Ballard Reports Third-Quarter 2002 Results
Ballard Power Systems Inc. (Vancouver, BC) released its report to shareholders for the third quarter ended September 30, 2002. Ballard's revenue in the third quarter was $28.0 million, compared to $9.7 million for the same period in 2001. Net loss for the quarter, including $3.0 million of costs related to the integration of XCELLSIS and Ecostar and foreign exchange losses of $9.5 million, was $40.2 million, or $0.38 per share, compared to a loss of $20.4 million, or $0.22 per share, for the same period in 2001.
Excluding integration-related costs, the loss for the quarter was $37.2 million, or $0.35 per share. At the end of the quarter, Ballard had $293.2 million in cash, cash equivalents and short-term investments. Ballard reaffirmed its 2002 guidance for revenue from products and engineering services of $82.0 million and cash burn of between $122.0 million and $142.0 million, plus an additional $36.0 million related to integration activities.