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Westport Reports Third Quarter Financial Results
Company reports 61% Increase in Year Over Year Revenue
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2009) - Westport Innovations Inc. (TSX:WPT)(NASDAQ:WPRT), a global leader in alternative fuel, low-emissions transportation technologies, today reported financial results for the third quarter of fiscal 2009 ended December 31, 2008, and provided an update on operations. All figures are in Canadian dollars based on Canadian GAAP unless otherwise stated.
"Despite challenging market conditions for trucks and buses in North America in 2008 we have seen strong growth for our natural gas engines in bus and truck applications," said David Demers, Westport's CEO. "Although 2009 offers significant challenges, we are confident that there are excellent opportunities for continued growth in our business."
"Cummins Westport (CWI) has long been the foundation for our consolidated revenue performance and CWI finished their fiscal year ending December 31, 2008 with another record performance, with revenue in US dollars up 40% over 2007, which was in turn up 46% over 2006. We believe CWI's business will continue to grow through 2009, although there is no doubt much more uncertainty in markets at this time. Nevertheless with strong global interest in environmental improvement, energy security and independence from oil price volatility, and emerging consensus on climate change, large potential growth opportunities also exist across all our lines of business."
"We launched our heavy-duty 15 litre engine only a year ago, and revenue this quarter for that program was over $5 million. Since announcing last year that Kenworth would be our initial truck partner, we have worked diligently to prepare for volume shipments and factory production for fleet operations serving the Ports in Los Angeles and Long Beach. We are building capacity to meet the requirements of the Ports' Clean Truck Program in 2009 and beyond."
Third Quarter Financial and Business Highlights
- Reported consolidated revenues of $31.1 million for the quarter ended December 31st compared to $19.3 million for the same period last year, an increase of 61%.
- Reported consolidated revenues of $95.6 million and $56.2 million for the nine months ended December 31, 2008 and 2007 respectively, an increase of 70%.
- Reported net loss of $8.9 million ($0.28 loss per share) for the quarter ending December 31, 2008 compared to a net income of $7.4 million ($0.28 earnings per share) for the same period last year. Excluding a $9.4 million gain in sale of investments in the three months ended December 31, 2007, net loss was $2.0 million.
- Reported a net loss of $11.7 million ($0.39 loss per share) compared to $2.2 million ($0.09 loss per share) for the nine months ended December 31, 2008 and 2007, respectively. Included in the nine months ended December 31, 2008 and 2007 are pre-tax gains from the sale of investments of $14.5 million and $10.1 million, respectively.
- Reported a cash and short term investments balance as at December 31, 2008 of $88.8 million compared to $22.8 million as at March 31, 2008.
- Cummins Westport announced an order for 260 natural gas engines from North American Bus Industries (NABI).
- Cummins Westport and Cummins India Ltd. announced an order for 3,125 natural gas engines for the Delhi Transport Corporation (DTC). The DTC order is the largest natural gas engine order in CWI history.
- Delivered 56 Heavy Duty LNG systems and reported $5.3 million in heavy duty business revenue in comparison to $0.6 million in the prior year when 3 LNG systems were shipped.
- Peterbilt announced availability of three factory-installed LNG truck configurations through strategic partnership with Westport.
- Signed a development agreement with PACCAR Australia to begin factory-installed production in mid-2009 beginning with the T908, K108 and T408SAR truck chassis and roll out across additional models into the future.
Third Quarter Fiscal Year 2009 Financial Results in Detail
Westport's consolidated revenue for the three months ended December 31, 2008 grew 61% to $31.1 million from $19.3 million in the same quarter in the prior year primarily because of higher shipments of LNG systems, the effects of exchange rate, and higher parts revenue. CWI revenue was $25.8 million on 768 units shipped, up 38% from $18.7 million on 798 units shipped in the same period last year. In US$ terms, CWI revenue increased by 12% over the same period last year. For the nine months ended December 31, 2008 and 2007 respectively, consolidated revenue was $95.6 million and $56.2 million, respectively, an increase of 70% (62% in US$ terms). CWI revenues were up $31.9 million, or 61%, to $84.2 million and 3,236 units shipped from $52.3 million and 2,165 units shipped in the previous year. Non-CWI revenues for the nine months ended December 31, 2008 were $11.4 million on 126 units shipped compared to $3.9 million on 36 units shipped in the same period last year.
