~ Solid finish to 2016; Taking action to address upcoming liquidity needs ~
VANCOUVER, March 27, 2017 /PRNewswire/ - Westport Fuel
Systems Inc. ("Westport Fuel Systems") (TSX:WPRT / Nasdaq:WPRT) today presented unaudited financial results for the fourth
quarter and year ended December 31, 2016 and provided an update on operations. The company will be
filing its 2016 audited consolidated financial statements later this week on March 31,
2017.
While the figures indicated in this release are not expected to change in the audited consolidated financial statements,
the company and its auditors are continuing to finalize the evaluation of Westport Fuel Systems internal controls over financial
reporting and whether management's current plans and their implementation can be considered sufficient to alleviate doubts
identified over the company's ability to carry on as a going concern. The results of such analysis regarding internal
control and going concern will be included in Westport Fuel Systems' 2016 audited annual consolidated financial
statements and management discussion & analysis, when filed. All figures referenced below are in U.S. dollars unless
otherwise stated.
"We have made progress to further solidify Westport Fuel Systems' position as the global leader in advanced clean-burning fuel
systems and components," said Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems.
"The team around the globe has accomplished much in 2016, but we have more to do. Our goals for 2017 are clear: further enhance
our liquidity position; drive operating efficiencies and cost reductions; and successfully launch Westport™ High Pressure Direct
Injection 2.0 ("Westport HPDI 2.0"), the culmination of many years of work to reach commercialization. Building upon the
successes since the merger closed, and a good start in 2017, we look forward to announcing more achievements in our plan to make
Westport Fuel Systems a profitable company that delivers value to customers, employees and shareholders."
Cash and Working Capital Management
- As of December 31, 2016, the company's cash, cash equivalents, and short-term investments
totaled $60.9 million, up from $58.7 million at September 30, 2016 and $27.8 million at December 31,
2015. Cash increased from September due to improved operating performance and better working capital management,
especially inventory turnover.
- Cash used in operations, excluding changes in working capital, plus dividends received from joint ventures for the fourth
quarter was $15.5 million, a sequential increase of $2.2 million
from the quarter ended September 30, 2016. This increase in cash used in operations was
primarily due to a $2.0 million reduction in dividends from joint ventures in the fourth quarter
compared to the third quarter.
- Cash received from non-core asset sales contributed $5.4 million and joint
venture dividends received totaled $2.6 million in the fourth quarter.
- The company spent $3.6 million in capital expenditures during the fourth quarter mainly
related to the Westport ™ HPDI 2.0 program, which is on track for the commercial
release of components to its launch original equipment manufacturer ("OEM") partner later this year.
- As of December 31, 2016 inventories were $70.6 million, a
reduction of $17.0 million from $87.6 million as of
September 30, 2016 and a reduction of $27.5 million as of
June 30, 2016. This improvement was primarily due to the implementation of proven lean
principles, embedded within our enterprise resource planning system that better aligned sales, production, and inventory
management.
"We are addressing our financial position head-on by reducing expenses, improving our operating efficiencies, and through
sales of non-core assets," stated Ashoka Achuthan, Chief Financial Officer of Westport Fuel
Systems. "We believe we are in the final stages of completing two significant transactions with strategic buyers for non-core
assets that will substantially improve our liquidity. Further, we should continue to align our costs with our revenues and
have advisors engaged on financing alternatives. These actions will provide us the resources to continue pursuing our longer term
strategies for growth and technical leadership."
Q4 2016 FINANCIAL HIGHLIGHTS (unaudited)
These financial highlights provide an analysis of the former Westport Innovations Inc. (" Westport ") and former Fuel Systems Solutions, Inc. ("Fuel Systems") for comparative purposes.
The two companies merged on June 1, 2016 to form Westport Fuel Systems.
