Business
Westport Reports Second Quarter Fiscal 2013 Financial Results
~ Cummins Westport and Weichai Westport Post Record Quarter Revenue; Westport Reiterates Brea...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ Cummins Westport and Weichai Westport Post Record Quarter Revenue;\n Westport Reiterates Breakeven Target by End of 2014; Updates Revenue\n Outlook for 2013 ~\n\n\nVANCOUVER, Aug. 1, 2013 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), the global leader in natural gas engines, today reported\n financial results for the second quarter ended June 30, 2013 and\n provided an update on operations. All figures are in U.S. dollars\n unless otherwise stated.\n\n\nHighlights include:\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended June 30, 2013 was $34.9 million compared with $49.1 million for\n the same period last year. The prior quarter period included $14.1\n million of service and other revenue recognized under OEM development\n agreements, including a one-time license revenue of $8.0 million.\n\n\nSegment revenue for the quarter ended June 30, 2013 was: $25.2 million\n for Applied Technologies; $8.4 million for On-Road Systems; $1.3\n million for Corporate and Technology Investments; $78.0 million for\n Cummins Westport Inc. (CWI) and $152.5 million for Weichai Westport\n Inc. (WWI).\n\n\nWestport revenue plus CWI revenue for the quarter ended and six months\n ended June 30, 2013 was $112.9 million and $187.6 million,\n respectively, compared with $106.1 million and $194.7 million,\n respectively, for the same period last year.\n\n\nIn the second quarter of 2013, CWI shipped 2,716 units and WWI shipped\n 12,410 units.\n\n\nFor the quarter ended June 30, 2013 Westport reported a net loss of\n $33.9 million, or $0.61 loss per share, compared with $6.1 million, or\n $0.11 loss per share, for the same period last year. The increase in\n net loss is primarily due to a reduction in service and other revenue\n described above of $12.8 million, or $0.23 per share; increased net\n investments in product development activities of $5.8 million, or $0.10\n per share; and higher selling, general and administrative (SG&A) costs\n of $5.0 million, or $0.09 per share, to support facilities expansion\n and resources globally, as well as OEM development efforts. Westport\n expects $6.0 million of research and development costs incurred during\n the quarter to be reimbursed upon completion of milestones.\n\n\nAcquired BAF Technologies, Inc. (BAF) and its subsidiary, ServoTech\n Engineering...