Ballard Issues 2002 First-Quarter ResultsApril 29, 2002 by Jeff Shepard
Ballard Power Systems Inc. (Vancouver, BC) released its report to shareholders for the first quarter ending March 31, 2002. Revenue in the first quarter was $12.1 million, compared to $3.8 million for the same period in 2001. Net loss for the quarter was $42.8 million, or $0.41 per share, compared to a loss of $14.1 million, or $0.16 per share, for the same period in 2001. Including integration-related costs, the loss for the quarter was $50.7 million, or $0.48 per share.
"Ballard made significant progress in the quarter and met its internal operational and financial expectations," stated Ballard Chairman and CEO Firoz Rasul. "We are comfortable with our previously stated revenue guidance for 2002 of $82.0 million and our annual cash burn guidance of between $122.0 million and $142.0 million, excluding integration activities."