|
|
2016 Highlights (unaudited)
|
|
($ in millions, share units in millions)
|
Years Ended
December 31 (1)
|
Three Months Ended
December 31 (1)
|
|
2016
|
2015
|
2016
|
2015
|
|
Consolidated Revenues
|
$
|
224.9
|
$
|
103.3
|
$
|
80.4
|
$
|
25.1
|
|
Westport Revenues
|
|
92.0
|
$
|
103.3
|
|
20.3
|
|
25.1
|
|
Fuel Systems Revenues
|
|
132.9
|
—
|
|
60.1
|
|
—
|
|
Consolidated Gross Margin
|
$
|
48.3
|
$
|
18.1
|
$
|
18.6
|
$
|
3.1
|
|
Consolidated Gross Margin %
|
21.5%
|
17.5%
|
|
23.1%
|
|
12.4%
|
|
Westport Gross Margin
|
$
|
18.6
|
$
|
18.1
|
$
|
4.3
|
$
|
3.1
|
|
Westport Gross Margin %
|
20.2%
|
17.5%
|
|
21.2%
|
|
12.4%
|
|
Fuel Systems Gross Margin
|
|
29.7
|
—
|
|
14.3
|
|
—
|
|
Fuel Systems Gross Margin %
|
22.3%
|
—
|
|
23.8%
|
|
—
|
|
Consolidated Operating Expenses
|
$
|
128.6
|
$
|
105.5
|
$
|
33.9
|
$
|
26.7
|
|
Consolidated Operating Expenses %
|
57.1%
|
102%
|
|
42.2%
|
|
106%
|
|
|
|
|
|
|
|
|
Westport Operating Expenses (Research and
Development, General and Administrative and
Sales and Marketing)
|
101.0
|
105.5
|
|
22.2
|
|
26.7
|
|
|
|
|
|
|
|
|
Fuel Systems Operating Expenses
|
27.6
|
—
|
|
11.7
|
|
—
|
|
|
|
|
|
|
|
|
Net Loss
|
(97.6)
|
(99.2)
|
|
(43.2)
|
|
(24.5)
|
|
|
|
|
|
|
|
|
Basic Net Loss per Share
|
(1.07)
|
(1.55)
|
|
(0.43)
|
|
(0.38)
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding (000)
|
91,028.5
|
64,109.7
|
|
110,035.6
|
|
64,278.8
|
|
|
|
|
|
|
|
|
|
|
Cash and Short-term Investments Balance
|
$
|
60.9
|
$
|
27.8
|
$
|
60.9
|
$
|
27.8
|
|
(1)
|
The tables above include the results of Fuel Systems from June 1, 2016
(i.e., the year ended December 31, 2016 includes seven months of Fuel Systems' results). The 2015 comparatives do not
include any impact from Fuel Systems.
|
- Consolidated revenues for the quarter ended December 31, 2016 were $80.4 million compared with $25.1 million for the same period last year, mainly
due to the acquisition of Fuel Systems on June 1, 2016. Consolidated revenues for the year
ended December 31, 2016 were $224.9 million compared with
$103.3 million in the prior year period, mainly due to acquisition of Fuel Systems.
- Consolidated gross margin for the quarter ended December 31, 2016 was $18.6 million or 23.1% of revenue, compared with $3.1 million or 12.4% of
revenue for the same period last year. The increase in consolidated gross margin percentage was mainly due to the merger with
Fuel Systems and improved operating performance.
- Consolidated operating expenses were $33.9 million for the quarter ended December 31, 2016, an increase of $7.2 million from $26.7 million in the same period last year primarily driven by the addition of Fuel Systems operating
expenses.
- Net loss for the quarter ended December 31, 2016 was $43.2
million or a loss of $0.43 per share, compared with a loss of $24.5
million or a loss of $0.38 per share in the same period last year. Net loss for the year
ended December 31, 2016 was $97.6 million or a loss of $1.07 per share, compared with a loss of $99.2 million or a loss of
$1.55 per share in the same period last year.
CUMMINS WESTPORT INC. HIGHLIGHTS (unaudited)
|
|
CUMMINS WESTPORT Highlights (unaudited)
|
|
Years Ended
December 31
|
Three Months Ended
December 31
|
|
($ in millions, except unit amounts)
|
2016
|
2015(1)
|
2016
|
2015(1)
|
|
|
|
|
|
|
Units
|
|
7,232
|
|
9,940
|
1,881
|
2,372
|
|
Revenue
|
$
|
276.5
|
$
|
331.9
|
$
|
70.4
|
$
|
83.4
|
|
Gross Margin
|
|
77.1
|
|
101.4
|
|
17.6
|
|
23.1
|
|
Gross Margin %
|
|
27.9%
|
|
30.6%
|
25.0%
|
27.7%
|
|
Operating Expenses
|
|
61.0
|
|
53.7
|
13.0
|
15.1
|
|
Segment Operating Income
|
|
16.2
|
|
47.7
|
4.6
|
8.0
|
|
Westport Fuel Systems' 50% Interest
|
$
|
5.6
|
$
|
16.3
|
$
|
1.2
|
$
|
3.1
|
(1) Results have been adjusted for a change in accounting policy in CWI.
