Westport Reports 100% Growth in Revenue in Second Fiscal 2006 Quarter.VANCOUVER Vancouver, city, CanadaVancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Westport Westport, residential town (1990 pop. 24,407), Fairfield co., SW Conn., on Long Island Sound at the mouth of the Saugatuck River; settled 1645–50, inc. 1835. It serves as a popular residence for New York City commuters. Westport has a summer theater. Innovations Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :WPT WPT World Poker Tour WPT Waypoint WPT Wisconsin Public Television WPT Watson Poker Tour WPT Wonderlic Personnel Test WPT Wavelet Packet Transform WPT Wireless Power Transmission WPT Windfall Profit WPT Wireless Personal Terminal WPT Word Processing Technician ) today reported results for the three and six months ended September September: see month. 30, 2005, and provided an update on its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Westport's consolidated net loss for the three months ended September 30, 2005 decreased by 43% to $3.3 million ($0.05 loss per share) compared to $5.8 million ($0.09 loss per share) for this quarter last year. The primary contributor to the lower loss was a $1.4 million improvement in contribution from Cummins This article is about the diesel engine manufacturer. For other uses, see Cummins (disambiguation). Cummins Inc. (NYSE: CMI) is a maker of diesel and natural gas engines whose corporate headquarters is located in Columbus, Indiana. Westport Inc. (CWI CWI - Centrum voor Wiskunde en Informatica ). Westport's consolidated revenues more than doubled from $6.0 million to $12.2 million. Depreciation and amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. was also down by $1.0 million primarily because of assets becoming fully depreciated Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. fully depreciated Of or relating to a fixed asset that has been depreciated to a book value of zero. . For the six months ended September 30, 2005, Westport's consolidated net loss was down 25% and consolidated revenues up 54%. Westport's consolidated cash used in operations before changes in working capital decreased by 61% to $1.5 million for the second quarter ended September 30, 2005, from $3.7 million this quarter last year. For the six months ended September 30, 2005, Westport used $4.5 million in cash for operations, $2.8 million for working capital purposes and $0.6 million for loan repayments. At September 30, 2005, Westport's cash and short term investments were $12.4 million. "This quarter showed good progress on our strategic plan," said David Demers Demers is a surname, and may refer to:
Business Programs Update Cummins Westport Inc. During the quarter, South Coast Air Quality Management District The South Coast Air Quality Management District (SCAQMD), formed in 1976, is the air pollution agency responsible mainly for regulating stationary sources of air pollution for most of Los Angeles, San Bernardino, Riverside County, and all of Orange county. awarded $690,000 in funding to Cummins Westport for the development of its ISL ISL - Interface Specification Language. Xerox PARC. Interface description language used by the ILU (Inter-Language Unification) system. Includes descriptions of multiple inheritance, exceptions and garbage collection. E-mail: Bill Janssen <janssen@parc.xerox.com>. G natural gas engine. Combined with the $600,000 from the DOE's National Renewable Energy Laboratory The National Renewable Energy Laboratory (NREL), located in Golden, Colorado, as part of the U.S. Department of Energy, is the United States' primary laboratory for renewable energy and energy efficiency research and development. , the money will be used to fund development of the new ISL G, which will be introduced in 2007 but will be capable of meeting Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and and California Air Resources Board California Air Resources Board (CARB) is the "clean air agency" of the state of California in the United States. Established originally in 1967, it is a part of the California Environmental Protection Agency, an organization which reports directly to the California 2010 standards at launch. Cummins Westport leveraged its access to China's export markets through Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. bus manufacturers during the quarter, with an order from Bangladesh Bangladesh (bäng-lädĕsh`, băng–) [Bengali,=Bengal nation], officially People's Republic of Bangladesh, republic (2005 est. pop. 144,320,000), 55,126 sq mi (142,776 sq km), S Asia. and a delivery to Manila Manila (mənĭl`ə), city (1990 pop. 1,601,234), capital of the Philippines, SW Luzon, on Manila Bay. Manila is the center of the country's largest metropolitan area, its chief port, and the focus of all governmental, commercial, industrial, in the Philippines Philippines officially Republic of the Philippines Island country, western Pacific Ocean, on an archipelago off the southeast coast of Asia. Area: 122,121 sq mi (316,294 sq km). Population (2005 est.): 84,191,000. . In North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , CWI delivered engines that will go into bus chassis Pronounced "chah-see," it is a physical structure that holds everything or that everything is attached to. A computer's cabinet is often called the chassis. destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County and LA Metro, both in southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . After the close of the quarter, Cummins Westport, through Cummins Inc., completed a manufacturing agreement in China. Dongfeng Dongfeng is a widely used word in China. Sometimes shorten as DF, it may mean:
