Ballard Power Systems Inc. (Vancouver, BC, Canada) reported its financial results for the fourth quarter and year ending December 31, 2003. Ballard’s revenue in the fourth quarter and fiscal year ending December 31, 2003, was $29.2 million and a record $119.6 million, respectively, compared to $29.3 million and $90.9 million for the same periods in 2002.
Net loss for the quarter and fiscal year ending December 31, 2003, was $38.8 million, or $0.33 per share, and $125.1 million, or $1.07 per share, compared to a loss of $35.5 million, or $0.34 per share, and $148.4 million, or $1.41 per share, for the same periods in 2002. Included in the net loss for the fourth quarter and year ending December 31, 2003, was $5.3 million, or $0.05 per share, and $12.7 million, or $0.11 per share, respectively, of write-downs of investments and $1.7 million, or $0.01 per share, and $8.8 million, or $0.08 per share, respectively, of restructuring costs.
Cash used by operations and capital expenditures, excluding restructuring and integration expenditures for the fiscal year ending December 31, 2003, was $39.9 million, compared to $118.5 million for the same period in 2002, a year-over-year reduction of 66 percent.