Net loss for the three months ended December 31, 2008, was $8.9 million, or $0.28 per share, which compares to net income of $7.4 million, or $0.28 per share, in the three months ended December 31, 2007. Excluding a $9.4 million gain in sale of investments in the three months ended December 31, 2007, net loss was $2.0 million. Our 50% share of CWI decreased from $4.4 million to $0.1 million with our 50% share of pre-tax income down $1.6 million and our 50% share of future income tax recoveries contributing $2.7 million less in the third quarter of fiscal 2009 compared to fiscal 2008. The decrease in CWI's pre-tax income was primarily the result of a $2.4 million warranty adjustment taken in the period resulting in lower gross margins. In general, engines experience higher warranty claims upon launch and lower claims at the end of their product lives as launch defects are corrected and fixes implemented. CWI's policy is to take a higher warranty accrual upon launch and adjust it with field experience. Warranty has and will fluctuate quarter to quarter. Non-CWI operating expenses increased by $2.3 million primarily because of increased spending associated with commercial activities but were offset by $1.3 million in incremental gross margins from the sale of LNG systems.
For the nine months ended December 31, 2008 and 2007, net loss was $11.7 million, or $0.39 per share, and $2.2 million, or $0.09 per share, respectively, with gains from sale of investments of $14.5 million and $10.1 million, respectively. Our 50% share of CWI decreased by $3.1 million primarily because of a $7.8 million change in taxes (our 50% share equals $3.9 million) resulting from CWI having recognized its remaining future income tax benefit in Q308. Pre-tax, our share of CWI has increased by $0.8 million. CWI's gross margins on a year to date basis are 25%, down from 33%, with additional warranty accruals associated primarily with the L Gas and ISL G engines taken in the year.
Westport's cash and cash equivalents balance as at December 31, 2008 was $88.8 million compared to $22.8 million as at March 31, 2008. In the nine months ended December 31, 2008, Westport raised approximately $52.4 million in net proceeds from its Nasdaq initial public offering, $14.0 million in net proceeds from the issuance of debenture units, and $19.4 million from the sale of shares in Clean Energy Fuels Corp. Cash used in operations and for capital expenditures was $8.3 million, with $5.5 million in capital expenditures associated primarily with the establishment of our assembly centre and expansion of office facilities.
Cummins Westport Inc. (CWI) Business Unit Highlights
During the quarter, CWI announced orders for over 3,300 natural gas engines. In October, CWI and Cummins India Limited announced an order for 3,125 natural gas engines, the largest order in CWI history, for Delhi Transport Corporation. The 230 horsepower B Gas Plus engines are powered by compressed natural gas (CNG) and manufactured by CIL. CWI enjoyed further success announcing that North American Bus Industries, Inc. (NABI) had ordered 260 CNG CWI ISL G engines for CompoBus buses.
Westport Global Heavy Duty Business Unit Highlights
Westport's heavy-duty business rolls ahead adding 56 LNG systems shipped in the quarter, bringing the year to date total to 126. Revenues for heavy-duty for the quarter ended December 31, 2008 were $5.3 million on 56 LNG systems shipped compared to $0.6 million in the prior year when 3 LNG systems were shipped.
Adding to the list of factory producers of LNG trucks, Peterbilt trucks and Westport announced an agreement to offer three new LNG configurations on Peterbilt Models 387, 386 and 367 in 2009. Late in the third quarter, PACCAR Australia Pty Ltd. (PACCAR), announced that the companies will develop and commercialise LNG Kenworth trucks for the Australian market. Australia's Kenworth Trucks, a division of PACCAR, plan to begin factory-installed production in mid-2009 beginning with the T908, K108 and T408SAR truck chassis and roll out across additional models into the future.
"The LNG trucks are running well and have provided TTSI with a competitive advantage as a green fleet of delivering goods on a clean, domestically available fuel," said Vic LaRosa, President of Total Transportation Services Inc. and current LNG Truck customer.
The San Pedro Bay Ports (The Ports), including Los Angeles and Long Beach, have achieved established goals for the ban of older, polluting diesel trucks and have publicly announced the collection of container fees starting February 18, 2009. The Ports have experienced challenges along the way in the form of lawsuits and injunction attempts from both the Federal Maritime Commission (FMC) and American Truckers Association (ATA). Despite both of these impediments, the Ports have continued their support of the Clean Trucks Program and expect to begin collecting the fees as planned. 2009 carries a number of key milestones for both Westport and the Ports, where the majority of the truck population are facing upgrades or replacement. According to the Ports, changes in this next stage include:
- a ban on pre-1994 trucks by January 1, 2010 and
- a requirement that trucks between the years 1994 and 2003 be retrofitted with an approved device to meet emission standards by January 2010 or be replaced with new trucks.
