Westport Reports First Quarter Fiscal 2014 Financial Results

 ~ First Quarter Revenue Up 39% Year over Year; Step Change Improvement in  Westport Operating Business Units' Adjusted EBITDA ~  VANCOUVER, May 1, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT /  NASDAQ:WPRT), engineering the world's most advanced natural gas engines and  systems, today reported financial results for the first quarter ended March  31, 2014 and provided an update on operations. All figures are in U.S. dollars  unless otherwise stated.  Highlights include:  Revenue & Net Results            --  Westport revenue, excluding joint ventures' revenues, for the             quarter ended March 31, 2014 was $41.9 million compared with             $30.1 million for the same period last year, an increase of             39%.         --  Joint venture segment revenue for the quarter ended March 31,             2014 was $80.1 million for Cummins Westport Inc. (CWI), an             increase of 79% over the same period last year; and $113.4             million for Weichai Westport Inc. (WWI), an increase of 7% over             the same period last year.         --  Westport consolidated net loss and net loss per share for the             quarter ended March 31, 2014 decreased to $23.9 million and             $0.38, respectively, from $31.8 million, and $0.57,             respectively in 2013.  Adjusted EBITDA (The reconciliation of Adjusted EBITDA is described below)         --  For the quarter ended March 31, 2014, Westport reported an             Adjusted EBITDA loss from operations of $1.6 million compared             with an Adjusted EBITDA loss from operations of $8.7 million             for the quarter ended March 31, 2013, an improvement of             approximately 81% year-over-year.         --  For the quarter ended March 31, 2014, Westport reported a             consolidated Adjusted EBITDA loss of $22.1 million for the             Company, compared with a loss of $26.3 million in the prior             year period.  As previously announced, Westport re-organized its business in 2013 to take  advantage of the shift by original equipment manufacturers (OEMs) to develop  natural gas vehicle products in-house. Westport's operating business units  have the goal of achieving positive Adjusted EBITDA from operations by the end  of 2014. The $1.6 million loss is a step change in Adjusted EBITDA, which has  averaged about a $9.4 million loss per quarter for the past eight quarters.  This has been achieved through significant organizational efficiencies,  product portfolio optimization and cost reductions.  Increased Product Volumes / Revenue:         --  For the quarter ended March 31, 2014, On-Road Systems revenue             increased by 277% to $17.7 million compared with $4.7 million             in the same period last year due primarily to the addition to             revenue from acquired organizations, BAF Technologies (BAF) and             its subsidiary, ServoTech Engineering, Inc. (ServoTech),             shipment of Westport iCE PACK™ liquefied natural gas             (LNG) Tank Systems, and increased sales of Volvo cars with             Westport bi-fuel systems.         --  For the quarter ended March 31, 2014, CWI revenue increased by             79% to $80.1 million on 2,480 units, compared with $44.7             million on 1,313 units in the same period last year.         --  For the quarter ended March 31, 2014, WWI revenue increased by             7% to $113.4 million on 9,172 units, compared with $105.9             million on 8,529 units in the same period last year.  Reducing Costs and Prioritizing Investments         --  Cash used in the quarter ended March 31, 2014 was $26.7             million, including a one-time payment to Clean Energy Fuels             Corp. of $5.0 million for a previously announced joint             marketing and sales program related to the acquisition of BAF             and its subsidiary, ServoTech, in June 2013. This is compared             with $26.9 million for the quarter ended December 31, 2013.             Westport is continuing to focus on cost reduction initiatives             and management of Westport's investment programs.         --  Westport is co-investing with OEMs to develop a portfolio of             new natural gas vehicle technologies and related systems and             components. Since 2012, Westport has invested $214.9 million             into various programs, including trucking, automotive, and             off-road applications, as well as advanced engineering and             capital expenditures.  These are investments with 3 to 5 year             development cycles from the start of development to product             sales. Westport is carefully managing the programs and             allocating capital to products and technologies designed to             deliver high margin returns in the future.  Business Highlights         --  Westport and Delphi Automotive are combining their intellectual             property and engineering strengths to co-develop and             manufacture high-pressure natural gas fuel injectors designed             for multiple engine OEMs, establishing Westport high pressure             direct injection (Westport™ HPDI) as the leading natural             gas technology platform for heavy-duty engine applications. The             family of injectors to be developed will be one of the core             components of Westport™ HPDI 2.0 fuel system. Delphi and             Westport plan to ramp production capacity to 100,000 HPDI             injectors per year by 2018.         --  Westport and Weichai launched final customer validation units             of the next generation Westport™HPDI 2.0 on the Weichai             Westport WP12 engine platform; and initiated development of the             10 litre Weichai Westport WD10 engine with Westport HPDI 2.0.             