November 4, 2009 -nbsp; Analyst Comments -nbsp; Think Equityrsquo;s David Woodburn weighed in on Westport Innovations (Nasdaq:WPRT) this morning stating that he is lowering his revenue forecast based on a reduction of estimates for heavy-duty engine volume based on near-term economic pressures on fleet purchases. He continues to rate the stock at a BUY Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Decreasing overall engine forecasts for F2010 and F2011; shifting some volume from higher-profit heavy-duty line to Cummins-Westport medium-duty line middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; FQ2 should be a non-event ndash; expects revenue and EPS of C$27.7 million and (C$0.30) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Skepticalrdquo; on odds of incentive-heavy NAT GAS legislation being passed (as written) by itself, though the odds have increased lately middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Federal incentives to look for which could drive uptake of CNG and LNG vehicles include the DOE/Clean Cities alt fuel grants, and the NATGAS bill. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Nov. 6 could bring the approval of SCAQMD/CARB/Port Funding middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ...

August 11, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn said PICOrsquo;s Q2 press release and 10-Q provide several examples of both sides of its value investment efforts: new investments in water and real estate; and monetizations of UCP real estate assets (at greater than 46% IRR) and continued sale of Nevada land. He maintains a BUY rating on the stock and a $47 price target.nbsp;nbsp; Key Takeawaysnbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Improvement in equity markets has helped drive $0.65 increase in book value to $24.93 per share middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In last several months PICOrsquo;s UCP subsidiary acquired 194 finished and 267 unfinished lots, in addition to 1,400 entitled residential lost in Monterey County,nbsp; that it intends to own by foreclosing on a defaulted note middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The sale of 32 finished lost generated a gain of $543K and strong IRRs middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The company announced its first water development project in New Mexico with the goal to develop up ...

August 11, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Clean Energy Fuels (Nasdaq:CLNE) this morning, stating that ldquo;We continue to recommend CLNE shares as cleaner emissions, lower fuel cost than diesel and government incentiveshellip;should continue to drive growthhellip;rdquo; Woodburn rates the stock at BUY and increased his price target to $12.nbsp;nbsp; Key Takeawaysnbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q2 volumes and gross margin increased but upside was offset by non-operational expense middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling profitability in Q4 driven by new contracts and organic growth, not an economic recovery middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recent $73M raise in secondary and $5.6M in Q2 cashflow should drive growth through the end of 2010 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 25 stations under construction or being upgraded middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Subsidies for 96 natural gas trucks were recently approved through the Port of Long Beach and between 300 and 500 natural gas truck grants likely to be announced in September through the South Coast Air Quality Management District middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ...

May 13, 2009 ndash; Analyst Comments ndash; ThinkEquityrsquo;s David Woodburn commented on Verenium (Nasdaq:VRNM) this morning, rating the stock at BUY with a price target of $3 (the stock closed at $0.61 yesterday). He cited improving enzyme profitability. Verenium reported Q1 financial results on Monday. Financial Results Verenium reported Q1 revenues of $14.4 million, compared with $15.2 million for the same period last year and a net loss of $0.3 million, compared with a $23.1 million net loss last year. Woodburnrsquo;s Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Improved profitability in Specialty Enzyme business middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; British Petroleumrsquo;s upfront cash contributions serve as validation of Vereniumrsquo;s technology and commercial prospects middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New government incentives should facilitates scale-up to commercial levels middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product gross margin of 45.5% middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reconfigured revenue and gross margin forecasts to account for Danisco agreement as well as boosts to production utilization and yield. FY09 revenue forecast declines to $65Mnbsp; from $90M but product GM is increased to ...

February 19, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Verenium (Nasdaq:VRNM) this morning, rating it at BUY with a $3 price target (stock is trading around $1.02).

Yesterday Verenium announced a 50/50 JV with British Petroleum to develop and commercialize cellulosic ethanol. This is the second phase of the Verenium/BP partnership, and the JV will act as the commercial arm for the distribution of the companiesrsquo; technology being developed. The companies are collectively committing $45 million to the JV, which will build a 36 million gallon-per-year cellulosic ethanol facility in Florida at a total cost of about $250 to $300 million. Production from the plant is slotted to begin in 2012. Woodburn said the announcement of a second agreement with British Petroleum is a strong validation of Vereniumrsquo;s cellulosic ethanol technology and of the cellulosic market in general.

Woodburn anticipates some softness in Vereniumrsquo;s Q4 …

February 12, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Westport Innovations (Nasdaq:WPRT) with a headline that ldquo;In-Line Revenues Never Looked So Good.rdquo; Woodburn rates WPRT at a BUY with a price target of $9, up 54% from current levels.

Westport Q3 Financial Results

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Consolidated revenues of $31.1 million, compared with $19.3 million for the same period last year, up 61%

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; For nine months, consolidated revenues of $95.6 million, up 70% Y/Y

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Net loss of $8.9 million, or $0.28 for the quarter, compared to net income of $7.4 million, or $0.28 per share for the same period last year

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; For nine months, net loss of $11.7 million, or $0.39 per share, compared to a net loss of $2.2 million, or $0.09 per share for the same period last yearmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cash and short term investments of $88.8 million as of December 31, 2008nbsp;

Woodburnrsquo;s Take

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Total revenues for …