Westport is preparing for this opportunity by establishing and testing production assembly and working with suppliers to help ensure parts availability.
Results Conference Call
To coincide with the disclosure, Westport has scheduled a conference call for Wednesday, February 11, 2009 at 2:00 pm Pacific Time (5:00 pm Eastern Time). The public is invited to listen to the conference call in real time or by replay. To access the conference call by telephone, please dial: 866-507-1212 (North America Toll-Free) or 416-695-9712. To access the replay after the call, please dial 800-408-3053 or 416-695-5800 using the passcode # 3281630. The replay will be available until February 18, 2009, however, the webcast will be archived on Westport's website. The real time webcast of the conference call can be accessed on the Westport website at www.westport.com by selecting "Investors" and then "Investor Overview" from the main menu. Replays will be available in streaming audio on the same website after the conclusion of the conference call.
To view Westport's full Third Quarter FY2009 financials, please point your browser to the following link: http://www.westport.com/investor/financial.php.
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 biofuels such as landfill gas. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles. Westport's joint venture with OMVL SpA, Juniper Engines Inc., offers light-duty LPG engine solutions for industrial applications such as forklifts.
This document contains forward-looking statements, including statements regarding the demand for our products, the future success of our business and technology strategies, investment, cash and capital requirements, intentions of partners and potential customers, the performance of our products, future market opportunities, our estimates and assumptions used in our accounting policies, accruals, and financial condition. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties 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 include risks 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 progress of celan air plans at the Port of Los Angeles and Long Beach, the acceptance of natural gas vehicles in fleet markets, the relaxation of waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies as well as other risk factors 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 the forward looking statements except as required by National Instrument 51-102.
Consolidated Financial Statements
(Expressed in thousands of Canadian dollars)
WESTPORT INNOVATIONS INC.
Three and nine months ended December 31, 2008 and 2007
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WESTPORT INNOVATIONS INC.
Consolidated Balance Sheets
(Expressed in thousands of Canadian dollars)
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December 31, March 31,
2008 2008
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(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 48,205 $ 7,560
Short-term investments 40,643 15,202
Accounts receivable 8,991 7,028
Loan receivable 8,333 6,774
Inventories 12,048 9,020
Prepaid expenses 1,390 1,033
Current portion of future income tax assets 4,444 4,944
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124,054 51,561
Long-term investments 2,055 18,754
Equipment, furniture and leasehold
improvements, net 7,828 3,685
Intellectual property, net 466 574
Future income tax assets 4,518 4,366
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$ 138,921 $ 78,940
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Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 9,691 $ 8,470
Current portion of deferred revenue 327 205
Demand instalment loan 5,036 5,776
Short-term debt 2,339 5,995
Current portion of long-term debt 21 54
Current portion of warranty liability 10,959 4,899
Obligation to issue warrants - 4,000
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28,373 29,399
Warranty liability 12,225 4,258
Long-term debt 11,055 8
Deferred lease inducements 361 280
Deferred revenue 2,852 1,216
Joint Venture Partners' share of net assets
of joint ventures 11,425 13,983
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66,291 49,144
Shareholders' equity:
Share capital:
Authorized:
Unlimited common shares, no par value
Unlimited preferred shares in series, no
par value
Issued:
32,038,401 (2008 - 27,416,993) common
shares 311,840 258,202
Other equity instruments 11,796 3,079
Additional paid in capital 5,225 5,097
Deficit (259,175) (247,460)
Accumulated other comprehensive income 2,944 10,878
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72,630 29,796
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$ 138,921 $ 78,940
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WESTPORT INNOVATIONS INC.
