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Westport Reports Fourth Quarter & Fiscal 2008 Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2008) - Westport Innovations Inc. (TSX:WPT), a global leader in alternative fuel, low-emissions transportation technologies, today reported financial results for the fourth quarter and fiscal year ended March 31, 2008 (FY2008), and provided an update on operations.
"The lower cost of natural gas compared to oil based fuels coupled with the strong environmental leadership story for natural gas vehicles has helped generate an unprecedented increase in interest in our products," said David Demers, Westport's Chief Executive Officer.
"Although we saw continued strong growth around the world in fiscal 2008, the rapid rise in oil prices late in the fiscal year has moved natural gas vehicles from being primarily an environmental story to now being both environmentally sound and a very good business decision. Early deliveries of Kenworth trucks, Sterling's recent product announcement, and Peterbilt's recent LNG announcement have all helped raise the credibility and momentum of this idea as a viable transportation fuel. Although we have been focused on bus and refuse fleets for our ISL G engine, and the San Pedro Bay Ports Clean Truck Program for our larger ISX program, demand is now appearing very broadly from truck fleets all over the world concerned about rising diesel fuel prices. Fuel has become the number one expense for many fleets and has risen by 300% to 500% over just the past few years."
"We are in a unique position and our products can offer real savings to truck and bus operators at a time when fuel prices are creating unbearable business pressures. This will, we expect, lead to stronger than anticipated demand going forward," added Demers.
Fourth Quarter Fiscal 2008 Financial and Business Highlights
- Reported consolidated quarterly revenues at $15.3 million compared to $19.3 million for the fourth quarter of fiscal 2007. The decrease in revenue is based primarily on a delay in planned deliveries by Cummins Westport Inc. (CWI) that slipped into fiscal 2009.
- Reported a net loss of $8.1 million ($0.09 loss per share) for the fourth quarter ended March 31, 2008 compared to a net income of $1.7 million ($0.02 earnings per share) for fourth quarter ended March 31, 2007. The fourth quarter of fiscal 2007 included a $4.2 million dilution gain on one of the Company's investments, $2.2 million in funding from the Industrial Technologies Office (ITO, formerly Technology Partnerships Canada) and reversal of $1.3 million in royalty accruals upon extension of Westport's agreement with ITO. The fourth quarter of fiscal 2008 included a $1.3 million future tax expense related to the gain on sale of long-term investments in the year and a net loss of $0.4 million from CWI after taking into account Cummins' 50% share of CWI's profit and losses.
- Announced a collaborative agreement with Kenworth Truck Company (Kenworth) to begin production of Kenworth T800 LNG trucks at its manufacturing facility in Renton, Washington, in early 2009.
- Announced that Wal-Mart Stores, Inc. will introduce four liquefied natural gas (LNG) fuelled Peterbilt 386 trucks into service at their distribution centre in Apple Valley, California.
- Announced the first 'port customer' (Southern Counties Express) order for 50 of Westport's (LNG) heavy duty trucks.
- Received certification for 2008 LNG engine from the Australian Department of Infrastructure, Transport, Regional Development and Local Government.
- Announced that Westport was awarded US$2.25 million in funding from the South Coast Air Quality Management District (SCAQMD), the California Energy Commission (CEC) and the Ports of Los Angeles and Long Beach (collectively, the Ports).
Full Year Fiscal 2008 Financial and Business Highlights
- Delivered 2,720 units in fiscal 2008 as compared to 2,001 units in fiscal 2007.
- Consolidated annual revenues increased 18% to $71.5 million in fiscal 2008 compared to $60.5 million for fiscal 2007. In US dollar terms, revenues increased by 31% but the increase was significantly offset by the decline in the US dollar against the Canadian dollar.
- Reported net loss decreased to $10.3 million ($0.12 per share) in fiscal 2008 compared to $11.3 million ($0.15 per share) for fiscal 2007. Net loss decreased primarily because of the successful monetization of previous investments including the sale of Clean Energy shares and the disposition of substantially all of Westport's shares of Wild River Resources Inc.
- Announced the formation of a 49:51 equity joint venture with OMVL SpA, of Italy, to design, produce and sell alternative fuel engines in the sub-5 litre class for global applications with Westport showing 49% of the profit or loss.
- Announced that Delhi Transport Corporation (DTC) ordered 500 Tata low-floor buses equipped with the Cummins Westport B Gas International (BGI) engines.
