Profit makes the headlinesFrom today's online edition of the Vancouver Sun:
Westport Innovations earns first quarterly profit (1:16 pm)
Gillian Shaw, Vancouver Sun
Published: Friday, June 08, 2007
Westport Innovations wrapped ups its fiscal year ended March 31 with its first quarterly profit of $1.7 million Cdn or $.02 a share compared to a net loss of $3.7 million or $.05 a share for the same period last year.
The boost in net income was helped by a $4.2 million gain on the dilution of its interest in Westport Research Inc. from 55 per cent to 16 per cent and from $3.5 million in future tax benefits recognized by its joint venture Cummins Westport Inc.
"We're continuing to see strong interest around the world in our ideas, we continue to develop new alliances and technologies that we believe will be valuable in the future," Westport chief executive officer David Demers told analysts in a conference call today. "Fiscal 2007 was a watershed year in our corporate development and we look forward to building on that strong foundation in fiscal 2008 and beyond."
Email to a friend
Printer friendly
Font: ****Westport recorded a net loss for the year of $11.3 million or $.15 per share, compared to $416.9 million or $.23 per share for fiscal 2006. The figures include an $8.1 million gain recognized on the partial disposition and reorganization of WRI, which resulted in $11.5 million in cash proceeds.
Revenues for the fourth quarter were $19.3 million, up from $12.2 million for the fourth quarter of 2006 and an increase over the third quarter of this year which saw revenues of $16.8 million.
Revenues for the year climbed 39 per cent to $60.5 million, up from $43.6 million for fiscal 2006.
The rosier revenues were thanks to increased CWI engine shipments that were up 50 per cent and the delivery of Westport's first LNG (liquid natural gas) systems for heavy duty trucks. Canada's strengthening Canadian dollar had an impact, with growth in product sales offset by a five per cent decrease in the US dollar exchange rate.
CWI joint venture chalked up its 10th consecutive profitable quarter, earning $4.4 million US before taxes.