The current generation Weichai Westport WD10 and WP12 natural             gas engines, using lean burn spark ignited technology, account             for about 75 percent of WWI's engine unit sales. With the             strong demand for natural gas engines in China, WWI is             expanding its manufacturing capacity to 100,000 engines per             year by the end of 2014.         --  Westport received California Air Resources Board (CARB)             certification for its 2014 model year Westport WiNG™ Ford             F-150 3.7L pickup truck with the dedicated compressed natural             gas (CNG) system.         --  Westport received Environmental Protection Agency (EPA)             certification for its 2015 model year Ford F-250 and F-350             super duty trucks with the Westport WiNG™ bi-fuel CNG             system.         --  Westport and Tata Motors Limited launched a new spark-ignited             (SI) natural gas 3.8L turbocharged engine featuring the             Westport WP580 Engine Management System (EMS). Westport also             unveiled its newest proprietary technology, Westport gas             enhanced methane diesel (Westport GEMDi™) targeted for             medium-duty trucks and buses in India.         --  Westport and Universal LNG has signed an agreement to develop a             range of LNG portable power units for a diverse range of             applications. Westport will initially develop two water pump             units powered by the Westport™2.4L industrial power unit             or a low cost natural gas 7L engine platform, fitted with the             Westport WP580 EMS for larger applications, and integrated with             the Westport iCE PACK LNG Tank System to supply the fuel. The             power unit is design protected to meet future requirements of             Universal LNG's customers in marine transit, utility, power             generation and tractor applications. Upon successful completion             of the development phase, Westport expects to build and supply             units for a large scale trial in the U.S. and Asia Pacific             markets.         --  Westport is developing an advanced, durable, and fuel efficient             3.8L industrial engine, designed to operate on either natural             gas or liquefied petroleum gas (LPG). This new industrial             product is based on Hyundai Motor Company's 3.8L automotive             engine and is targeted for use in industrial applications such             as forklift, oil & gas, power generation, and construction             equipment. The engine will feature a multi-point fuel injection             system designed and manufactured by Westport, and the Westport             WP580 EMS. With the new 3.8L engine, Westport expects to             broaden its market opportunity and engage new OEMs in the             mobile and stationary industrial markets. The engine is             expected to meet EPA and CARB emissions standards.  "We have made a step change this quarter with Westport revenue growth of 39%  year-over-year and significant improvement on Adjusted EBITDA from operations,  from an average loss of approximately $9.4 million to a $1.6 million loss,"  said David Demers, CEO of Westport. "We are on track to achieve positive  Adjusted EBITDA from operations by the end of 2014 by continuing to increase  sales, shipping committed products, and applying cost and margin discipline.  At the same time, we are confident that our investment projects will deliver  shareholder value as these products come to market."  "In China, Weichai Westport sold more than 9,100 units in the quarter and  recorded $113 million in revenue, 8% and 7% higher than the same period last  year. As announced earlier this week, we are excited that Weichai will be the  first OEM delivering HPDI 2.0 technology to the market. The WP12 engine is  China's first engine featuring Westport HPDI technology, delivering the power  and performance of the base diesel engine, while replacing up to 95% of diesel  fuel with cleaner burning, less expensive natural gas. Furthermore, we have  agreed to develop the 10 litre Weichai Westport WD10 engine with Westport HPDI  2.0, with product availability planned for 2016. We are very pleased to  continue to work with Weichai to lead this energy transition in China."  "We have a comprehensive product investment program, collaborating with key  global OEMs to launch major new products, resulting in increased sales while  reducing investment expenses over the next several years. At the same time, we  are continuing to reduce our operating costs and prudently manage our cash  flow. The income from our joint ventures and service revenue are expected to  cover our corporate costs and investment programs."  "Energy transitions are difficult to accomplish, but with the technologies,  resources, and capabilities we have, we are confident that we will benefit  from this transition."  Financial Outlook for 2014 and Path to Profitability Westport expects revenue to be between $175 million and $185 million for the  year ended December 31, 2014, which represents growth of 7 to 13% over 2013.  As Westport shifts from market creation work to a full commercial operation  and profitability, Westport has announced two interim financial milestones.  Westport's first milestone is to have its three operating business units  combined to achieve positive Adjusted EBITDA by the end of 2014. Westport's  second milestone is to have the Company report consolidated positive Adjusted  EBITDA by the end of 2015, driven by contributions from Westport's operating  business units, Westport's share of net income (loss) from the joint ventures,  and service revenue earned from Westport's development partners.  