- CWI revenue for the year ended December 31, 2016 decreased $55.4
million, or 17.0%. The decline in revenues is primarily attributed to weak market demand caused by commodity price
levels and lower international engine sales, partially offset by higher parts revenue for the year ended December 31, which was primarily attributed to a higher engine population in service. During the fourth
quarter of 2016, CWI changed its accounting policy for determining its warranty liability.
- CWI gross margin decreased $24.3 million to $77.1 million due
mainly to the decline in engines sold during the period.
- In 2016, CWI began production of the ISL G Near Zero Natural Gas Engine, North America's
first commercially available near zero NOx midrange engine with exhaust emissions 90% lower than the current EPA and CARB NOx
limit. OEMs such as New Flyer, Peterbilt, and Kenworth have announced that this engine will be available to their customers in
certain models.
- The ISB6.7 G, a factory built natural gas engine was launched in Q2 2016 and is now fully available for school bus, shuttle
bus, medium duty truck and vocational applications in North America. The ISB6.7 G can be
fueled by compressed natural gas, liquefied natural gas, or renewable natural gas.
GAAP and NON-GAAP FINANCIAL MEASURES (unaudited)
Management reviews the operational progress of its business units and investment programs over successive periods through the
analysis of net income, EBITDA and Adjusted EBITDA. Management uses Adjusted EBITDA as a long-term indicator of operational
performance since it ties closely to the business units' ability to generate sustained cash flow. Westport Fuel Systems defines
Adjusted EBITDA as net income (loss) attributed to the business unit or the consolidated company excluding expenses for (a)
income taxes, (b) interest expense, net, (c) depreciation and amortization, (d) stock-based compensation, (e) unrealized foreign
exchange gain or loss, (f) goodwill and other long-term assets impairment, (g) inventory impairment from product line
closure, (h) bargain purchase gain, (i) merger and financing costs, (j) amortization fair value inventory adjustment recorded on
acquisition, (k) gain or loss on sale of investments, (l) gain or loss on disposal of assets, (m) restructuring, termination and
other exit costs, and (n) other. Adjusted EBITDA includes the company's share of income from the joint ventures.
The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles ("U.S. GAAP")
and are not measures of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA and
Adjusted EBITDA have limitations as analytical tools, and when assessing the Company's operating performance, investors should
not consider EBITDA nor Adjusted EBITDA in isolation, or as a substitute for net loss or other consolidated statement of
operations data prepared in accordance with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the
Company's actual cash expenditures. Other companies may calculate similar measures differently than Westport Fuel Systems,
limiting their usefulness as comparative tools. The Company compensates for these limitations by relying primarily on its GAAP
results and using EBITDA and Adjusted EBITDA as supplemental information.
|
|
GAAP & NON-GAAP FINANCIAL MEASURES (unaudited)
|
|
($ in millions)
|
31-Mar-16
|
30-Jun-16 (1)
|
30-Sep-16(1)
|
31-Dec-16(1)
|
|
|
Income/ (Loss) before Income Taxes
|
$
|
(24.7)
|
$
|
4.2
|
$
|
(32.3)
|
$
|
(39.8)
|
|
|
|
|
|
|
Interest Expense, Net
|
2.3
|
2.7
|
3.1
|
4.3
|
|
Depreciation and Amortization
|
3.1
|
3.7
|
5.2
|
3.9
|
|
EBITDA
|
(19.3)
|
10.6
|
(24.0)
|
(31.6)
|
|
|
|
|
|
|
Stock based compensation
|
4.0
|
2.3
|
2.9
|
1.2
|
|
Unrealized foreign exchange (gain) loss
|
1.3
|
4.1
|
(7.1)
|
8.1
|
|
Asset impairment
|
—
|
—
|
—
|
2.7
|
|
Inventory impairment from product line closure
|
—
|
—
|
4.3
|
1.3
|
|
Bargain purchase gain
|
—
|
(42.9)
|
—
|
7.1
|
|
Merger and financing costs
|
2.1
|
4.5
|
0.4
|
—
|
|
Amortization fair value inventory adjustment recorded on
acquisition
|
—
|
0.7
|
1.9
|
—
|
|
(Gain) loss on sale of investments
|
—
|
6.3
|
(3.9)
|
(0.3)
|
|
Restructuring, termination and other exit costs
|
—
|
—
|
17.5
|
1.5
|
|
Other
|
—
|
4.1
|
0.2
|
0.9
|
|
Total Adjusted EBITDA
|
$
|
(11.9)
|
$
|
(10.3)
|
$
|
(7.8)
|
$
|
(9.1)
|
|
(1)
|
Three months ended June 30, 2016 include only one month of Fuel Systems'
results. Year ended December 31, 2016 includes seven months of Fuel Systems results.
