Westport Innovations - a manufacturer of gaseous-fuelled power technologies - is putting a focus on heavy-duty trucks in 2007.
VANCOUVER, B.C. — Westport Innovations, a global manufacturer of gaseous-fuelled power technologies, reported an increase in consolidated total revenues of 95% in the third quarter of 2007 from the previous year.
The financial results for the third quarter of fiscal year 2007 ended Dec. 31, 2006 with consolidated revenues of $16.8 million, as compared with $8.6 million from the same quarter the previous year.
As well, consolidated product revenues increased 164% to $13.6 million in the 2007 third quarter, compared to $5.1 million in 2006.
The manufacturer also reported a consolidated net loss of $5.8 million ($0.08 per share) for the quarter, an increase from $3.6 million ($0.05 per share) in 2006. Company officials attribute the net loss to a decrease in government funding and government funded projects.
We are pleased to have achieved our highest quarterly revenue since inception. While we forecast continued strong growth for Cummins Westport, we are now looking forward to the development of our heavy-duty LNG truck business, starting in Southern California, stated David Demers, Westports CEO. With the San Pedro Bay Ports US$22 million LNG truck RFP process now underway, the Westport team will be focusing in 2007 on the successful launch of this new business in North America and Australia.
Cummins Westport experienced strong sales in North America and Asia during the quarter with over a third of engines sold destined for China and southeast Asia. Production of the B Gas International engine in both China and India led to increased production component sales.
On Feb. 1, the Port of Los Angeles issued its RFP to purchase and integrate LNG-powered trucks into truck fleets involved in port drayage at the Ports of Los Angeles and Long Beach (San Pedro Bay Ports). The primary purpose of the Ports LNG Truck Program (Program) is to provide financial incentives to assist fleets in introducing LNG-powered trucks into the fleets serving the ports and to help develop fueling and maintenance infrastructure for LNG trucks entering port service in the future.
Westport received an award of AUD1.36 million (C$1.27 million) from the Australian Governments Alternative Fuels Conversion Programme for a project to demonstrate and evaluate the use of LNG as a fuel for heavy-duty highway trucks in Australia.
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