PR Newswire
VANCOUVER, March 27, 2017
~ 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
"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.
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2016 Highlights (unaudited) | ||||||||||||
($ in millions, share units in millions) | Years Ended | Three Months Ended | ||||||||||
| 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 | 101.0 | 105.5 | | 22.2 | | 26.7 | ||||||
| | | | | | | ||||||
Fuel Systems Operating Expenses | 27.6 | — | | 11.7 | | — Werbung Mehr Nachrichten zur Westport Fuel Systems Aktie kostenlos abonnieren
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