|
FINANCIAL RESULTS (unaudited)
The following are unaudited financial statements.
|
|
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
(Expressed in thousands of United States dollars, except share
amounts)
|
December 31, 2016(1)
|
|
December 31, 2015(1)(2)
|
|
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash equivalents
|
$
|
60,057
|
|
$
|
27,143
|
|
|
Short-term investments
|
848
|
|
696
|
|
|
Accounts receivable
|
77,178
|
|
38,324
|
|
|
Inventories
|
70,624
|
|
35,660
|
|
|
Prepaid expenses
|
5,055
|
|
3,475
|
|
|
213,762
|
|
105,298
|
|
|
Long-term investments
|
13,422
|
|
35,142
|
|
|
Property, plant and equipment
|
59,682
|
|
42,527
|
|
|
Intangible assets
|
22,858
|
|
22,307
|
|
|
Deferred income tax assets
|
3,767
|
|
2,538
|
|
|
Goodwill
|
2,923
|
|
3,008
|
|
|
Other long-term assets
|
15,046
|
|
2,863
|
|
|
$
|
331,460
|
|
$
|
213,683
|
|
|
Liabilities and Shareholders' Equity
|
|
|
|
Current liabilities:
|
|
|
|
Accounts payable and accrued liabilities
|
$
|
93,245
|
|
$
|
57,454
|
|
|
Current portion of restructuring obligation
|
5,408
|
|
—
|
|
|
Current portion of deferred revenue
|
4,656
|
|
1,779
|
|
|
Current portion of long-term debt
|
48,097
|
|
8,257
|
|
|
Current portion of royalty payable
|
1,500
|
|
—
|
|
|
Current portion of warranty liability
|
6,834
|
|
5,554
|
|
|
159,740
|
|
73,044
|
|
|
Restructuring obligation
|
8,715
|
|
—
|
|
|
Deferred revenue
|
3,559
|
|
1,513
|
|
|
Long-term debt
|
30,935
|
|
54,190
|
|
|
Long-term royalty payable
|
20,062
|
|
—
|
|
|
Warranty liability
|
6,936
|
|
8,437
|
|
|
Deferred income tax liabilities
|
9,803
|
|
3,570
|
|
|
Other long-term liabilities
|
6,272
|
|
1,302
|
|
|
246,022
|
|
142,056
|
|
|
Shareholders' equity:
|
|
|
|
Issued:
|
|
|
|
110,109,092 (2015 - 64,380,819) common shares
|
1,042,410
|
|
937,029
|
|
|
Other equity instruments
|
20,926
|
|
16,460
|
|
|
Additional paid in capital
|
10,079
|
|
9,837
|
|
|
Accumulated deficit
|
(956,890)
|
|
(859,317)
|
|
|
Accumulated other comprehensive income
|
(31,087)
|
|
(32,382)
|
|
|
85,438
|
|
71,627
|
|
|
Commitments and contingencies
|
$
|
331,460
|
|
$
|
213,683
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Year ended December 31, 2016 includes seven months of Fuel
Systems results.
|
|
(2) Results have been adjusted for a change in accounting policy
in CWI.
