Losses widen to $ 17.9 million at Ballard
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.