Ballard Power Systems (Toronto:BLD.TO)(NasdaqGM:BLDP), a world leader in the development, manufacture and sale of hydrogen fuel cells, announced its operating and financial results for the quarter ended June 30, 2007 today. All amounts are in U.S. dollars, unless otherwise noted.
“We continued to grow revenues and reduce cash burn in the second quarter, consistent with our full-year guidance,” said John Sheridan, Ballard’s President and CEO. “Year-to-date revenues were 27% higher than the same period last year. Ballard has shipped a total of 297 fuel cell products in our near term markets so far this year – growth of 52% over the first half of 2006.”
Financial Highlights: Second Quarter 2007
o Revenue growth of 15% to $14.3 million (2006Q2: $12.5 million).
o Product and service revenue grew 7% to $10.5 million (2006Q2: $9.8 million), driven by higher non-recurring engineering services for backup power and materials handling customers and material products shipments.
o Engineering development revenue grew 43% to $3.8 million (2006Q2: $2.7 million).
o Reduction in loss from continuing operations to $10.8 million (2006Q2: $13.6 million). This 21% improvement was primarily due to higher engineering development revenues, gross margins and foreign exchange gains, partially offset by increased operating expenses, largely for research and development for fuel cell bus programs and power generation products.
o Reduction in operating cash consumption (Endnote 1) to $3.8 million (2006Q2: $8.1 million). This 54% decrease was primarily due to higher gross margins, engineering development revenues and foreign exchange gains, partially offset by increased research and development, along with the timing of customer collections. For the six months ended June 30, 2007, operating cash consumption of $19.9 million was comparable to 2006.
o Cash reserves of $167.6 million (2007Q1: $174.8 million).
Financial results are on track for the year and full-year financial guidance for 2007 is reconfirmed:
o Revenue from continuing operations is expected to be in the range of $55-65 million, growth of up to 30% over 2006; and
o Operating cash consumption (Endnote 1) is expected to be in the range of $40-50 million, a reduction of up to 20% over 2006.
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