Fuel cell manufacturer Ballard Power Systems (Toronto:BLD.TO; NasdaqGM:BLDP announced financial results for the quarter ended March 31, 2007. All amounts are in U.S. dollars.
Revenues increased 44% to $13.6 million compared to $9.4 million for Q106. The company attributes the increase to higher shipments of automotive fuel cells, carbon fiber material product and 1kW residential cogeneration fuel cells. Service revenues increased for contracts to provide field service for fuel cell-powered buses in Europe, China and Australia.
Ballard’s net loss decreased 17% to $14.3 million, or ($0.12) per share, compared to $17.2 million, or ($0.15) per share, for Q106.
“Ballard’s continued operational progress was evidenced in the first quarter by several key developments, including the sale of our e-drive operations, contracts with Dantherm Air Handling for backup power and the US Department of Defense for materials handling, as well as an extension of service agreements for fuel cell-powered buses,” said John Sheridan, Ballard’s President and CEO. “We also continued to show progress in our financial performance. Revenue growth was strong, and while operating cash consumption was higher than the same quarter in 2006, this was largely due to the timing of collections from customers last year.”
Ballard confirmed its full-year financial guidance for 2007:
– Revenues from continuing operations for 2007 are expected to be in the range of $55 to $65 million, growth of up to 30% over 2006.
– Operating cash consumption is expected to be in the range of $40 to $50 million, a reduction of up to 20% over 2006.
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