Two of B.C.'s largest high-tech companies have posted fourth quarter financials with dramatically different bottom lines.
Satellite communications company MacDonald, Dettwiler and Associates Ltd. (TSX:MDA) posted a $21 million profit in 2013, while Westport Innovations Inc. (TSX:WPT) posted a net loss of US$185 million in 2013.
MDA doubled its consolidated revenues, from $879.9 million in 2012 to $1.8 billion in 2013.
The revenue increase is attributed in part to new revenue from Space Systems-Loral (SSL), the California-based satellite company that MDA bought in 2012 for US$875 million.
MDA's net income in 2013 was $105 million, up from $83.9 million in 2012. MDA ended 2013 with total assets of $2.6 billion in assets and $50 million in cash.
Westport, meanwhile, posted a 5% increase in revenue and an 88% net loss. Westport's consolidated revenues for 2013 were US$164 million, up from US$155.6 million in 2013.
Its net losses in 2013 were US$185.4 million, compared with US$98.8 million in 2012. Among its expenditures in 2013 was the acquisition of BAF and its subsidiary, ServoTech Engineering, Inc., from Clean Energy Fuels Corp for US$25 million.
Westport CEO David Demers said, "2013 was a challenging transition year as Westport moved from its market creation, demonstration project culture to a focused product business in a strong growth market.
"This involved looking at every market opportunity and every current product in order to assess strategic priorities and to optimize our position in the emerging global market for fully integrated OEM-built natural gas vehicles."
Westport designs and makes technology for engines that burn natural gas.
