Ballard Power Systems Inc. (Vancouver, BC, Canada) reported its financial results for the first quarter ending March 31, 2003. Revenue in the first quarter ending March 31, 2003, was $33.1 million, compared to $12.1 million for the same period in 2002. Net loss for the quarter was $22.5 million, or $0.19 per share, compared to a loss of $50.7 million, or $0.48 per share, for the same period in 2002.
Excluding restructuring related costs, the loss for the quarter was $19.9 million, or $0.17 per share, versus $42.8 million, or $0.41 per share, for the first quarter in 2002. Included in the net loss for the quarter were foreign exchange gains of $7.9 million, or $0.07 per share. Cash used by operations and capital expenditures for the quarter, excluding restructuring and integration expenses, was $15 million
compared to $53.7 million for the same period last year.