Ballard Power Systems Inc. (Vancouver, BC, Canada) announced that shares fell to their lowest point in nine years after the company reported a bigger loss in its most recent quarter compared with a year ago. Ballard shares fell to as low as $6.77 - the lowest since February 14, 1996 - after the announcement, but recovered some lost ground later in the day. They were down $0.61, or 8%, at $6.93 in Toronto at mid-day.
The company reported that it lost $55.1 million, or $0.46 per share, for the three months ended December 31, 2004. That compared with a loss of $37.2 million, or $0.31 per share, a year earlier. Quarterly revenue fell to $20.5 million from $29.2 million.
"While full-year revenues are down and our loss for the year is higher than 2003, we believe the decisions that we've taken to confront the realities in our key markets has made Ballard a stronger and more focused company," stated Ballard President and Chief Executive Dennis Campbell.
