Ballard Issues Second-Quarter Financial Results

Ballard Power Systems (Vancouver, BC) issued its report to shareholders, including financial results for the second quarter and six months ended June 30, 2000. All amounts reported are in Canadian dollars. Revenues for the second quarter of 2000 were $4.3 million, compared to $4.5 million in the same period in 1999. Ballard's cash position was $808.0 million at the end of the first six months of 2000, compared to $411.5 million at the same date in 1999. Ballard's loss for the second quarter of 2000 matched the loss in the same period of 1999 at $0.21 per share. Revenues for the first six months of 2000 were $8.3 million, compared to $11.0 million in the same period in 1999. Ballard's loss for the first six months of 2000 was $0.38 per share, compared with a loss of $0.31 per share during the same period in 1999. "The first six months of 2000 were focused on meeting customer deliverables and requirements and will serve as a foundation on which we will build our success in the remainder of the year," said Ballard President and COO Kip Smith. "We will continue to build manufacturing capacity, reduce costs and develop our proprietary technology as we progress towards commercialization."