News

# Ballard Power Issues First-Quarter 2003 Results

April 30, 2003 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) reported its financial results for the first quarter ending March 31, 2003. Ballard’s 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.