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(unaudited)
|
|
(Expressed in thousands of United States dollars, except share and per
share amounts)
|
Years ended December 31
|
|
2016(1)
|
2015(1)(2)
|
2014(1)(2)
|
|
Product revenue
|
$
|
220,488
|
$
|
97,844
|
$
|
118,015
|
|
Service and other revenue
|
4,407
|
5,460
|
12,554
|
|
224,895
|
103,304
|
130,569
|
|
Cost of revenue and expenses:
|
|
|
|
|
Cost of product revenue
|
176,550
|
85,232
|
101,053
|
|
Research and development
|
59,413
|
52,777
|
76,580
|
|
General and administrative
|
48,204
|
35,201
|
40,319
|
|
Sales and marketing
|
20,949
|
17,496
|
25,489
|
|
Restructuring, termination and other exit costs
|
19,000
|
—
|
—
|
|
Foreign exchange (gain) loss
|
6,408
|
(11,601)
|
(3,433)
|
|
Depreciation and amortization
|
11,308
|
11,736
|
15,536
|
|
Impairments on long lived assets, net
|
4,843
|
22,722
|
29,604
|
|
Provision for inventory purchase commitments
|
—
|
—
|
4,106
|
|
346,675
|
213,563
|
289,254
|
|
|
|
|
|
Loss from operations
|
(121,780)
|
(110,259)
|
(158,685)
|
|
Income from investments accounted for by the equity method
|
5,838
|
17,551
|
15,863
|
|
Interest on long-term debt and amortization of discount
|
(10,773)
|
(5,529)
|
(5,849)
|
|
Bargain purchase gain from acquisition
|
35,808
|
—
|
—
|
|
Interest and other income (expense), net of bank charges
|
(1,656)
|
(186)
|
114
|
|
Loss before income taxes
|
(92,563)
|
(98,423)
|
(148,557)
|
|
|
|
|
|
Income tax expense (recovery)
|
|
|
|
|
Current
|
2,002
|
1,245
|
606
|
|
Deferred
|
3,008
|
(514)
|
(1,185)
|
|
5,010
|
731
|
(579)
|
|
Net loss for the year
|
$
|
(97,573)
|
$
|
(99,154)
|
$
|
(147,978)
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
Cumulative translation adjustment
|
1,295
|
(16,889)
|
(15,201)
|
|
Comprehensive loss
|
$
|
(96,278)
|
$
|
(116,043)
|
$
|
(163,179)
|
|
Loss per share:
|
|
|
|
|
Basic and diluted
|
$
|
(1.07)
|
$
|
(1.55)
|
$
|
(2.34)
|
|
Weighted average common shares outstanding:
|
|
|
|
|
Basic and diluted
|
91,028,504
|
64,109,703
|
63,130,022
|
(1) Year ended December 31, 2016 includes seven months of Fuel Systems results.
(2) Results have been adjusted for a change in accounting policy in CWI.
|
|
Consolidated Statements of Cash Flows (unaudited)
|
|
(Expressed in thousands of United States dollars, amounts)
|
2016(1)
|
2015(1)(2)
|
2014(1)(2)
|
|
Cash flows from (used in) operating activities:
|
|
|
|
|
Net loss for the year
|
$
|
(97,574)
|
$
|
(99,154)
|
$
|
(147,978)
|
|
Items not involving cash:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
16,015
|
|
13,654
|
|
18,666
|
|
Stock-based compensation expense
|
|
10,450
|
|
14,871
|
|
9,683
|
|
Unrealized foreign exchange (gain) loss
|
|
6,408
|
|
(11,601)
|
|
(3,434)
|
|
Deferred income tax (recovery) expense
|
|
3,008
|
|
(514)
|
|
(1,185)
|
|
Income from investments accounted for by the equity method
|
|
(5,838)
|
|
(17,551)
|
|
(15,863)
|
|
Accretion of long-term debt
|
|
4,945
|
|
876
|
|
2,139
|
|
Impairment of long lived assets, net
|
|
4,843
|
|
22,722
|
|
29,604
|
|
Inventory write-downs to net realizable value
|
|
7,104
|
|
8,743
|
|
2,102
|
|
Bargain purchase gain from acquisition
|
|
(35,808)
|
|
—
|
|
—
|
|
Provision for inventory purchase commitments
|
|
—
|
|
—
|
|
4,106
|
|
Change in fair value of derivative liability and bad debt
expense
|
|
1,670
|
|
587
|
|
1,338
|
|
Restructuring obligations
|
|
14,123
|
|
—
|
|
—
|
|
Changes in non-cash operating working capital:
|
|
|
|
Accounts receivable
|
(4,675)
|
975
|
11,629
|
|
Inventories
|
26,153
|
(5,997)
|
(1,367)
|
|
Prepaid expenses
|
881
|
661
|
(556)
|
|
Accounts payable and accrued liabilities
|
(20,650)
|
9,526
|
(4,749)
|
|
Deferred revenue
|
(5,212)
|
(1,507)
|
(5,096)
|
|
Warranty liability
|
(5,473)
|
(5,359)
|
(5,797)
|
|
(79,630)
|
(69,068)
|
(106,758)
|
|
Cash flows from (used in) investing activities:
|
|
|
|
|
Purchase of property, plant and equipment
|
(9,347)
|
(4,845)
|
(10,249)
|
|
Sale of short term investments, net
|
1,000
|
—
|
—
|
|
Maturity (purchase) of short-term investments, net
|
—
|
—
|
31,369
|
|
Acquisitions, net of acquired cash
|
45,344
|
787
|
(3,053)
|
|
Proceeds on sale of investments
|
12,965
|
—
|
—
|
|
Proceeds on sale of assets
|
13,219
|
—
|
—
|
|
Dividends received from joint ventures
|
13,398
|
20,464
|
3,200
|
|
76,579
|
16,406
|
21,267
|
|
Cash flows from (used in) financing activities:
|
|
|
|
Repayment of operating lines of credit and long term facilities
|
(12,789)
|
(8,308)
|
(9,540)
|
|
Drawings on operating lines of credit
|
9,184
|
5,432
|
17,797
|
|
Finance costs incurred
|
—
|
—
|
(2,033)
|
|
Proceeds from stock options exercised
|
—
|
—
|
242
|
|
Issuance of convertible debt and royalty payable
|
35,000
|
—
|
—
|
|
31,395
|
(2,876)
|
6,466
|
|
Effect of foreign exchange on cash and cash equivalents
|
4,570
|
(10,601)
