The Vancouver Business Thread

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Ballard Power Systems records net loss of $5.6 million in third quarter
By The Canadian Press

VANCOUVER - Ballard Power Systems has recorded a net loss of $5.6 million in the third quarter and a loss of $26.5 million for the nine months ending Sept. 30.

The quarterly loss is an improvement over the $11.4 million the fuel cell manufacturer logged in the same period a year ago.

Ballard saw its revenue climb 83 per cent in the quarter to $16.5 million and rise 45 per cent year-to-date to $43.9.

President and CEO John Sheridan says the quarterly results are "further evidence that Ballard is building the capability for strong revenue growth."

"Our strong liquidity position, with cash reserves of $72.9 million, will enable us to deliver on strong growth prospects in our key fuel cell markets of backup power, distributed generation, material handling and bus."

Ballard Power Systems provides clean energy fuel cell products enabling optimized power systems for a range of applications.

http://www.canadianbusiness.com/markets/headline_news/article.jsp?content=b4958645