Westport Ships 4000+ Units, Increases Revenue 70% in FY2009
Market Developments

Canada, Vancouver BC

ISL G Natural Gas Engine Sales lead the way

Westport Innovations Inc. has a good story to tell at the end of the Fiscal Year ended 31 March 2009 (FY2009), indicative of the strengthening interest in alternative fuel technology and transport worldwide, and in particular, in heavy duty CNG/LNG engines like the ISL G. Some financial and business highlights include:


Delivery of 4,038 units in fiscal 2009 as compared to 2,720 units in fiscal 2008.
Reported consolidated annual revenues of $121.8 million compared to $71.5 million for fiscal 2008, an increase of 70%.
Announced order for 3,125 CWI engines for India.
Westport states the increase is primarily the result of increased sales of Cummins Westport Inc. (CWI)'s ISL G in North America with demand from the transit and refuse markets and the increase in LNG systems shipped. Non-CWI revenues were $11.9 million from the sale of 131 LNG systems for heavy duty trucks compared to $4.2 million from 36 LNG units in 2008. Sales included 122 units in North America compared with 36 in the prior year and 9 units in Australia compared with none in the previous year.

Cummins Westport Inc. (CWI) Business Unit Highlights

During the year, CWI saw strong growth in North America, with large orders of 250 and 260 from San Diego and Los Angeles transit properties and growing demand in the refuse market. Entering a new market of Peru, the city of Lima ordered over 200 units in September. In India, the Delhi Transport Corporation, a repeat customer, has ordered over 3,000 units for its fleet, which will be delivered in cooperation with Cummins India Ltd. The year also brought a change in CWI's engine availability in the Sterling brand, which will be retired by Daimler Trucks North America, to be available in another Daimler brand: Freightliner.

Westport Global Heavy Duty (Westport HD) Business Unit Highlights

Fiscal 2009 brought growth to the heavy duty business unit in the form of OEM development agreements and sales of heavy-duty engines and fuel systems. In the summer, Westport signed an agreement with a leading European engine manufacturer to develop a product for their vertically integrated market. In Asia, Westport signed a joint venture agreement to form a new joint venture to be called Weichai Westport Inc., with Weichai Power Co. Ltd. and Hong Kong Petersen (CNG) Equipment Ltd. The new company will engage in development and commercialization of Westport technology for use in automobiles, heavy duty trucks, power generation and shipping applications.

During the year, several California fleets ordered Westport HD-equipped trucks, including the larger orders from HayDay Farms. Factory OEM availability of Westport HD GX engine and LNG system, a key factor to growth of the business, has increased from Kenworth in North America to also include 3 Peterbilt truck configurations in North America, both PACCAR brands, and 3 Kenworth truck chassis in Australia.

Buck