Ballard Reports Fourth-Quarter and Year-End 2000 Results

March 01, 2001 by Jeff Shepard

Ballard Power Systems (Canada) reported its financial results for the fourth quarter and the year ending December 31, 2000. Revenues increased by 24 percent in 2000, to $41.1 million, from $33.2 million in 1999. Ballard attributes this increase to the rise in automotive orders and higher revenues from 250kW stationary power generators. Ballard's investment income increased to $44.4 million from $15.8 million, due to the proceeds of the equity financing, higher interest rates and foreign currency gains. Cost of revenues, meanwhile, increased to $55.1 million, or 85 percent, from $29.8 million in 1999.

Research and product development increased 40 percent to $86.5 million, from $62.0 million a year ago. Equity in loss of associated companies increased $14.5 million, or 71 percent, to $35.0 million in 2000. The net loss for 2000 was $85.7 million, or $0.98 per share. This is in comparison to $74.2 million, or $0.89 per share, in 1999.

Cash used in operations, including investment in property, plant and equipment, was $91.6 million in 2000, still within Ballard´s publicly-projected range of $80 to $100 million. An additional $40.3 million was invested in three companies, QuestAir, Ecostar and XCELLSIS, during the year.

Firoz Rasul, Ballard's chairman and CEO, commented, "During 2000 we made significant progress towards the commercialization of our fuel cell products."