First Quarter 2014 Financial Highlights      _____________________________________________________________________     |                         |Three Months Ended March 31,|              |     |_________________________|____________________________|   % Change   |     |($ in millions, except   |    2014  |         2013    |Better/(Worse)|     |per share amounts)       |          |                 |              |     |_________________________|__________|_________________|______________|     |Consolidated revenues    |$     41.9|        $    30.1|        39%   |     |_________________________|__________|_________________|______________|     |Consolidated gross margin|      12.3|              8.1|        52%   |     |_________________________|__________|_________________|______________|     |Consolidated gross margin|     29.4%|            26.9%|         -    |     |percentage               |          |                 |              |     |_________________________|__________|_________________|______________|     |Operating expenses       |          |                 |              |     |(Research and            |          |                 |              |     |development, and selling,|      39.3|             39.5|         1%   |     |general                  |          |                 |              |     |and administrative)      |          |                 |              |     |_________________________|__________|_________________|______________|     |(Loss) Income from       |     (0.4)|              1.7|              |     |unconsolidated joint     |          |                 |      (124%)  |     |ventures                 |          |                 |              |     |_________________________|__________|_________________|______________|     |Consolidated Adjusted    |          |                 |              |     |EBITDA                   |          |                 |              |     |(The reconciliation of   |    (22.1)|           (26.3)|        16%   |     |Adjusted EBITDA is       |          |                 |              |     |described below)         |          |                 |              |     |_________________________|__________|_________________|______________|     |Cash and short-term      |     183.9|            173.9|         6%   |     |investments balance      |          |                 |              |     |_________________________|__________|_________________|______________|     |Net loss                 |    (23.9)|           (31.8)|        25%   |     |_________________________|__________|_________________|______________|     |Net loss per share       |    (0.38)|           (0.57)|        33%   |     |_________________________|__________|_________________|______________|         --  The increase in gross margin percentage for the quarter ended             March 31, 2014 is due primarily to sales of higher margin             product such as the Westport WiNG™ System and service             revenue.         --  Research and development expenses were $21.0 million for the             quarter ended March 31, 2014, compared with $20.4 million in             the same period last year.         --  Selling, general and administrative expenses were $18.3 million             for the quarter ended March 31, 2014, a decrease of $0.8             million from $19.1 million in the same period last year. The             decrease year over year is primarily due to cost reduction             initiatives.  Operating Business Unit Highlights  Business Units Adjusted EBITDA*                                               Three Months Ended     ($ in        March 31, 2014  December 31,  September 30, June 30, 2013     millions)                            2013           2013     Applied          $      0.1 $         1.6 $          2.1 $         2.8     Technologies     On-Road               (1.2)         (6.9)          (6.8)         (8.6)     Systems     Off-Road              (0.5)         (3.1)          (3.9)         (3.1)     Systems     Total                 (1.6)         (8.4)          (8.6)         (8.9)     Operating     Business     Units     Adjusted     EBITDA  *Adjusted EBITDA reconciliation is described below.  Applied Technologies         --  Applied Technologies revenue for the quarter ended March 31,             2014 decreased 6% to $21.9 million compared with $23.3 million             in the prior year period primarily due to the weakness in             certain markets, particularly Italy, offset by continued growth             in China.         --  Applied Technologies gross margin and gross margin percentage             for the quarter ended March 31, 2014 decreased to $5.6 million             and 25.6%, respectively, compared with $6.7 million and 28.8%,             respectively, in the prior year period primarily due to mix of             products.         --  Applied Technologies operating expenses for the quarter ended             March 31, 2014 increased by $1.3 million to $6.1 million             compared to the prior year period primarily related to higher             research and development costs for new products.  On-Road Systems         --  On-Road Systems revenue for the quarter ended March 31, 2014             increased by 277% to $17.7 million compared with $4.7 million             in the same period last year due primarily to the addition of             revenue from acquired organizations, BAF and its subsidiary,             ServoTech, shipment of Westport iCE PACK LNG Tank systems, and             increased sales of Volvo cars with Westport bi-fuel systems.         --  On-Road Systems gross margin and gross margin percentage for             the quarter ended March 31, 2014 increased to $5.5 million and             31.1%, respectively, from $0.2 million and 4.3%, respectively.             