Ballard Power Systems (Toronto:BLD.TO;NasdaqGM:BLDP), a developer of hydrogen fuel cells, reported substantial earnings in 1Q08, resulting from the sale of it’s automotive unit to Daimler AG (NYSE: DAI) and Ford Motor Company (NYSE: F) for $96.9 million.
Net income in the first quarter, impacted by the
automotive transaction, 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.
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.
1Q revenue for the company was $16.0 million, representing growth of $2.4 million or 18% over the same quarter last year. 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.
Operating cash consumption was $9.2 million in 1Q08, which is a 43% reduction from 1Q07 ($16.1 million).
Cash reserves were $75.4 million on March 31, 2008, down from $145.6 million in 4Q07. 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.
Total fuel cell shipments were 284 units in 1Q08, which is 125% higher than total product shipments of 126 units in 1Q07.
Ballard confirmed its full year guidance for 2008 of revenue in the $65-75 million range and growth of up to 15% over 2007.
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