Ballard Power Systems Reports Financial Results

May 09, 2001 by Jeff Shepard

Ballard Power Systems (Canada) reported its financial results for the quarter ended March 31, 2001. Net loss for the quarter was $22.4 million, or $0.25 per share, compared with a net loss of $14.7 million, or $0.17 per share, during the same period in 2000. Revenues increased by $2.1 million or 52 percent from the same quarter last year.

Research and product development expenses for the quarter increased by $6.8 million, or 40 percent, to $24.0 million. General and administrative and marketing expenses increased by $2.0 million and $0.9 million, respectively, from the same period one year ago.

Cash and short-term investments were $750.1 million at the end of the first quarter in 2001, compared to $769.7 million at the end of 2000. Inventory increased by $5.3 million during the quarter to $23.0 million. Property, plant and equipment increased to $89.9 million from $86.8 million at the beginning of the quarter.

“In the first quarter of 2001, momentum continued to build in the fuel cell industry, with particular interest in Ballard fuel cells coming from the transportation sector," said Kip Smith, Ballard's president and CEO.