Ballard Power Systems (TSX:BLD.TO)(NASDAQ:BLDP), developer of fuel cells, announced continuing losses for the third quarter, but the company says they are “on track.” “In the third quarter we continued to demonstrate solid progress against our corporate objectives for 2006,” said John Sheridan, Ballard’s President and Chief Executive Officer. “Traction is now clearly evident in nearer-term fuel cell market opportunities, as shown by our progress in the residential cogeneration and materials handling markets, with the achievement of our annual goals in both markets. At the same time, our continued commitment to disciplined financial management is evidenced by our year-over-year reduction in operating cash consumption of 57% to $10.6 million.”
– Revenues of $14.1 million versus $16.1 million for the same period in 2005
– Product and service revenues of $8.9 million increased $1.3 million (17%) year over prior year quarter
– As expected, engineering development revenue of $5.2 million decreased $3.4 million (40%) year over prior year quarter, primarily due to the timing of Ballard’s next-generation automotive technical milestones
– Reduced normalized net loss(1) of $17.7 million, an 18% improvement from $21.5 million in 2005
– Reduced operating cash consumption(2) of $10.6 million, a 57% improvement from $24.4 million in 2005
– Cash reserves of $208 million
Ballard reiterates its financial guidance for 2006:
– Revenues for 2006 are expected to be in the range of $55 to 65 million
– Full-year operating cash consumption is expected to be in the lower end of the previously disclosed range of $50-$65 million, based on continued improved operating performance through the first three quarters of the year.
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