Ballard Power Issues 2nd Quarter Results

Ballard Power Systems has released its report to shareholders for the second quarter ending June 30, 2002.

Vancouver, British Columbia – August 1, 2002 [] Ballard’s revenue in the second quarter was US$21.5 million, compared to US$9.4 million for the same period in 2001, a 129 percent increase. Net loss for the quarter, excluding US$5.6 million of costs related to the integration of XCELLSIS and Ecostar, was US$15.9 million ($0.15 per share) compared to a loss of US$25.7 million ($0.28 per share) for the same period in 2001. Including integration related costs, the loss for the quarter was US$21.5 million ($0.20 per share). The majority of the changes in financial results between the two periods is a result of the acquisition of XCELLSIS and Ecostar that occurred in November 2001 and the overall growth in Ballard’s business. “In the second quarter Ballard began to see tangible results from the actions we took early this year,” said Firoz Rasul, Ballard’s Chairman and Chief Executive Officer. “We continue to make significant progress towards achieving our goals for 2002. The integration of Xcellsis and Ecostar into Ballard is progressing according to plan. We remain comfortable with our product and services revenue guidance for 2002 of US$82 million and our guidance on annual cash burn of between US$122 million and US$142 million, plus US$36 million for integration activities. From a commercial standpoint, customer interest in Ballard’s products continues to grow. We saw the number of customers for our Nexa(TM) power module increase from 13 to 27 over the past three months.” Ballard is currently marketing six commercial products. The Nexa(TM) power module, a portable 1.2 kW fuel cell system designed for integration by original equipment manufacturers (OEMs) into commercial products, was launched in September 2001. Ballard is selling carbon fiber products for automatic transmissions as well as gas diffusion layers for proton exchange membrane (PEM) fuel cells. Ballard is marketing its first Ecostar(TM) Power Converter designed to operate with and convert power from microturbine and other power sources. Ballard is also selling its Ecostar(TM) 80 V electric drive system, designed for battery-powered ground support equipment such as airport baggage tractors, and is marketing its 80 kW natural gas high speed generator set designed for standby and back-up applications. In April, Ballard announced the commercial availability of an innovative carbon fiber product designed for use as a gas diffusion layer, a significant component in PEM fuel cells. The AvCarb(TM) P50T carbon fiber paper has excellent fuel cell performance characteristics and can play a key role in the reduction of the cost of fuel cells. In May, Ballard received a US$2 million order from Nissan Motor Co., Ltd. for Mark 902 fuel cell modules and support services. Ballard also received $3.0 million (CDN$4.7 million) in revenue for completing a program with the Government of British Columbia, BC Transit and Translink for prototype bus engines for testing purposes. In June, Ballard’s fuel cell engine powered DaimlerChrysler’s NECAR 5 fuel cell vehicle in a successful 13-day, 3,000-mile (4,800-kilometre) endurance test across the United States. The drive provided Ballard and DaimlerChrysler with real-world testing experience in a variety of conditions and demonstrated a high level of endurance and reliability. In June, Ford conducted “Ride and Drive” demonstrations of its Focus fuel cell vehicle, powered by a Ballard(R) fuel cell engine, in selected cities across Canada. Public displays and opportunities to drive fuel cell vehicles will increase as fuel cells move closer to full commercialization. (NASDAQ:BLDP)
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