Ballard Issues 2002 Second-Quarter Results

July 31, 2002 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) released its report to shareholders for the second quarter ending June 30, 2002. Ballard's revenue in the second quarter was $21.5 million, compared to $9.4 million for the same period in 2001, a 129 percent increase. Net loss for the quarter was $15.9 million, or $0.15 per share, compared to a loss of $25.7 million, or $0.28 per share, for the same period in 2001. Including integration-related costs, the loss for the quarter was $21.5 million, or $0.20 per share.

"In the second quarter, Ballard began to see tangible results from the actions we took early this year," stated Ballard Chairman and CEO Firoz Rasul. "We remain comfortable with our product and services revenue guidance for 2002 of $82.0 million and our guidance on annual cash burn of between $122.0 million and $142.0 million, plus $36.0 million for integration activities."