 `bā`), province (1994 est. pop. 56,560,000), c.72,000 sq mi (186,480 sq km), central China. Province. The ability to
manufacture locally will allow CWI to access a wider market and to
compete with existing lower priced Chinese products while maintaining
quality.Westport Program Highlights In August, Westport announced its intent to form a joint venture company with Beijing Beijing (bā-jĭng) or Peking (pē-kĭng, pā–), city (1994 est. urban pop. 6,093,300; 1994 est. total pop. 7,240,700), capital of the People's Republic of China. It is in central Hebei prov. Tianhai Industry Company (BTIC BTIC Baggage Tag Issuer Code (aviation) ) of China. The joint venture company will market and sell liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. fuel tanks for on-board On board usually means to be traveling on some vehicle. For example, Baby On Board. Compare with overboard. Metaphorically, the term on-board is often used to refer to some piece of technology that is integrated in a moving vehicle, for example: During the quarter, Westport also announced its intent to form an alliance with Weichai Power Co. Ltd. of China to cooperate on the development, marketing and sales of gaseous-fuelled engines and vehicles for the Chinese market. With 70% market share, Weichai Power is the dominant Chinese engine manufacturer in the Chinese heavy-duty market. "We continue to see China as a key market for Westport's technologies," said Phil Hodge, Westport's Vice-President responsible for China. "Our strategy is to leverage partners like BTIC and Weichai to allow us to more quickly introduce our technologies to a growing Chinese market facing both environmental and energy security challenges." Westport was named fourth on Deloitte's Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Technology Fast 50, an annual recognition of the fastest growing technology companies in Canada. Business in Vancouver also recognized Westport as a leader in revenue growth, naming Westport as the third fasting growing company in British Columbia this year. Just after the close of the quarter, Westport reported a new agreement and commitment from the City of San Francisco
Westport reported in October the launch and announcement of additional funding for the Integrated Waste Hydrogen Utilization Project (IWHUP IWHUP Integrated Waste Hydrogen Utilization Project (Canada) ), a consortium effort led by Sacre-Davey Innovations Inc. The $18.3 million Vancouver-based project includes $12.2 million of funding combined from the Hydrogen Early Adopters (h2EA) program, Sustainable Development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union Technology Canada, and Natural Resources Canada's Canadian Transportation Fuel Cell Alliance. Westport will convert four Cummins Westport-powered buses to run on a blend of hydrogen and compressed natural gas Compressed Natural Gas (CNG) is a substitute for gasoline (petrol) or diesel fuel. It is considered to be an environmentally "clean" alternative to those fuels. It is made by compressing natural gas (which is mainly composed by methane (CH4 (HCNG). The buses will be part of a TransLink bus technology and alternative fuel test and evaluation program in Greater Vancouver. Results Conference Call Westport has scheduled a conference call for Wednesday, November 2, 2005 at 8:00 am (Pacific Time) to discuss the quarterly results. 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: 1-800-936-9754 (North America Toll-Free) or 1-973-935-2048 (International). Alternatively, the webcast of the conference call can be accessed through the Westport website at www.westport.com by selecting "Investors" and then "Investor Overview" from the menu. Replays will be available in streaming audio A one-way audio transmission over a data network. It is widely used on the Web as well as company networks to play audio clips and Internet radio. Computers in home networks stream audio (mostly music) to digital media hubs connected to home theaters. on the same website shortly after the conclusion of the conference call. To view Westport's full financials, please point your browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used to the following link: www.westport.com/investor/financial.php. About Westport Innovations Inc. Westport Innovations Inc. is the leading developer of environmental technologies that allow engines to operate on clean-burning fuels such as natural gas, hydrogen, and hydrogen-enriched natural gas (HCNG). Westport has technology development alliances in place with Cummins, Ford, MAN, BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , and Isuzu, as well as an ownership interest in Clean Energy, the largest provider of natural gas for vehicles in North America. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's widest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. Note: This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about Westport's business, operations, technology development or to the environment in which it operates, which are based on Westport's estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, or are beyond Westport's control. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. Westport disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
WESTPORT INNOVATIONS INC.
