Ballard Reports Q1 1999 Results

May 11, 1999 by Jeff Shepard

Ballard Power Systems (Vancouver, BC) reported first quarter revenues of CDN$6.5 million compared to CDN$4.8 million a year ago. Net loss for the quarter was CDN$8,818,000, or CDN$0.11 per share, compared to a net loss of CDN$8,202,000, or CDN$0.12 a year ago. At March 31, 1999 Ballard's financial condition was strong with shareholder's equity of $620.9 million and cash and short term investments of $431.5 million, according to the company. "The introduction of prototype fuel cell cars by our partners, DaimlerChrysler and Ford, and the creation of the California Fuel Cell Partnership to demonstrate a fleet of cars and buses powered by fuel cells, are evidence of the momentum of fuel cells for transportation," stated President and CEO Firoz Rasul. "In our stationary power business, BGS is on schedule to deliver the initial 250kW plants to be deployed in field trials.