Westport Innovations Reports First Quarter Fiscal 2011 Financial Results, $25.5 Million In Revenues

By
Dave Forde
Published: August 5, 2010Posted in: FinanceTags:

Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), release their Q1 financial results yesterday with a revenue growth of $25.5 million for fiscal 2011 ended June 30, 2010.

“Revenue growth strengthens and we continue to see strong interest in our products in markets around the world,” said David Demers, Westport’s CEO. “Outside of our financial performance, Westport has made several transformative announcements in recent weeks, and we are seeing new government support for natural gas as a transportation fuel in several jurisdictions. We have acquired 100% of our joint venture, Juniper Engines, and also 100% of our former joint venture partner OMVL of Italy. We completed the official formation of our joint venture with Weichai, in China. We have concluded supply agreements with Delphi Diesel Systems and a new global development and commercialization partnership with Volvo Power Train in Sweden. As a result of these announcements, we will expand our global product coverage, significantly increasing our revenue opportunities and reducing our R&D risk through cost recovery from our partners. Our new global partnerships and agreements, the restructuring of our Juniper venture, and our improvements in production capabilities have helped solidify our position as a technology leader in a growing market for clean, domestically produced, alternative fuel transportation solutions.”

Westport Innovations First Quarter Financial Highlights

  • Reported consolidated revenues of $25.5 million for the quarter ended June 30, 2010 compared to $21.8 million for the same period last year, an increase of 17%.
  • Reported net loss of $8.1 million ($0.21 loss per share) for the period ending June 30, 2010 compared to a net loss of $7.9 million ($0.25 loss per share) for the same period last year.
  • Reported cash and short term investments balance as at June 30, 2010 of $98.3 million compared to $104.2 million as at March 31, 2010.
  • Generated $9.4 million in cash from the exercise of warrants previously issued to Industry Canada, a department of the Government of Canada as well as warrants previously issued through a financing with Mackie Research Capital Corporation, formerly J.F. Mackie & Company.
  • Reached high volume scale production capability in a deal with Delphi Automotive Systems LLC to supply Westport’s proprietary heavy-duty (HD) fuel injectors.



About the Author

Dave "The Connector" Forde has been involved in the technology industry across Canada for over 10 years in sales and marketing roles. Part of my passion is to connect people and help to grow businesses. Chair of Toronto Tech Week and an Advisory Member for ICT Toronto and Founder of Toronto Tech Week. Dave also ran the largest association for Internet Marketing & Advertising professionals with over 7,000 members in Canada, then launched Profectio. Shortly after that he launched PR In Canada as the voice of the public relations industry in Canada. Over the years he has also spoken at a number of industry events and been a judge for a number of competitions across Canada. He has also often been called upon to help assist and advising start ups and business with their go to market strategy strategy.