Ballard Reports Third Quarter 2010 Results
Strong quarter takes year-to-date revenue growth to 45%
BLDP) announced its financial results for the third quarter ended
Dantherm Power’s results and are in U.S. dollars, unless otherwise
provide further evidence that
strong revenue growth in clean energy fuel cell products and driving
aggressively to profitability. Revenue growth in the quarter was 83%
and, on a year-to-date basis, now stands at 45%.” He added that, “Our
strong liquidity position, with cash reserves of
enable us to deliver on strong growth prospects in our key fuel cell
markets of backup power, distributed generation, material handling and
Third Quarter 2010 Highlights
$16.5 millionin the quarter and $43.9 millionyear-to-date,
representing growth of 83% and 45%, respectively.
Total shipments of 683 fuel cell stacks in the quarter and 1,895 fuel
cell stacks year-to-date, representing growth of 137% and 105%,
Backup power shipments grew 87% to 401 fuel cell stacks in the quarter,
for a total of 1,010 fuel cell stacks year-to-date. This reflects
shipments to IdaTech, LLC and regional system integrators in
Material handling shipments more than doubled in the quarter to 211 fuel
cell stacks. On a year-to-date basis, shipments were 755 fuel cell
stacks, or more than four times the full-year total of 182 fuel cell
stacks in 2009.
Significant progress in distributed generation, including a sales
agreement with K2 Pure Solutions for deployment of a CLEARgen(TM) fuel cell generator utilizing by-product hydrogen to be sited at a
bleach plant in
Pittsburg, California, as well as delivery of a
utility-scale CLEARgen(TM) distributed generation system to FirstEnergy Generation Corp. in
Twelve-month rolling order book of
($4.2) millionfor the quarter and ($22.0) millionyear-to-date,
representing improvements of 57% and 6%, respectively.
Net loss of
$5.6 millionfor the quarter and $26.5 millionyear-to-date,
representing improvements of 51% and 8%, respectively.
Cash flow from operations of
($4.8) million. On a comparable
year-over-year basis, excluding Dantherm Power, cash flow from
($3.2) millionfor a total of ($24.8) million
year-to-date. This represents improvements of 31% and 13%,
Cash reserves of
Ballardreconfirms full-year guidance of revenue growth in excess of 35%
and improvement in cash flow from operations of 30%, excluding the cash
flow impact of Dantherm Power and a negative foreign exchange impact.
Growth Milestones in 2010:
- Delivered three of six milestones.
Deployed Dantherm Power hydrogen-based backup power systems in one major
new network, specifically Wind Mobile in
Delivered a one-megawatt distributed generation system to FirstEnergy
Generation Corp. in
Booked the first distributed generation system sale utilizing by-product
hydrogen, for K2 Pure Solutions.
- On-track to deliver two of six milestones.
More than double the volume of stack shipments in material handling, in
line with Plug Power’s 2010 shipment target.
Book new fuel cell bus contracts to support the deployment of more than
- One of six milestones is ‘at risk’.
Begin shipments of
Ballard’sfuel cell stacks for deployment of
IdaTech’s reformate-based supplemental power systems for the Indian
telecoms market. This may be delayed into the first half of 2011.
|(Millions of U.S. dollars)||Three months ended September 30,||Nine months ended September 30,|
|2010||2009||% Improvement||2010||2009||% Improvement|
|Fuel Cell Products||$8.0||$2.9||178%||$19.4||$16.4||18%|
|Fuel Cell Stack Shipments* (units)||683||288||137%||1,895||925||105%|
|12-Month Rolling Order Book||$30.0||n/a||n/a||n/a||n/a||n/a|
|Net Income (Loss)||($5.6)||($11.4)||51%||($26.5)||($28.9)||8%|
|Cash Flow from Operations, Excluding Dantherm Power||($3.2)||($4.6)||31%||($24.8)||($28.5)||13%|
* Total fuel cell stack shipments, including backup power, distributed
generation, material handling, bus and automotive applications.
** Adjusting for Dantherm Power, one-time gains (losses), restructuring
and foreign exchange impacts, EBITDA improvement would have been ~40%.
For a more detailed discussion of Ballard Power Systems’ third quarter
2010 results, please see the company’s financial statements and
management’s discussion & analysis, which are available at www.ballard.com, www.sedar.com and www.sec.gov/edgar.shtml.
results. The live call can be accessed by calling +1.604.638.5340.
Alternatively, a live audio webcast can be accessed through a link on
Investor Events & Conference Calls section of
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy
fuel cell products enabling optimized power systems for a range of
applications. To learn more about
This release contains forward-looking statements, including
estimated revenue and cash flow from operations, expected product
shipments and anticipated sales, which are provided to enable external
stakeholders to understand
this release and may not be appropriate for other purposes. These
forward-looking statements are based on the beliefs and assumptions of
contemplated under section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such assumptions relate to
expectations regarding its product development efforts, manufacturing
capacity, and market demand, and include matters such as generating new
sales, producing, delivering and selling the expected number of units,
and controlling its costs. These statements involve risks and
uncertainties that may cause
different, including, without limitation, the condition of the global
economy, the rate of mass adoption of its products, product development
delays, changing environmental regulations, its ability to attract and
retain business partners and customers, its access to funding,
increased competition, its ability to protect its intellectual
property, changes in its customers’ requirements, foreign exchange
impacts on its net monetary assets and its ability to provide the
capital required for product development, operations and marketing. For
a detailed discussion of these risk factors and other risk factors that
most recent Annual Information Form. Readers should not place undue
obligation to update or release any revisions to these forward looking
statements, other than as required under applicable legislation.
(1) EBITDA is a non-GAAP measure used to assist in assessing
financial performance and liquidity. Non-GAAP measures do not have any
standardized meaning prescribed by GAAP and are therefore unlikely to
be comparable to similar measures presented by other companies. EBITDA
measures net loss after excluding interest expense, income tax expense,
depreciation of property, plant and equipment, amortization of
intangible assets, and goodwill impairment charges. EBITDA includes the
impact attributable to
actual and future performance. For a reconciliation of EBITDA to the
Consolidated Financial Statements, please refer to
Management’s Discussion & Analysis.
CONTACT: <table valign=”top” border=”0″><tr><td>Investor Relations: </td> <td>Lori Rozali </td> <td>Public Relations: </td> <td>
SOURCE Ballard Power Systems Inc.