Business
Westport Reports Second Quarter Fiscal 2014 Financial Results
~ Achieved Positive Adjusted EBITDA of $1.0 Million from Westport Operating Business Un...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ Achieved Positive Adjusted EBITDA of $1.0 Million from Westport\n Operating Business Units; Reaffirms Fiscal 2014 Revenue Guidance ~\n\n\nVANCOUVER, July 31, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), engineering the world's most advanced natural gas engines\n and systems, today reported financial results for the second quarter\n ended June 30, 2014 and provided an update on operations. All figures\n are in U.S. dollars unless otherwise stated.\n\n\nFinancial Highlights include:\n\n\nAs previously stated, Westport's operating business units had the goal\n of achieving positive Adjusted EBITDA from operations by the last\n quarter of 2014. Westport has achieved this goal in the second quarter\n ended June 30, 2014, recording positive Adjusted EBITDA from operations\n of $1.0 million, two quarters ahead of guidance. This is compared with\n an Adjusted EBITDA loss of $8.9 million in the first quarter ended\n March 31, 2013. This milestone has been attained through significant\n operational efficiencies, product portfolio optimization, and expense\n management.\n\n\nRevenue & Net Results\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended June 30, 2014 was $40.0 million compared with $34.9 million for\n the same period last year, an increase of 15%.\n\n\nJoint venture segment revenue for the quarter ended June 30, 2014 was\n $79.6 million for Cummins Westport Inc. (CWI), compared with $78.0\n million in the same period last year; and $133.1 million for Weichai\n Westport Inc. (WWI), compared with $152.5 million the same period last\n year.\n\n\nWestport consolidated net loss and net loss per share for the quarter\n ended June 30, 2014 was $35.4 million and $0.56, respectively, compared\n with $33.9 million and $0.61, respectively, in 2013. Included in the\n net loss for the second quarter of 2014 is unrealized foreign exchange\n loss of $8.6 million, compared with a foreign exchange gain of $3.4\n million in the prior year period.  Excluding foreign exchange loss or\n gain, Westport's consolidated net loss and net loss per share for the\n quarter ended June 30, 2014 was $26.8 million and $0.42, respectively,\n compared with $37.3 million and $0.67, respectively, in 2013.\n\n\n\nAdjusted EBITDA (The reconciliation of Adjusted EBITDA is described\n below)\n\n\n\n...