- Received formal certification from the United States Environmental Protection Agency (US EPA) for 0.2g/bhp-hr oxides of nitrogen (NOx) and 0.01 g/bhp-hr particulate matter (PM) for the Cummins Westport ISL G engine.
Fourth Quarter & Fiscal Year 2008 Financial Results in Detail
For the year ended March 31, 2008, revenues increased to $71.5 million from $60.5 million in fiscal 2007, a year-over-year increase of 18%. Consolidated revenues increased primarily based on the 36% increase in units shipped from 2,001 in fiscal 2007 to 2,720 in fiscal 2008. The Company's products and parts, however, are priced in US dollars and are accordingly affected by fluctuations in the US dollar exchange rate. In US dollar terms, revenues increased by 31% but the increase was significantly offset by the decline in the US dollar against the Canadian dollar. The Company's heavy duty fuel systems revenue increased from $0.8 million (8 units) in fiscal 2007 to $3.1 million (36 units) for fiscal 2008. As sales activities around Port and non-Port fleets continue, sales of LNG systems for heavy duty trucks are expected to increase.
Westport's net loss for the year ended March 31, 2008 was $10.3 million, or $0.12 per share, compared to a net loss of $11.3 million, or $0.15 per share, for the year ended March 31, 2007. Net loss decreased by $1.0 million primarily because of a $2.5 million increase in gains from the sale of long-term investments with $8.0 million recognized in the year from the sale of Clean Energy shares and $2.7 million from the disposition of substantially all of Westport's shares of Wild River Resources Ltd, offset by increased expenses and increased foreign exchange loss of $1.4 million. Westport also recognized a $1.3 million future income tax expense related to the gains on sale of its Clean Energy shares. As Westport has sufficient tax basis and loss carryforwards, the Company does not anticipate having to pay any cash taxes related to the sale of its Clean Energy shares.
As at March 31, 2008, Westport's cash and short-term investments balance was $22.8 million compared to $23.1 million at the end of fiscal 2007. During the year, Westport sold approximately 746,000 shares of Clean Energy for proceeds of $11.2 million. During the year, Westport negotiated a limited recourse loan, repayable only from certain receipts of sales of LNG systems, from Clean Energy for US$6.0 million to allow Westport to produce approximately 75 LNG trucks in anticipation of deliveries to customers in calendar 2008. Although the Port process has taken longer than expected, Westport expects these trucks in inventory to be delivered. Additionally, Westport has new systems in process.
On July 26, 2007, Perseus, through its affiliates, exercised the conversion option on the approximately $22.1 million of secured, subordinated convertible debentures (Notes) held by them in order to acquire approximately 16.5 million common shares of Westport, which were then sold to third parties with all proceeds going to Perseus and its affiliates. As an inducement for Perseus's conversion of the Notes, Westport agreed to pay them, in cash or in shares, an amount equal to 50% of the interest that would otherwise have been payable on the Notes, on December 31, 2007 and June 30, 2008, had the Notes not been converted. 4,134,663 warrants associated with the Notes were also exercised on a cashless basis in the fourth quarter of fiscal 2008 in exchange for 2,338,669 common shares.
On the expense side, sales and marketing expenses for the years ended March 31, 2008 and 2007 were $10.6 million and $7.1 million, respectively, with a non-recurring marketing expense of $1.8 million taken by CWI accounting for approximately half of the $3.5 million increase. Other CWI sales and marketing expenses increased by $0.5 million with the launch of the ISL G engine. Non-CWI sales and marketing costs increased by $1.2 million as the Company ramped up its business development activities in California and China.
Cummins Westport Inc. (CWI) Business Unit Highlights
CWI, a 50:50 global joint venture between Westport and Cummins Inc., is focused on the development, marketing and sale of mid-range, spark-ignited (SI) natural gas or liquefied petroleum gas (LPG) engines for transit bus, shuttle and urban specialty vehicles such as refuse trucks. CWI revenues increased by 16% to $67.3 million from $58.0 million in the prior year. In US dollar terms, the increase was approximately 29% with sales in all regions seeing double digit growth with revenues up 79% in Asia, 14% in North America, 38% in the rest of the world, and parts revenue up 36%.
CWI contributed $5.8 million after taxes and after taking into account Cummins' 50% share of net income compared to $6.1 million in the prior year.
In the fourth quarter of fiscal 2008, CWI saw its first quarterly net loss of $0.4 million in over three years, after taking into account Cummins' 50% share of CWI's profit and losses, as the result of certain international shipments slipping into fiscal 2009, integration of the ISL G at some OEM's taking longer to complete than anticipated and its decision to accrue $1.4 million which will be used to resolve a customer's operational issue with an older engine. CWI expects revenue growth and profit to return in the first quarter of fiscal 2009.
