Ottawa Citizen

Losses widen to $ 17.9 million at Ballard

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VANCOUVER • Ballard Power Systems of Burnaby, B. C., reported a loss of $ 17.9 million U. S. or 16 cents a share for the third quarter yesterday, widening from a loss of $ 8.9 million or seven cents a share for the same period last year.

An increase in product and service revenues was offset by a hefty dip in engineerin­g and developmen­t revenue at the fuel cell company, leaving revenue down 13 per cent, to $ 14.1 million from $ 16.1 million.

Despite the sharp drop, John Sheridan, Ballard’s president and chief executive officer, said the company is on track.

“ In the third quarter we continued to demonstrat­e solid progress against our corporate objectives for 2006,” Mr. Sheridan said in a statement. “ Traction is now clearly evident in nearer- term fuel cell market opportunit­ies, as shown by our progress in the residentia­l cogenerati­on and materials handling markets, with the achievemen­t of our annual goals in both markets.”

The company said its year- over- year operating cash consumptio­n fell 57 per cent to $ 10.6 million.

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