Westport Reports Net Loss of $33.9 million

Westport Innovations Inc. reported financial results for the second quarter ended June 30, 2013 and provided an update on operations.

Westport revenue, excluding joint ventures' revenues, for the quarter ended June 30, 2013 was $34.9 million compared with $49.1 million for the same period last year. The prior quarter period included $14.1 million of service and other revenue recognized under OEM development agreements, including a one-time license revenue of $8.0 million.

Segment revenue for the quarter ended June 30, 2013 was: $25.2 million for Applied Technologies; $8.4 million for On-Road Systems; $1.3 million for Corporate and Technology Investments; $78.0 million for Cummins Westport Inc.  and $152.5 million for Weichai Westport Inc.

Westport revenue plus CWI revenue for the quarter ended and six months ended June 30, 2013 was $112.9 million and $187.6 million, respectively, compared with $106.1 million and $194.7 million, respectively, for the same period last year.
In the second quarter of 2013, CWI shipped 2,716 units and WWI shipped 12,410 units.

Westport reported a net loss of $33.9 million, or $0.61 loss per share, compared with $6.1 million, or $0.11 loss per share, for the same period last year. The increase in net loss is primarily due to a reduction in service and other revenue described above of $12.8 million, or $0.23 per share; increased net investments in product development activities of $5.8 million, or $0.10 per share; and higher selling, general and administrative  costs of $5.0 million, or $0.09 per share, to support facilities expansion and resources globally, as well as OEM development efforts.

Westport expects $6.0 million of research and development costs incurred during the quarter to be reimbursed upon completion of milestones.