Launched in 2007, the ISL G natural gas engine has contributed a significant amount of growth in the CWI revenue stream and has been met with positive feedback from customers. Its fuel efficiency and torque characteristics make it an ideal engine for medium duty trucks across a variety of applications in short-haul port operations, as well as natural gas utilities and municipal fleets. In April, 2008, CWI announced an order of 250 ISL G engines from San Diego Metropolitan Transit System. In May, 2008 Sterling Trucks of Redford, Michigan announced it had launched a new Sterling(R) Set-Back 113, its first natural gas vehicle, featuring the ISL G engine.
Westport Global Heavy Duty Business Unit Highlights
Soaring fuel prices, one of the largest single expense items for heavy duty truck fleets, are significantly driving up the cost of doing business for fleet owners globally. Westport markets a product line of heavy duty fuel system solutions that incorporates the Company's proprietary HPDI technology that can help reduce fuel costs in comparison to diesel fuel and provide environmental benefits. Through HPDI technology, Westport can deliver a low-emission, natural gas-fuelled version of the latest original equipment manufacturer (OEM) diesel engine and match the base engine's efficiency and performance without changing the base engine design. Part of the complete heavy duty fuel system solutions are proprietary tank systems that carry the natural gas as LNG.
Orders for LNG heavy duty fuel systems grew substantially in fiscal 2008 with the Company's single largest Port order to date being received in March 2008 through an order for 50 LNG heavy duty trucks from Southern Counties Express. During the fourth quarter of fiscal 2008, Westport witnessed increased interest in its products and services from fleet users, OEMs and governments. The Company was awarded US$2.25 million in funding from the SCAQMD, the CEC and the Ports for development, demonstration, certification and commercialization of its 2010 LNG product.
The Ports of have made significant strides in approvals and procedures to commence one of the largest clean truck projects to date to exchange and replace polluting trucks in the Southern California basin. The Clean Trucks Program detailed in the Clean Air Action Plan calls for drayage truck owners to scrap and replace approximately 16,800 polluting trucks working at the Ports, with the assistance of a Port-sponsored grant or loan subsidy. According to the Port of Long Beach website, no less than 50 percent of the Clean Trucks Program-financed trucks will run on alternative fuels proven to be cleaner than diesel, such as LNG. A recent Request for Proposal put out by the Ports has multiple bidders basing their proposal for LNG heavy duty trucks on Westport technology.
The Ports are currently receiving proposals for an administrator of the total grant and concession administrative programs under the Clean Trucks Program. According to Port documents, the contract for the administrator is expected to be granted at the end of June 2008. Westport is in contact with the Ports to offer any assistance that may help expedite sales under the Clean Trucks Program. To meet anticipated volumes of Port and non-Port fleet orders, it was necessary to establish a partnership with a leading truck manufacturer to help produce the quantities anticipated from future orders.
In January, 2008, Westport announced that the Kenworth, a division of PACCAR Inc., will be beginning production in 2009 at its manufacturing facility in Renton, Washington of Kenworth T800 LNG trucks with Westport's LNG fuel system technology adapted for the Cummins ISX-15-liter engine. In order to support the Kenworth factory initiative, Westport is opening a new LNG Fuel System Assembly Center in the Metro Vancouver area.
On the global front, Westport, which was previously awarded AUD$1.4 million from the Australian Government to demonstrate and evaluate the use of LNG as a fuel for heavy duty highway trucks in Australia, where natural gas enjoys a significant price advantage over diesel, successfully completed this demonstration program with over 275,000 km of field experience at the end of March 2008. Moreover, Westport's LNG fuel system adapted to the 2008 Cummins ISX heavy duty engine has been certified to the 2008 Australian Design Rules (ADR 80/02 and ADR 30/01), enabling commercial sales in Australia.
Corporate Development and Technology Groups
Westport's Corporate Development Group focuses on developing emerging opportunities and market creation activities around the world. The group is tasked with developing new paths to market through OEM and other strategic relationships, identifying licensing opportunities for non-core technologies, and capturing value through the supply chain. Licensing and Intellectual Property are an integral part of Westport's corporate development program. As of March 31, 2008, Westport held 52 issued U.S. patents and 4 allowed U.S. patents, in addition to corresponding issued patents or pending patent applications in countries other than the United States.