Consolidated Statements of Operations (unaudited)
(Expressed in thousands of Canadian dollars, except share and per share
amounts)
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Three months ended Nine months ended
December 31 December 31
2008 2007 2008 2007
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Product revenue $ 25,448 $ 15,488 $ 81,208 $ 43,969
Parts revenue 5,606 3,822 14,367 12,240
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31,054 19,310 95,575 56,209
Cost of revenue and
expenses:
Cost of revenue 24,733 12,756 71,688 38,264
Research and
development 7,754 5,940 22,022 16,459
General and
administrative 2,432 1,849 6,100 4,137
Sales and marketing 3,991 2,289 10,763 6,372
Foreign exchange
loss (gain) 13 (35) 679 962
Depreciation and
amortization 519 380 1,407 1,106
Bank charges,
interest and other 140 80 345 205
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39,582 23,259 113,004 67,505
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Loss before undernoted (8,528) (3,949) (17,429) (11,296)
Loss from investment
accounted for by the
equity method (259) - (842) -
Interest on long-term
debt and amortization
of discount (598) - (1,246) (986)
Interest and other income 886 353 1,700 794
Gain on sale of
investments - 9,392 14,479 10,110
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Income (loss) before
income taxes and Joint
Venture Partners' share
of income from joint
ventures (8,499) 5,796 (3,338) (1,378)
Income tax recovery
(expense):
Current (911) (66) (1,216) (191)
Future 952 5,922 (3,732) 5,416
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41 5,856 (4,948) 5,225
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Income (loss) before
Joint Venture Partners'
share of income from
joint ventures (8,458) 11,652 (8,286) 3,847
Joint Venture Partners'
share of net income
from joint ventures (469) (4,251) (3,429) (6,037)
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Income (loss) for the
period $ (8,927) $ 7,401 $ (11,715) $ (2,190)
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Earnings (loss) per
share:
Basic $ (0.28) $ 0.28 $ (0.39) $ (0.09)
Diluted $ (0.28) $ 0.26 $ (0.39) $ (0.09)
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Weighted average
common shares
outstanding:
Basic 32,029,996 26,625,602 29,689,377 24,531,522
Diluted 32,029,996 28,442,865 29,689,377 24,531,522
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WESTPORT INNOVATIONS INC.
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(Expressed in thousands of Canadian dollars)
--------------------------------------------------------------------------
Three months ended Nine months ended
December 31 December 31
2008 2007 2008 2007
--------------------------------------------------------------------------
Income (loss) for the
period $ (8,927) $ 7,401 $ (11,715) $ (2,190)
Other comprehensive
income (loss)
Unrealized gain (loss)
on available for sale
securities, net of tax
of $237 and $337
(2007 - $nil, $nil) (1,186) (107) 1,706 1,954
Reclassification of net
realized gains on
available for sale
securities to net loss,
net of tax of $nil and
$2,454 (2007 - $nil, $nil) - (6,481) (12,119) (7,199)
Cumulative translation
adjustment 2,647 - 3,272 -
Reclassification of
realized foreign
exchange gain (793) - (793) -
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668 (6,588) (7,934) (5,245)
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Comprehensive income
(loss) $ (8,259) $ 813 $ (19,649) $ (7,435)
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WESTPORT INNOVATIONS INC.
Consolidated Statements of Shareholders' Equity
(Expressed in thousands of Canadian dollars, except share amounts)
Nine months ended December 31, 2008
--------------------------------------------------------------------------
Addit- Accum-
ional ulated
Other paid other Total
equity in Accum- compre- share-
Common Share Instru- capi- ulated hensive holders'
shares capital ments tal Deficit income equity
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Balance,
March 31,
2008 27,416,993 $258,202 $ 3,079 $5,097 $(247,460) $10,878 $29,796
Issue of
common
shares on
exercise
of stock
options 102,530 924 - (352) - - 572
Issue of
common
shares on
exercise of
performance
share units 3,947 23 (23) - - - -
Issue of
common
shares on
settlement
of accrued
interest 14,931 249 - - - - 249
Issue of
common
shares on
public
offering 4,500,000 57,348 - - - - 57,348
Share issue
costs - (4,906) - - - - (4,906)
Value of
warrants
issued with
long-term
debt - - 3,847 - - - 3,847
Value of
warrants
issued to
settle
obligation
to issue
warrants - - 4,000 - - - 4,000
Financing
costs
incurred - - (307) - - - (307)
Stock-based
compensation - - 1,200 480 - - 1,680
Net loss - - - - (11,715) - (11,715)
Other
comprehen-
sive
loss - - - - - (7,934) (7,934)
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Balance,
December 31,
2008
(unaudit-
ed) 32,038,401 $311,840 $11,796 $5,225 $(259,175) $ 2,944 $72,630
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Balance,
March 31,
2007 21,624,594 $232,830 $12,352 $5,301 $(239,865) - $10,618
Transitional
adjustment
on adoption
of new
accounting
standards
for
financial
instruments,
net of tax
of $3,370 - - - - 3,483 17,032 20,515
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Balance,
April 1,
2007 21,624,594 232,830 12,352 5,301 (236,382) 17,032 31,133
Issue of
common
shares on
exercise
of stock
options 232,024 1,967 - (762) - - 1,205
Issue of
common
shares on
exercise of
performance
share units 60,383 390 (390) - - - -
Issue of
common
shares on
conversion
of
subordinated
convertible
notes and
settlement
of accrued
interest 4,831,801 21,759 (7,569) - (763) - 13,427
Issue of
common
shares on
exercise of
warrants 668,191 1,420 (1,420) - - - -
Share issue
costs - (164) - - - - (164)
Stock-based
compensation - - 106 558 - - 664
Net loss - - - - (10,315) - (10,315)
Other
comprehen-
sive
loss - - - - - (6,154) (6,154)
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Balance,
March 31,
2008 27,416,993 $258,202 $ 3,079 $5,097 $(247,460) $10,878 $29,796
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WESTPORT INNOVATIONS INC.
