Ballard Power Systems Inc. (Vancouver, BC) reported its financial results for the first quarter ending March 31, 2004. Revenue in the first quarter ending March 31, 2004, was $16 million, down from $33.1 million for the same period in 2003, principally due to the anticipated reduction in engineering service revenue associated with the near completion of the development of Ballard's current-generation automotive fuel cell powertrain.
Product revenue for the quarter decreased by $3.3 million, or 20 percent, over the same period in 2003 due to lower shipments of heavy-duty bus engines. Net loss for the quarter was $37.2 million, or $0.31 per share, compared to a loss of $22.6 million, or $0.19 per share, for the same period in 2003. Cash used by operations and capital expenditures for the quarter was $27.2 million, compared to $15 million, excluding business integration and restructuring expenditures, for the same period last year.
"Our 2004 plan is on track, with continued strong operational performance," said Dennis Campbell, Ballard's president and CEO. "While revenue is down and cash consumption is up, the results are in line with management's expectations. Product margins showed improvement and operating expenses continued to decline. Key focus areas include continued fiscal discipline; commencement of our next-generation, light-duty, fuel cell engine product development program; and deployment of the largest and most comprehensive fuel cell vehicle demonstration project ever undertaken."
