Ballard Power -world leader zero-emission PEM fuel cells Message Board

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Technology Stocks : Ballard Power -world leader zero-emission PEM fuel cells

BLDP 2.790

+3.3%

Jan 16 9:30 AM EST

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To: HarveyO who wrote (4160)	5/7/1999 5:28:00 PM
From: Greg from Edmonton	Read Replies (1) of 5827

Ballard says it's powering ahead despite loss biz.yahoo.com Friday May 7, 5:08 pm Eastern Time VANCOUVER, May 7 (Reuters) - Ballard Power Systems Inc. (BLD.TO - news) recorded another first-quarter loss on Friday, but said it remains very strong financially and on track in the development of its innovative fuel cell technology. Company officials said they are unaware of any technological breakthroughs by rivals in the potentially lucrative industry, but are monitoring a new pact between Delphi Automotive Systems Corp (DPH - news) and German automaker BMW (quote from Yahoo! UK & Ireland: BMWG.F) . Ballard said it had a net loss of C$8.8 million in the first quarter of 1999 compared with a loss of C$8.2 million in the same period of 1998. The net loss per share dropped to C$0.11 from C$0.12 because of an increase in the weighted average shares outstanding. The company, which is still in the development and testing stage for its products, said shareholders' equity at the end of the quarter was C$620.9 million, and it had cash and short-term investments of C$431.5 million on hand. ''The financial position of Ballard remains very strong, ensuring our continued capability to obtain the required resources to support our development toward commercialization and our growing manufacturing capability,'' Chief Financial Officer Mike Graydon told analysts and reporters. Ballard has been one of the world's most prominent developers of alternative power sources for transportation and electric systems. Its fuel cells convert hydrogen into electricity, producing water as their only waste byproduct. Delphi and BMW announced last month they have agreed to develop vehicles that use solid-oxide fuel cells as an auxiliary power system. Delphi is working with Calgary Global Thermoelectric Inc. (GLE.TO - news). Ballard President Firoz Rasul said the company monitors developments in fuel cell technology closely and is unaware of any new advances in the development of solid fuel-source cells, but it is continuing to investigate. Rasul said its partners in the development of fuel cells for cars, including DaimlerChrysler and Ford, have investigated using solid fuel cells but found problems with the technology. Ballard shares on the Toronto Exchange closed at C$54.70 on Friday, up C$1.95. ($1-$1.46 Canadian)

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