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WPT.to CAD 4.80 (manuf. of natural gas vehicles like T. Boone Pickens' Clean Energy CLNE $14.66)

Westport Reports Fourth Quarter & Fiscal 2008 Financial Results
Tuesday June 3, 8:00 am ET

Engine Shipments up 36%

Strong Growth Anticipated in Heavy Duty Business

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 3, 2008 -- Westport Innovations Inc. (Toronto:WPT.TO - News), 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.

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"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).

Whole story:

http://biz.yahoo.com/iw/080603/0403200.html