Ballard Power Systems Issues Quarterly Financial Report

August 07, 2001 by Jeff Shepard

Ballard Power Systems (Canada) issued its report to shareholders for the second quarter, ending June 30, 2001. Revenues increased during the quarter by $10.7 million, or 251 percent from the same quarter last year. For the six-month period, year-over-year revenues increased by $12.8 million, or 154 percent.

The cost of revenues increased by $6.3 million and $9.4 million for the three- and six-month periods, respectively, when compared to the same periods in 2000. Investment income declined by $6.9 million for the quarter, though it increased by $0.3 million for the six-month period. Research and product development expenses for the quarter increased by $14.2 million, or 70 percent, and by $21.0 million, or 56 percent, on a year-to-date basis.

"In the second quarter of 2001, we continued to build on our leadership position and maintained our focus on, and investment in, cost reduction, increased manufacturing capability and testing as we prepare for the commercial launch of Ballard fuel cell products," said Kip Smith, Ballard´s president and CEO. "I am especially pleased with our record revenues of $14.9 million for the quarter. We continue to have a strong cash position as we move forward with our commercialization strategy."