Consolidated Balance Sheets
(Expressed in Canadian dollars)
--------------------------------------------------------------------
September 30, March 31,
2005 2005
--------------------------------------------------------------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 486,855 $ 319,806
Short-term investments 11,892,981 19,970,877
Accounts receivable 7,867,217 6,040,026
Inventory 1,247,459 1,481,513
Prepaid expenses 679,886 552,231
-------------------------------------------------------------------
22,174,398 28,364,453
Long-term investments 9,133,876 9,133,876
Equipment, furniture and leasehold
improvements 33,519,255 33,525,179
Accumulated depreciation (29,021,074) (27,750,304)
-------------------------------------------------------------------
4,498,181 5,774,875
Intellectual property 4,321,394 4,321,394
Accumulated amortisation (3,386,422) (3,152,978)
-------------------------------------------------------------------
934,972 1,168,416
--------------------------------------------------------------------
$ 36,741,427 $ 44,441,620
--------------------------------------------------------------------
--------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities $ 3,013,223 $ 4,466,661
Deferred revenue 2,699,956 2,639,316
Demand instalment loan 1,775,702 2,252,720
Current portion of long-term debt
obligations 93,751 104,975
Current portion of warranty liability 3,515,598 3,665,175
Current portion of financial instruments 3,528,632 335,745
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14,626,862 13,464,592
Long-term debt and other long-term
obligations 1,406,471 1,545,064
Warranty liability 3,530,730 3,063,678
Joint Venture Partner's share of income
from joint venture 893,422 68,870
Financial instruments - 2,621,458
Shareholders' equity:
Share capital:
Authorised:
Unlimited common shares, no par value
Unlimited preferred shares in series,
no par value
Issued:
74,272,651 (2005 - 73,964,088) common
shares 230,979,873 230,378,934
Other equity instruments 1,939,099 2,078,460
Additional paid in capital 4,604,311 2,918,568
Deficit (221,239,341) (211,698,004)
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16,283,942 23,677,958
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$ 36,741,427 $ 44,441,620
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WESTPORT INNOVATIONS INC.
Consolidated Statements of Operations and Deficit
(Expressed in Canadian dollars)
--------------------------------------------------------------------
Three months ended Six months ended
September 30 September 30
---------------------------- ----------------------------
2005 2004 2005 2004
--------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Product
revenue $ 9,094,348 $ 3,617,359 $ 16,100,613 $ 10,098,594
Parts
revenue 3,134,237 2,363,745 6,641,754 4,706,657
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12,228,585 5,981,104 22,742,367 14,805,251
Cost of
revenues
and
expenses:
Cost of
revenue 7,933,715 4,205,200 15,737,907 10,729,997
Research and
development 4,077,639 4,103,632 9,004,809 9,137,244
General and
admini-
strative 907,696 1,450,442 2,449,627 2,975,314
Sales and
marketing 1,496,357 875,041 2,794,517 1,817,713
Foreign
exchange
gain (124,217) (388,178) (43,744) (321,265)
Depreciation
and
amortisation 578,000 1,566,125 1,652,398 3,224,603
Bank charges
and interest
on capital
leases 64,807 75,813 114,275 147,377
--------------------------------------------------------------------
14,933,997 11,888,075 31,709,789 27,710,983
--------------------------------------------------------------------
Loss before
undernoted (2,705,412) (5,906,972) (8,967,422) (12,905,732)
Interest,
investment
and other
income 134,775 70,458 250,637 160,644
Joint Venture
Partner's
share of
income from
joint venture (758,117) - (824,552) -
--------------------------------------------------------------------
Loss for the
period (3,328,754) (5,836,513) (9,541,337) (12,745,088)
Deficit,
beginning
of period
as
reported (217,910,587) (192,397,966) (211,698,004) (182,996,238)
Cumulative
adjustment
for change
in
accounting
for stock-
based
compensation - - - (2,493,153)
--------------------------------------------------------------------
Deficit,
beginning of
period as
adjusted (217,910,587) (192,397,966) (211,698,004) (185,489,391)
--------------------------------------------------------------------
Deficit,
end of
period $(221,239,341) $(198,234,479) $(221,239,341) $(198,234,479)
--------------------------------------------------------------------
--------------------------------------------------------------------
Basic and
diluted
loss per
share $ 0.05 $ 0.09 $ 0.13 $ 0.20
Weighted
average
common
shares
outstanding 74,272,651 65,078,800 74,155,215 64,876,888
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--------------------------------------------------------------------
WESTPORT INNOVATIONS INC.
