Ballard Power Systems Inc. (Vancouver, BC, Canada) reported its financial results for the third quarter ending September 30, 2003. Ballard’s revenue in the third quarter ending September 30, 2003, was $28.2 million, up slightly from revenue of $28 million for the same period in 2002. Product revenue for the quarter increased by $7.4 million or 69% over the same period in 2002. Revenue for the nine months ended September 30, 2003, was $90.4 million, a 47% increase over revenue of $61.6 million for the same period in 2002.
Net loss for the quarter was $31.1 million, or $0.26 per share, compared to a loss of $40.2 million, or $0.38 per share, for the same period in 2002. Included in the net loss for the quarter was $2.7 million in restructuring costs, or $0.02 per share, compared to $3 million, or $0.03 per share, for the corresponding period of 2002. For the nine-month period ended September 30, 2003, Ballard’s net loss was $86.1 million, or $0.73 per share, compared to $112.4 million, or $1.07 per share, for the same period in 2002.
Cash used by operations and capital expenditures for the quarter, excluding restructuring and integration expenditures, was $17.8 million compared to $37.7 million for the same period last year. For the nine-month period ended September 30, 2003, Ballard’s cash used by operations and capital expenditures, excluding business integration and restructuring expenditures, was $35.1 million compared to $105.7 million for the same period in 2002.
