)
|
|
$
|
|
(21,901)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measure; Segment Adjusted EBITDA Results
| Cummins Westport Inc. (CWI) |
|
|
| Three Months Ended |
| Nine Months Ended |
|
|
|
|
| September 30, |
| September 30, |
|
|
|
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
Segment operating income
|
|
|
|
$
|
|
6,922
|
|
$
|
|
14,920
|
|
$
|
|
33,404
|
|
$
|
|
31,170
|
|
Amortization of stock-based compensation
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA
|
|
|
|
$
|
|
6,922
|
|
$
|
|
14,920
|
|
$
|
|
33,404
|
|
$
|
|
31,170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Westport Light-Duty (Westport LD) |
|
|
| Three Months Ended |
| Nine Months Ended |
|
|
|
|
| September 30, |
| September 30, |
|
|
|
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
Segment operating loss
|
|
|
|
$
|
|
(1,555)
|
|
$
|
|
(2,520)
|
|
$
|
|
(3,168)
|
|
$
|
|
(4,118)
|
|
Amortization of stock-based compensation
|
|
|
|
|
|
426
|
|
|
|
259
|
|
|
|
1,391
|
|
|
|
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA
|
|
|
|
$
|
|
(1,129)
|
|
$
|
|
(2,261)
|
|
$
|
|
(1,777)
|
|
$
|
|
(3,795)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Westport Heavy-Duty (Westport HD) |
|
|
| Three Months Ended |
| Nine Months Ended |
|
|
|
|
| September 30, |
| September 30, |
|
|
|
|
| 2012 |
| 2011 |
| 2012 |
| 2011 |
Segment operating loss
|
|
|
|
$
|
|
(11,774)
|
|
$
|
|
(10,182)
|
|
$
|
|
(29,392)
|
|
$
|
|
(24,539)
|
|
Amortization of stock-based compensation
|
|
|
|
|
|
741
|
|
|
|
788
|
|
|
|
2,094
|
|
|
|
788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Adjusted EBITDA
|
|
|
|
$
|
|
(11,033)
|
|
$
|
|
(9,394)
|
|
$
|
|
(27,296)
|
|
$
|
|
(23,751)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outlook
This press release includes financial outlook information for Westport
and such information is being provided for the purpose of updating
prior revenue disclosure and may not be appropriate for, and should not
be relied upon for, other purposes.
Financial Statements & Management's Discussion and Analysis
To view Westport's full financials for the quarter ended September 30,
2012, please point your browser to the following link: http://www.westport.com/investors/financial
Live Conference Call & Webcast
Westport has scheduled a conference call for today, Thursday, November
8, 2012 at 2:00 pm Pacific Time (5:00 pm Eastern Time) to discuss these
results. The public is invited to listen to the conference call in real
time by telephone or webcast. To access the conference call by
telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or
604-638-5340. The live webcast of the conference call can be accessed
through the Westport website at www.westport.com/investors.
Replay Conference Call & Webcast
To access the conference call replay, please dial 1-800-319-6413 (Canada
& USA toll-free) or 604-638-9010 using the pass code 1847. The replay
will be available until November 15, 2012. Shortly after the conference
call, the webcast will be archived on the Company's website and replay
will be available in streaming audio.
About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary
solutions that allow engines to operate on clean-burning fuels such as
compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen,
and renewable natural gas (RNG) fuels such as landfill gas and help
reduce greenhouse gas emissions (GHG). Westport technology offers
advanced LNG fueling systems with direct injection natural gas engine
technology for heavy-duty vehicles such as highway trucks and off-road
applications such as mining and rail. Westport's joint venture with
Cummins Inc., Cummins Westport Inc. designs, engineers and markets
spark-ignited natural gas engines for North American transportation
applications such as trucks and buses. Westport LD division is one of
the global leaders for natural gas and liquefied petroleum gas (LPG)
fuel in passenger cars, light-duty trucks and industrial applications
such as forklifts. To learn more about our business, visit our website
or subscribe to our RSS feed at www.westport.com, or follow us on
Twitter @WestportDotCom.
This press release contains forward-looking statements, including
statements regarding the consolidated revenue and revenue growth of
Westport for calendar year 2012, timing for launch and completion of milestones related to the engine
products referenced herein, including the CWI ISX12 G, Weichai Westport
HPDI engine and EMD locomotive engines, projected Westport engine unit
sales in the fourth quarter of 2012, timing for opening of LNG retail
plazas and development of refueling infrastructure, results of FortisBC
incentive program,timing and expectations for future cash flows, the demand for our
products, the future success of our business and technology strategies,
investment in new product and technology development and otherwise,
cash and capital requirements, intentions of partners and potential
customers, the performance and competitiveness of Westport's products
and expansion of product coverage, future market opportunities, speed
of adoption of natural gas for transportation and terms of future
agreements as well as Westport management's response to any of the
aforementioned factors. These statements are neither promises nor
guarantees, but involve known and unknown risks and uncertainties and
are based on both the views of management and assumptions that may
cause our actual results, levels of activity, performance or
achievements to be materially different from any future results, levels
of activities, performance or achievements expressed in or implied by
these forward looking statements. These risks and uncertainties include
risks and assumptions related to our revenue growth, operating results,
industry and products, the general economy, conditions of and access to
the capital and debt markets, governmental policies and regulation,
technology innovations, fluctuations in foreign exchange rates, the
availability and price of natural gas, global government stimulus
packages, the acceptance of and shift to natural gas vehicles, the
relaxation or waiver of fuel emission standards, the inability of
fleets to access capital or government funding to purchase natural gas
vehicles, the sufficiency of bio methane for use in our vehicles, the
development of competing technologies, our ability to adequately
develop and deploy our technology as well as other risk factors and
assumptions that may affect our actual results, performance or
achievements or financial position discussed in our most recent Annual
Information Form and other filings with securities regulators. Readers
should not place undue reliance on any such forward-looking statements,
which speak only as of the date they were made. We disclaim any
obligation to publicly update or revise such statements to reflect any
change in our expectations or in events, conditions or circumstances on
which any such statements may be based, or that may affect the
likelihood that actual results will differ from those set forth in
these forward looking statements except as required by National
Instrument 51-102. The contents of any website, RSS feed or twitter
account referenced in this press release are not incorporated by
reference herein.
SOURCE: Westport Innovations Inc.
<p> <b>Inquiries:</b><br/> Darren Seed<br/> Vice President, Investor Relations & Communications<br/> Westport Innovations Inc.<br/> Phone: 604-718-2046<br/> Email: <a href="mailto:invest@westport.com">invest@westport.com</a> </p>