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Westport Projecting Strong Growth, Investing in Product Development

August 06, 2012

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Westport Innovations Inc. reported a net loss of $6.1 million in the second quarter, an improvement over the net loss of $18.1 million for the same period last year.
Consolidated revenue for Q2 was $106.1 million, compared with $44.9 million for the same period last year, an increase of 136.3%.

The natural-gas-engine maker said it's seeing strong growth in all segments and all of its global markets, and the company said it expects this growth to accelerate as new natural gas fueling infrastructure comes online during the next two years and as the company launches new products. Westport reiterated its revenue guidance of approximately 50% growth, on a consolidated basis.

During Q2, Westport announced major partnerships with Caterpillar, Volvo and GM and the start of production of its Ford F-250/F-350 Westport Wing products in Louisville, Ky.

Westport's operating expenses increased, with research and development, general and administrative and sales and marketing at $40 million, compared with $25.1 million Q2 of 2011. Of the $20.5 million, $4.0 million in research and development expenses related to the Volvo development program, of which $3.8 million was reimbursed in the current quarter.

Other expenses included general and administrative costs increasing from $2.6 million to $9.1 million, due to the addition of acquired operations and costs related to a headcount increase. As of June 30, 2012, Westport had 945 employees globally, compared with 374 employees on June 30, 2011. The company stated the increase was primarily due an increase in market development activities as products near launch. In addition, sales and marketing expenses increased $3.1 million to $10.4 million for the quarter ended June 30, 2012, compared with $7.3 million for the three months ended June 30, 2011.

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