The increase is primarily due to economies of scale as a result             of higher shipments and product mix.         --  On-Road Systems operating expenses for the quarter ended March             31, 2014 decreased by $2.1 million to $7.1 million compared to             the prior year period due primarily to reduced expenses related             to changes in operating structure, consolidation of facilities,             and exiting production of the first generation of             Westport™ HPDI system.  Off-Road Systems         --  Off-Road Systems revenue for the quarter ended March 31, 2014             increased by 18% to $1.3 million compared with $1.1 million in             the prior year period.         --  Off-Road Systems operating expenses decreased by $2.2 million             to $0.8 million for the quarter ended March 31, 2014 primarily             due to cost reduction initiatives.  Cummins Westport Inc. Highlights      _____________________________________________________________________     |                    |     Three Months Ended March 31,|   % Change   |     |____________________|_________________________________|Better/(Worse)|     |($ in millions)     |           2014    |      2013   |              |     |                    |                   |             |              |     |____________________|___________________|_____________|______________|     |Units               |              2,480|        1,313|        89%   |     |____________________|___________________|_____________|______________|     |Revenue             |     $         80.1|$        44.7|        79%   |     |____________________|___________________|_____________|______________|     |Gross margin        |                7.6|         12.3|      (38%)   |     |____________________|___________________|_____________|______________|     |Gross margin        |               9.5%|        27.5%|         -    |     |percentage          |                   |             |              |     |____________________|___________________|_____________|______________|     |Gross margin        |              28.2%|        36.0%|         -    |     |percentage excluding|                   |             |              |     |warranty adjustments|                   |             |              |     |____________________|___________________|_____________|______________|     |Operating expenses  |                9.7|         10.8|        10%   |     |____________________|___________________|_____________|______________|     |Segment operating   |              (2.1)|          1.5|      (240%)  |     |(loss) income       |                   |             |              |     |____________________|___________________|_____________|______________|     |Net (loss) income to|              (0.8)|          0.8|      (200%)  |     |Westport            |                   |             |              |     |____________________|___________________|_____________|______________|         --  CWI engine shipments for the quarter ended March 31, 2014             increased by 89% to 2,480 units compared with 1,313 units in             the prior year period. The yearly volumes in North America             increased by 102% driven by higher sales in all segments             particularly truck applications, up 223%, as a result of the             launch of the ISX12 G. The ISX12 G has been performing to             expectations and has been well received. CWI quarterly volumes             in the international market also increased by 48% as a result             of large deliveries for fleets in regions such as China and             South America.         --  Gross margins in the first quarter of 2014 and 2013 were             impacted by adjustments to warranty of $15.0 million and $3.8             million, respectively, and the gross margin percentage             excluding these adjustments would have been 28.2% and 36.0% in             2014 and 2013, respectively. The majority of warranty             adjustments are associated with the Cummins Westport 8.9L ISL             G.         --  The decrease in CWI operating expenses were primarily driven by             lower research and development expenses as a result the launch             of the Cummins Westport ISX12 G last year and cost management             initiatives.         --  CWI's net loss attributable to Westport was $0.8 million,             compared with $0.8 million income in the prior year period.             Excluding the warranty impact, CWI's net income attributable to             Westport would have been $4.1 million.  Weichai Westport Inc. Highlights      _____________________________________________________________________     |                         |Three Months Ended March 31,|   % Change   |     |_________________________|____________________________|Better/(Worse)|     |($ in millions)          |      2014  |        2013   |              |     |                         |            |               |              |     |_________________________|____________|_______________|______________|     |Units                    |       9,172|          8,529|         8%   |     |_________________________|____________|_______________|______________|     |Revenue                  |$      113.4|   $      105.9|         7%   |     |_________________________|____________|_______________|______________|     |Gross margin             |         6.3|            7.0|      (10%)   |     |_________________________|____________|_______________|______________|     |Gross margin percentage  |        5.6%|           6.6%|         -    |     |_________________________|____________|_______________|______________|     |Operating expenses       |         4.6|            3.7|      (24%)   |     |_________________________|____________|_______________|______________|     |Segment operating  income|         1.7|            3.3|      (48%)   |     |_________________________|____________|_______________|______________|     |Westport's 35% interest  |         0.5|            1.0|      (50%)   |     |_________________________|____________|_______________|______________|         --  Gross margin decreased $0.7 million or 10% in the quarter ended             March 31, 2014 due primarily to competitive product mix.         --  Operational expenses increased by $0.9 million for the three             months ended March 31, 2014 due primarily to increased product             development costs related to new products, facilities and             support costs associated with continued growth of this             business.         --  For the quarter ended March 31, 2014, WWI increased volume by             8% compared to the same period last year.  Non-GAAP Financial Measure; Adjusted EBITDA Results Adjusted EBITDA is used by management to review operational progress of its  business units and investment programs over successive periods and as a  long-term indicator of operational performance since it ties closely to the  unit's ability to generate sustained cash flows. Westport defines Adjusted  EBITDA as net income (loss) attributed to the business unit or the  consolidated company excluding expenses for (a) income taxes, (b) depreciation  and amortization, (c) interest expense, net, (d) non-cash and other unusual  adjustments, (e) amortization of stock-based compensation, and (f) unrealized  foreign exchange gain or loss. Adjusted EBITDA includes Westport's share of  income (loss) from the joint ventures (JVs). The term Adjusted EBITDA is not  defined under U.S. generally accepted accounting principles (U.S. GAAP) and is  not a measure of operating income, operating performance or liquidity  presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an  analytical tool, and when assessing Westport's operating performance,  investors should not consider 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, Adjusted EBITDA does not  reflect Westport's actual cash expenditures. Other companies may calculate  similar measures differently than Westport, limiting their usefulness as  comparative tools. Westport compensates for these limitations by relying  primarily on its U.S. GAAP results and using Adjusted EBITDA only  supplementally.                                              Three Months Ended March 31,                                                  2014            2013     Net loss                                 $   (23.9)        $   (31.8)     Provision for income taxes                        -               0.3     Depreciation and amortization                   4.3               3.6     Interest expense, net                           0.8               1.2     Non-cash and other unusual adjustments          0.9                 -     Amortization of stock-based compensation        4.7               3.4     Unrealized foreign exchange (gain) loss       (8.9)             (3.0)                                                                               Adjusted EBITDA                          $   (22.1)        $   (26.3)     For the                                                                                                     three     months     ended March     31, 2014                                                                           Adjustments                                                                               Westport's              Stock-based                                                          Share of              compensation     ($ in                Segment operating              Income from            and non-cash       Adjusted     millions)              income (loss)                  the JVs               adjustments        EBITDA     Operating                    $       (2.7)         $           -               $       1.1        $         Business                                                                                          (1.6)     Units     Corporate                                                                              4.2                  and                                 (24.3)                   (0.4)                               (20.5)     Technology     Investments                                                                                                                       For the three months ended December 31, 2013                                                                           Adjustments                                                                               Westport's                                                          Share of     ($ in                Segment operating              Income from            Stock-based        Adjusted     millions)              income (loss)                  the JVs              compensation        EBITDA     Operating                $           (9.5)         $           -              $        1.1                  Business                                                                                      $            Units*                                                                                            (8.4)     Corporate                           (20.4)                     3.5                     2.1       (14.8)     and     Technology     Investments     *Excluding non-cash and other unusual adjustments related to the first generation of WestportTM HPDI     systems.           