Consolidated Statements of Cash Flows (unaudited)
(Expressed in thousands of Canadian dollars)
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Three months ended Nine months ended
December 31 December 31
2008 2007 2008 2007
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(unaudited) (unaudited) (unaudited) (unaudited)
Cash flows from
operations:
Income (loss) for
the period $ (8,927) $ 7,401 $ (11,715) $ (2,190)
Items not involving
cash:
Depreciation and
amortization 519 380 1,407 1,106
Stock-based
compensation
expense 505 157 1,680 566
Future income tax
recovery (952) (5,922) 3,732 (5,416)
Change in deferred
lease inducements (78) (65) (244) (186)
Gain on sale of
investments - (9,392) (14,479) (10,110)
Joint Venture
Partners' share of
net income from
joint ventures 469 4,251 3,429 6,037
Loss from investment
accounted for by
the equity method 259 - 842 -
Interest on long-term
debt and amortization
of discount (83) - 565 986
Other - (149) - (149)
Changes in non-cash
operating working
capital:
Accounts receivable (1,478) (5,349) (1,963) (2,753)
Inventories (1,080) (2,885) (3,006) (3,889)
Prepaid expenses (271) (560) (357) (436)
Accounts payable and
accrued liabilities (1,185) 1,190 1,501 (313)
Deferred revenue 1,190 (45) 1,758 (170)
Warranty liability 7,217 868 14,027 796
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(3,895) (10,120) (2,823) (16,121)
Cash flows from
investments:
Purchase of equipment,
furniture and
leasehold
improvements (1,476) (288) (5,484) (531)
Proceeds on
disposition of
equipment, furniture,
and leasehold
improvements - 396 - 396
Sale (purchase) of
short-term
investments, net (15,850) (13,915) (25,441) 5,797
Disposition of
long-term investments - 16,092 19,379 17,211
Repayments (advances)
on loans receivable 5,015 - (1,559) -
Investment in joint
venture - - (1,500) -
Proceeds from joint
venture partner - 399 - 399
Leasehold inducement - - 325 -
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(12,311) 2,684 (14,280) 23,272
Cash flows from
financing:
Issue of demand
instalment loan - 2,000 500 3,000
Repayment of demand
instalment loan (418) (258) (1,240) (540)
Increase in
short-term debt - 3,965 170 3,965
Repayment of
short-term debt (2,078) - (4,627) -
Repayment of other
long-term debt (45) (6,759) (96) (6,796)
Issuance of debenture
units - - 15,000 -
Finance costs incurred - - (1,006) -
Shares issued for cash 40 231 57,920 1,035
Share issue costs - (133) (4,906) (164)
Dividends paid to
joint venture partner (9,259) - (9,259) -
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(11,760) (954) 52,456 500
Effect of foreign
exchange on cash and
cash equivalents 4,134 - 5,292 -
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Increase (decrease)
in cash and cash
equivalents (23,832) (8,390) 40,645 7,651
Cash and cash
equivalents,
beginning of period 72,037 17,743 7,560 1,702
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Cash and cash
equivalents, end of
period $ 48,205 $ 9,353 $ 48,205 $ 9,353
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Supplementary
information:
Interest paid $ 713 $ 53 $ 878 $ 126
Taxes paid 480 77 717 333
Non-cash
transactions:
Purchase of
equipment,
furniture and
leasehold
improvements by
assumption of
capital lease
obligation - - 50 -
Shares issued on
exercise of
performance
share units 23 49 23 337
Shares issued on
conversion of debt - - - 20,827
Shares issued for
settlement of
interest on
convertible notes - - 249 553
Broker warrants
issued with
subordinated debt - - 283 -
Warrants issued to
settle obligation
to issue warrants 4,000 - 4,000 -
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For more information, please contact
Westport Innovations Inc.Darren Seed
Director, Investor Relations
(604) 718-2046
Email: invest@westport.com
Website: www.westport.com