Consolidated Statements of Cash Flows
(Expressed in Canadian dollars)
--------------------------------------------------------------------
Three months ended Six months ended
September 30 September 30
---------------------------- ----------------------------
2005 2004 2005 2004
--------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash provided
by (used in):
Operations:
Loss for
the
period $ (3,328,754) $ (5,836,513) $ (9,541,337) $ (12,745,088)
Items not
involving
cash:
Depreciation
and
amortisation 578,000 1,566,125 1,652,398 3,224,603
Stock based
compensation
expense 349,037 215,537 2,147,323 472,582
Accretion
of TPC
warrants 285,714 285,715 571,428 571,428
Change in
deferred
lease
inducements (41,019) 55,962 (71,932) 110,478
Net gain on
disposal of
equipment,
furniture,
and leasehold
improvements (63,945) - (63,945) -
Joint Venture
Partner's
share of
income from
joint
venture 758,117 - 824,552 -
------------------------------------------------------------------
(1,462,850) (3,713,175) (4,481,513) (8,365,997)
Change in
non-cash
operating
working
capital:
Accounts
receivable (792,332) 74,906 (1,827,191) 1,332,629
Inventory 67,270 (419,242) 234,054 (419,242)
Prepaid
expenses (286,671) (223,884) (127,655) (165,966)
Accounts
payable
and accrued
liabilities 267,931 1,212,350 (1,453,441) 429,974
Deferred
revenue 160,742 - 60,640 -
Warranty
liability 106,055 (577,047) 317,475 (287,933)
-------------------------------------------------------------------
(1,939,855) (3,646,092) (7,277,631) (7,476,535)
Investments:
Purchase of
equipment,
furniture,
and
leasehold
improvements (79,239) (94,578) (164,001) (219,190)
Proceeds on
disposition
of equipment,
furniture,
and leasehold
improvements 85,687 - 85,687 -
Purchase of
short-term
investments,
net 2,276,458 (11,290,680) 8,077,896 (7,711,821)
-------------------------------------------------------------------
2,282,906 (11,385,258) 7,999,582 (7,931,011)
Financing:
Issue of
common
shares,
net of
issuance
costs - 15,156,755 - 15,282,436
Repayment
of demand
installment
loan (238,509) (238,509) (477,018) (477,018)
Repayment
of long-
term debt
obligations (38,865) (108,706) (77,884) (169,858)
-------------------------------------------------------------------
(277,374) 14,809,540 (554,902) 14,635,560
--------------------------------------------------------------------
Increase
(decrease)
in cash and
cash
equivalents 65,677 (221,810) 167,049 (771,986)
Cash and cash
equivalents,
beginning of
period 421,178 886,462 319,806 1,436,638
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Cash and cash
equivalents,
end of
period $ 486,855 $ 664,652 $ 486,855 $ 664,652
--------------------------------------------------------------------
--------------------------------------------------------------------
Supplementary
information
Interest
paid $ 44,705 $ 46,134 $ 70,911 $ 95,658
Non-cash
transactions:
Shares
issued on
exercise of
performance
share units - - 600,939 1,003,629
Shares to be
issued on
acquisition
of intellectual
property and
other intangible
assets - - - 1,551,426
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