In October 2007, Westport and OMVL SpA of Italy announced the formation of a 49:51 equity joint venture to design, produce and sell alternative fuel engines in the sub-5 litre class for global applications. The jointly controlled company is headquartered in Vancouver and will exploit the global engineering, production and distribution strengths of OMVL and its parent company, SIT Group, to deliver engines worldwide. Westport, with a 49% interest, will support the new venture through supply of technology, design, testing and market development services.
Results Conference Call
Westport has scheduled a conference call for today, Tuesday June 3, 2008 at 8:00am Pacific Time (11:00am Eastern Time) to discuss these 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: 1-800-952-4972 (North America Toll-Free) or 416-641-2140. Alternatively, the web cast 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. To access the conference call replay after the call, please dial 800-408-3053 or 416-695-5800 using the passcode # 3260120. The replay will be available until June 10, 2008, however, the webcast will be archived on the Company's website.
To view Westport's full FY2008 financials, please point your browser to the following link: https://www.westport.com/investor/financial.php.
2008 Annual Meeting of Shareholders
The Westport 2008 Annual Meeting of Shareholders will be held on Tuesday, July 8, 2008 at 2:00 PM (Pacific Time) at the Delta Vancouver Airport Hotel, 3500 Cessna Drive, Richmond, British Columbia.
About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary solutions that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen and biofuels such as landfill gas. Cummins Westport Inc., Westport's joint venture with Cummins Inc., manufactures and sells the world's broadest range of low-emissions alternative fuel engines for commercial transportation applications such as trucks and buses. BTIC Westport Inc., Westport's joint venture with Beijing Tianhai Industry Co. Ltd., manufactures and sells LNG fuel tanks for vehicles.
Note: This document contains forward-looking statements about Westport's business, operations, technology development or 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.
Consolidated Financial Statements
(Expressed in thousands of Canadian dollars)
WESTPORT INNOVATIONS INC.
Years ended March 31, 2008, 2007 and 2006
WESTPORT INNOVATIONS INC.Consolidated Balance Sheets(Expressed in thousands of Canadian dollars)March 31, 2008 and 2007-------------------------------------------------------------------------- 2008 2007--------------------------------------------------------------------------AssetsCurrent assets: Cash and cash equivalents $ 7,560 $ 1,702 Short-term investments 15,202 21,379 Accounts receivable 7,028 10,881 Loan receivable 6,774 - Inventories 9,020 2,816 Prepaid expenses 1,033 783 Current portion of future income tax assets 4,944 1,778 ------------------------------------------------------------------------- 51,561 39,339Long-term investments 18,754 13,115Equipment, furniture and leasehold improvements 3,685 3,863Intellectual property 574 719Deferred charges - 920Future income tax asset 4,366 1,677-------------------------------------------------------------------------- $ 78,940 $ 59,633----------------------------------------------------------------------------------------------------------------------------------------------------Liabilities and Shareholders' EquityCurrent liabilities Accounts payable and accrued liabilities $ 8,470 $ 6,030 Deferred revenue 205 365 Demand instalment loan 5,776 1,613 Short-term debt 5,995 - Current portion of long-term debt 54 6,816 Current portion of warranty liability 4,899 3,824 Obligation to issue warrants 4,000 - ------------------------------------------------------------------------- 29,399 18,648Warranty liability 4,258 3,147Obligation to issue warrants - 4,000Long-term debt 8 13,781Other long-term liabilities 1,496 1,720Joint Venture Partners' share of net assets of joint ventures 13,983 7,719-------------------------------------------------------------------------- 49,144 49,015Shareholders' equity: Share capital: Authorized: Unlimited common shares, no par value Unlimited preferred shares in series, no par value Issued: 95,959,485 (2007 - 75,686,085) common shares 258,202 232,830 Other equity instruments 3,079 12,352 Additional paid in capital 5,097 5,301 Deficit (247,460) (239,865) Accumulated other comprehensive income 10,878 - ------------------------------------------------------------------------- 29,796 10,618-------------------------------------------------------------------------- $ 78,940 $ 59,633----------------------------------------------------------------------------------------------------------------------------------------------------WESTPORT INNOVATIONS INC.Consolidated Statements of Operations(Expressed in thousands of Canadian dollars, except share and per share amounts)Years ended March 31, 2008, 2007 and 2006-------------------------------------------------------------------------- 2008 2007 2006--------------------------------------------------------------------------Product