Business
Westport Reports Fourth Quarter Fiscal 2013 and Year End Financial Results
~ Fourth Quarter Revenues Up 32% Year over Year; 2013 Revenues of $164M ; Westport Reit...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ Fourth Quarter Revenues Up 32% Year over Year; 2013 Revenues of $164M;\n Westport Reiterates Breakeven Targets and Provides Revenue Outlook for\n 2014 ~\n\n\nVANCOUVER, Feb. 26, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT)\n (NASDAQ:WPRT), engineering the world's most advanced natural gas\n engines and systems, today reported financial results for the fourth\n quarter and year ended December 31, 2013 and provided an update on\n operations. All figures are in U.S. dollars unless otherwise stated.\n\n\nHighlights include:\n\n\nRevenue & Net Results\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended December 31, 2013 was $52.6 million compared with $39.9 million\n for the same period last year, an increase of 32%.  For the year ended\n December 31, 2013, revenue was $164.0 million, achieving previously\n stated guidance of $160 million to $180 million, reflecting an increase\n of 5%.\n\n\nJoint venture segment revenue for the quarter ended December 31, 2013\n was $110.5 million for Cummins Westport Inc. (CWI), an increase of\n 158%; and $93.6 million for Weichai Westport Inc. (WWI), a decrease of\n 13%.  Joint venture segment revenue for the year ended December 31,\n 2013 was $310.7 million for CWI, an increase of 57%; and $466.6 million\n for WWI, an increase of 71%.\n\n\nWestport consolidated net loss for the quarter ended December 31, 2013\n increased to $89.5 million from $37.6 million in 2012. Included in the\n net loss are adjustments related primarily to exiting production of the\n first generation of Westport high pressure direct injection (Westport™\n HPDI) system, consolidating our Westport WiNG™ Power System business\n into one facility in Dallas, Texas and non-cash goodwill impairments.\n\n\nAdjustments for the quarter ended December 31, 2013 were $67.8 million\n including goodwill and intangible impairment charges, restructuring and\n product obsolescence charges offset by $10.1 million net foreign\n exchange gains. Excluding total net adjustments of $57.7 million,\n Westport consolidated net loss and net loss per share was $31.8 million\n and $0.51, respectively, for the quarter ended December 31, 2013.  \n\n\nWestport consolidated net loss for the year ended December 31, 2013\n increased to $185.4 million from $98.8 million in 2012. I...