For the three months ended September 30, 2013                                                                           Adjustments                                                                               Westport's                                                          Share of     ($ in                Segment operating              Income from            Stock-based        Adjusted     millions)              income (loss)                  the JVs              compensation        EBITDA     Operating                   $       (10.9)         $           -              $        2.3                  Business                                                                                      $            Units                                                                                             (8.6)     Corporate                                                                                                   and                                 (16.0)                     3.7                     1.4       (10.9)     Technology     Investments                                                                                                                 For the                                                                                                     three     months     ended June     30, 2013                                                                           Adjustments                                                                               Westport's                                                          Share of     ($ in                Segment operating              Income from            Stock-based        Adjusted     millions)              income (loss)                  the JVs              compensation        EBITDA     Operating                          $               $           -               $       1.9        $        Business                            (10.8)                                                        (8.9)     Units     Corporate                                                                                                   and                                 (25.7)                     4.6                     2.2       (18.9)     Technology     Investments                                                                                                              Outlook This press release includes financial outlook information for Westport and  such information is being provided for the purpose of updating prior revenue  disclosure and may not be appropriate for, and should not be relied upon for,  other purposes.  Financial Statements & Management's Discussion and Analysis To view Westport's full financials for the quarter ended March 31, 2014,  please visit www.westport.com/company/investors/financial.  Supplementary Financial Information To view unaudited historical financial information, please point your browser  to the following link: www.westport.com/company/investors/financial. Westport  is providing this supplement as a guide to Westport's financial information in  a quick reference format and it should be read in conjunction with Westport's  full financials for the quarter ended March 31, 2014 and Westport's full  financials for the year ended December 31, 2013.  The Supplementary Financial  Information contains previously undisclosed quarterly unaudited historical  financial information based on the most recent reporting structure that was  implemented in the fourth quarter of 2013 and is being provided in order to  allow readers to better reconcile such information with the prior reporting  structure.  Live Conference Call & Webcast Westport has scheduled a conference call for today, Thursday, May 1, 2014 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 website at  www.westport.com/company/investors.  Replay Conference Call & Webcast To access the conference call replay, please dial 1-800-319-6413 (Canada & USA  toll-free) or 604-638-9010 using the pass code 1847. The replay will be  available until May 8, 2014. Shortly after the conference call, the webcast  will be archived on Westport website and replay will be available in streaming  audio, a downloadable MP3 file, and a slidecast.  About Westport Innovations Inc. Westport engineers the world's most advanced natural gas engines and vehicles.  More than that, we are fundamentally changing the way the world travels the  roads, rails and seas. We work with original equipment manufacturers (OEMs)  worldwide from design through to production, creating products to meet the  growing demand for vehicle technology that will reduce both emissions and fuel  costs.  To learn more about our business, visit westport.com, subscribe to our  RSS feed, or follow us on Twitter @WestportDotCom.  This press release contains forward-looking statements, including statements  regarding the anticipated timing for Westport's operating business units and  consolidated business to be Adjusted EBITDA positive, revenue expectations,  growth in core markets, production capacity for HPDI injectors, the effect of  the recent reorganization and restructuring of our business, timing for  launch, delivery  and completion of milestones related to the products  referenced herein, including but not limited to the Weichai Westport WD10  engine, 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's  products and expansion of product coverage, future market opportunities, speed  of adoption of natural gas for transportation and terms and timing of future  agreements as well as Westport 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, 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 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 Innovations Inc.  Darren Seed Vice President, Investor Relations & Communications Westport T  604-718-2046 invest@westport.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/01/c6169.html  CO: Westport Innovations Inc. ST: British Columbia NI: TRN ERN  
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