Ballard Reports Third-Quarter 2002 Results

October 30, 2002 by Jeff Shepard

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.