Ballard Power Systems (Toronto:BLD.TO; NasdaqGM:BLDP), a global leader in the development of hydrogen fuel cells, announced an 18% growth in revenues for 1Q08, as well as $81 million in net income resulting from the sale of it’s automotive assets.
Revenue for the quarter was $16.0 million, representing growth of $2.4 million or 18% over the same quarter last year (Q107: $13.6 million). On a proforma basis, excluding automotive-related engineering development revenue following the company’s automotive transaction, which closed on January 31, 2008, revenue growth was 27% compared to the same quarter last year.
Ballard sold its automotive fuel cell assets to Daimler AG and Ford Motor Company. Ballard recorded a gain of $96.9 million from the transaction in the first quarter.
Operating cash consumption for 1Q08 was $9.2 million, a 43% reduction from Q107, $16.1 million.
Net income was $81.0 million or $0.87 per share, compared to a net loss of $14.3 million or $0.12 per share in 1Q07. This was positively impacted by a $96.9 million gain from the automotive transaction. Normalized net loss was $15.9 million or $0.17 per share, a 9% increase from $14.5 million or $0.13 per share in the same quarter last year, primarily due to higher foreign exchange losses of $1.9 million and lower investment income of $1.2 million.
Cash reserves were $75.4 million on March 31, 2008 (Q407: $145.6 million). As part of the automotive transaction, $60 million was invested in AFCC Automotive Fuel Cell Cooperation Corp. (AFCC) on closing. The company believes current cash reserves are sufficient to meet the company’s planned growth and development activities to the end of 2010, without considering any possible proceeds from monetizing its interest in AFCC.
"With our progress over the past two years we have established a strong foundation on which to accelerate the market adoption of clean energy fuel cell products," said John Sheridan, Ballard’s President and CEO. "This progress is evidenced by our strong first quarter results, with product shipment growth of 125%, an 18% revenue increase, a 43% improvement in operating cash consumption and announcements of new business relationships with H2 Logic, New Flyer, IdaTech and The Raymond Corporation."
Ballard confirmed its full year guidance for 2008:
Revenue: $65-75 million–growth of up to 15% over 2007.
Total product shipments: in excess of 1,700 units–more than double the 2007 level.
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