Ballard Power Reports Wider Fourth-Quarter Loss

March 26, 2002 by Jeff Shepard

Ballard Power Systems Inc. (Vancouver, BC) reported a wider fourth-quarter loss driven by higher spending for research and development of its fuel cell technology. Ballard, which switched its accounting from Canadian to US dollars in the quarter, said its losses were $36.0 million, or $0.37 a share, for the period ended December 31, 2001, up from a loss of $29.3 million, or $0.33 a share, for the corresponding period a year earlier.

"Ballard's accomplishments in 2001 form the foundation for our success as we begin to commercialize Ballard fuel cells," stated Ballard CEO Firoz Rasul. "We achieved our financial goals, we received orders for our products totaling more than $157.0 million, we exceeded our transportation fuel cell cost reduction target, we simplified our corporate structure and expanded our business."

Revenues, not including investment and other income, rose to $13.3 million in the quarter from $12.0 million a year earlier. For the full year, Ballard reported a loss of $96.2 million, or $1.05 per share, compared with a loss of $53.8 million, or $0.61 per share, during the same period in 2000.