|
(6,206)
|
|
Increase (decrease) in cash and cash equivalents
|
32,914
|
(66,139)
|
(85,231)
|
|
Cash and cash equivalents, beginning of year
|
27,143
|
93,282
|
178,513
|
|
Cash and cash equivalents, end of year
|
$
|
60,057
|
$
|
27,143
|
$
|
93,282
|
(1) Year ended December 31, 2016 includes seven months of Fuel Systems results.
(2) Results have been adjusted for a change in accounting policy in CWI.
CONFERENCE CALL PRESENTATION
Westport Fuel Systems is providing a conference call presentation as a guide to its financial information in a quick reference
format and it should be read in conjunction with Westport Fuel Systems' audited consolidated financial statements for the
year ended December 31, 2016, when available.
LIVE CONFERENCE CALL & WEBCAST
Westport Fuel Systems has scheduled a conference call for today, Monday March 27, 2016 at
2:00 pm Pacific Time (5:00 pm Eastern Time) to discuss these
results. The public is invited to listen to the conference call in real time by telephone or webcast. To access the
conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. The live webcast of the conference call can be accessed through the Westport
Fuel Systems website at www.wfsinc.com/investors.
REPLAY CONFERENCE CALL & WEBCAST
To access the conference call replay, please dial 1-855-669-9658 (Canada & USA toll-free) or 604-674-8052 using the pass code 1135. The replay will be available until April 3, 2017. Shortly after the conference call, the webcast will be archived on the Westport Fuel Systems
website and replay will be available in streaming audio and a downloadable MP3 file.
About Westport Fuel Systems
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers
and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. Our technology
delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air
quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries
with leading global transportation and industrial application brands. At Westport Fuel Systems, we think ahead. For more
information, visit www.wfsinc.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding revenue, liquidity and cash usage
expectations, the anticipated timing and benefits of transactions including the two referenced significant transactions with
strategic buyers for non-core assets, future rationalization of operations and cost reductions, the steps taken and expected
resolution of the going concern comment, debt financing alternatives, continued research and development investment,
timing, including timing for commercial release, and success of our development programs (including those relating to
Westport HPDI), timing for launch, delivery and completion of milestones related to the products referenced herein (including
Westport HPDI), future sales of non-core assets and the benefits therefrom, the demand for our products, the future success of
our business and technology strategies, investment in new product and technology development and otherwise, cash and capital
requirements, intentions of partners and potential customers, the performance and competitiveness of Westport Fuel Systems'
products and expansion of product coverage, future market opportunities and terms and timing of future agreements as well as
Westport Fuel Systems management's response to any of the aforementioned factors. These statements are neither promises nor
guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions
that may cause our actual results, levels of activity, performance or achievements to be materially different from any future
results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These
risks and uncertainties include risks and assumptions related to our revenue growth, operating results, industry and products,
the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation,
technology innovations, fluctuations in foreign exchange rates, operating expenses, the availability and price of natural gas,
global government stimulus packages, the acceptance of and shift to natural gas vehicles, the relaxation or waiver of fuel
emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the
development of competing technologies, our ability to adequately develop and deploy our technology, the actions and
determinations of our joint venture and development partners, as well as other risk factors and assumptions that may affect our
actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other
filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak
only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change
in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the
likelihood that actual results will differ from those set forth in these forward looking statements except as required by
National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not
incorporated by reference herein.
SOURCE Westport Fuel Systems Inc.