revenue $ 55,238 $ 47,195 $ 29,932Parts revenue 16,298 13,285 13,620-------------------------------------------------------------------------- 71,536 60,480 43,552Cost of revenue and expenses: Cost of revenue 49,023 38,381 28,642 Research and development 23,026 21,891 16,939 General and administrative 6,033 6,882 4,866 Sales and marketing 10,550 7,077 5,849 Foreign exchange loss (gain) 1,287 (102) (93) Depreciation and amortization 1,550 1,410 2,752 Bank charges, interest and other 280 408 314 ------------------------------------------------------------------------- 91,749 75,947 59,269--------------------------------------------------------------------------Loss before undernoted (20,213) (15,467) (15,717)Interest on long-term debt and amortization of discount (986) (1,718) -Interest and other income 1,316 764 450Gain on sale of long-term investments 10,659 8,120 ---------------------------------------------------------------------------Loss before income taxes and Joint Venture Partners' share of income from joint ventures (9,224) (8,301) (15,267)Income tax recovery (expense): Current (218) (404) - Future 4,691 3,455 - ------------------------------------------------------------------------- 4,473 3,051 ---------------------------------------------------------------------------Loss before Joint Venture Partners' share of income from joint ventures (4,751) (5,250) (15,267)Joint Venture Partners' share of net income from joint ventures (5,564) (6,057) (1,593)--------------------------------------------------------------------------Loss for the year $ (10,315) $ (11,307) $ (16,860)----------------------------------------------------------------------------------------------------------------------------------------------------Basic and diluted loss per share $ (0.12) $ (0.15) $ (0.23)----------------------------------------------------------------------------------------------------------------------------------------------------Weighted average common shares outstanding - Basic and diluted 88,087,882 75,174,826 74,228,495----------------------------------------------------------------------------------------------------------------------------------------------------WESTPORT INNOVATIONS INC.Consolidated Statements of Shareholders' Equity and Comprehensive Income (Loss)(Expressed in thousands of Canadian dollars, except share amounts)Years ended March 31, 2008, 2007 and 2006-------------------------------------------------------------------------- Additional Common Share Other equity paid shares capital instruments in capital--------------------------------------------------------------------------Balance, March 31, 2005 73,964,088 $ 230,379 $ 2,078 $ 2,919Issue of performance share units for no additional consideration 427,691 801 (801) -Stock-based compensation - - 1,082 1,852Net loss - - - ---------------------------------------------------------------------------Balance, March 31, 2006 74,391,779 231,180 2,359 4,771Shares issued for intellectual property 609,104 602 - -Issue of common shares on exercise of performance share units 283,682 555 (555) -Shares issued for settlement of accrued interest 401,520 498 - -Share issue costs - (5) - -Value of warrants issued with long-term debt and conversion options - - 8,989 -Stock-based compensation - - 1,559 530Net loss - - - ---------------------------------------------------------------------------Balance, March 31, 2007 75,686,085 232,830 12,352 5,301Transitional adjustment on adoption of new accounting standards for financial instruments, net of tax of $3,370 - - - ---------------------------------------------------------------------------Balance, April 1, 2007 75,686,085 232,830 12,352 5,301Issue of common shares on exercise of stock options 812,085 1,967 - (762)Issue of common shares on exercise of performance share units 211,341 390 (390) -Issue of common shares on conversion of subordinated convertible notes and settlement of accrued interest 16,911,305 21,759 (7,569) -Issue of common shares on exercise of warrants 2,338,669 1,420 (1,420) -Share issue costs - (164) - -Stock-based compensation - - 106 558Unrealized gain on available for sale securities, net of tax of $182 - - - -Reclassification of net realized gains on available for sale securities to net loss, net of tax of $1,345 - - - -Net loss - - - ---------------------------------------------------------------------------Balance, March 31, 2008 95,959,485 $ 258,202 $ 3,079 $ 5,097------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Accumulated other Total Accumulated comprehensive shareholders' Comprehensive deficit income equity loss--------------------------------------------------------------------------Balance, March 31, 2005 $ (211,698) $ - $ 23,678 $ -Issue of performance share units for no additional consideration - - - -Stock-based compensation - - 2,934 -Net loss (16,860) - (16,860) ---------------------------------------------------------------------------Balance, March 31, 2006 (228,558) - 9,752 -Shares issued for intellectual property - - 602 -Issue of common shares on exercise of performance share units - - - -Shares issued for settlement of accrued interest - - 498 -Share issue costs - - (5) -Value of warrants issued with long-term debt and conversion options - - 8,989 -Stock-based compensation - - 2,089 -Net loss (11,307) - (11,307) ---------------------------------------------------------------------------Balance, March 31, 2007 (239,865) - 10,618 -Transitional adjustment on adoption of new accounting standards for financial instruments, net of tax of $3,370 3,483 17,032 20,515 ---------------------------------------------------------------------------Balance, April 1, 2007 (236,382) 17,032 31,133 -Issue of common shares on exercise of stock options - - 1,205 -Issue of common shares on exercise of performance share units - - - -Issue of common shares on conversion of subordinated convertible notes and settlement of accrued interest (763) - 13,427 -Issue of common shares on exercise of warrants - - - -Share issue costs - - (164) -Stock-based compensation - - 664 -Unrealized gain on available for sale securities, net of tax of $182 - 645 645 645Reclassification of net realized gains on available for sale securities to net loss, net of tax of $1,345 - (6,799) (6,799) (6,799)Net loss (10,315) - (10,315) (10,315)--------------------------------------------------------------------------Balance, March 31, 2008 $ (247,460) $ 10,878 $ 29,796 $ (16,469)----------------------------------------------------------------------------------------------------------------------------------------------------WESTPORT INNOVATIONS INC.Consolidated Statements of Cash Flows(Expressed in thousands of Canadian dollars)Years ended March 31, 2008, 2007 and 2006-------------------------------------------------------------------------- 2008 2007 2006--------------------------------------------------------------------------Cash flows from operations: Loss for the year $ (10,315) $ (11,307) $ (16,860) Items not involving cash: Depreciation and amortization 1,550 1,410 2,752 Stock-based compensation expense 664 2,089 2,934 Accretion of TPC warrants - 571 1,143 Future income tax recovery (4,691) (3,455) - Change in deferred lease inducements (251) (164) (154) Gain on sale of long-term investments (10,659) (8,120) - Joint Venture Partners' share of net income from joint ventures 5,564 6,057 1,593 Interest on long-term debt and amortization of discount 690 1,663 - Other (146) (69) (69) Changes in non-cash operating working capital: Accounts receivable 3,853 (4,744) (97) Inventories (6,204) (1,963) 629 Prepaid expenses (250) (62) (169) Accounts payable and accrued liabilities 2,343 2,353 (1,197) Deferred revenue (133) 129 (1,214) Warranty liability 2,186 1,201 (959) ------------------------------------------------------------------------- (15,799) (14,411) (11,668)Cash flows from investments: Purchase of equipment, furniture and leasehold improvements (1,690) (1,175) (396) Proceeds on disposition of equipment, furniture and leasehold improvements 609 12 93 Sale (purchase) of short-term investments, net 6,725 (14,593) 13,185 Purchase of long-term investments - (51) - Disposition of long-term investments 17,977 605 - Loan receivable (6,774) - - Sale of interest in subsidiary - 4,198 - Contributions from joint venture partner 425 - - Deferred transaction costs incurred - (764) - ------------------------------------------------------------------------- 17,272 (11,768) 12,882Cash flows from financing: Issue of demand instalment loan 5,000 - 1,235 Repayment of demand instalment loan (837) (894) (981) Increase in short-term debt 5,995 - - Increase in bank loan - 7,346 - Repayment of bank loan (6,741) (605) - Repayment of other long-term debt (73) (185) (742) Issuance of convertible notes - 22,092 - Finance costs incurred - (915) - Shares issued for cash 1,205 - - Share issue costs (164) (5) - ------------------------------------------------------------------------- 4,385 26,834 (488)--------------------------------------------------------------------------Increase in cash and cash equivalents 5,858 656 726Cash and cash equivalents, beginning of year 1,702 1,046 320--------------------------------------------------------------------------Cash and cash equivalents, end of year $ 7,560 $ 1,702 $ 1,046----------------------------------------------------------------------------------------------------------------------------------------------------Supplementary information: Interest paid $ 473 $ 379 $ 222 Taxes paid 479 15 - Non-cash transactions: Purchase of equipment, furniture and leasehold improvements by assumption of capital lease obligation - - 260 Shares issued on exercise of performance share units 390 555 801 Shares issued for acquisition of intellectual property - 602 - Shares issued on conversion of debt 21,115 - - Shares issued for settlement of interest on convertible notes 644 498 - Shares issued on cashless exercise of warrants 1,420 - -----------------------------------------------------------------------------------------------------------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Westport Innovations Inc.Darren SeedDirector, Investor Relations(604) 718-2046Email: invest@westport.comWebsite: www.westport.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.