Ballard Power Systems Issues First-Quarter Report for 2000

May 04, 2000 by Jeff Shepard

Ballard Power Systems (Vancouver, BC) issued its financial results for the first quarter ended March 31, 2000. All amounts reported are in Canadian dollars.

Revenues for the first three months of 2000 were $4.0 million compared to $6.5 million in the same period in 1999. Ballard's cash position was $835.6 million at the end of the first three months of 2000, compared to 431.5 million at the same date in 1999. Ballard's loss for the first three months of 2000 was $0.17 per share compared with a loss of $0.11 per share during the same period in 1999, with a loss per share for the first three months in 2000 of $0.19.

"The pace of progress at Ballard is evident in the events of the first quarter of 2000," said Kip Smith, Ballard's president and COO. "We are making progress with our commercialization plans and are in a position of strength in terms of product development and finance. We are well prepared for the year ahead."