Some information that might be somewhat relevant with respect to GLE.
The following PR might give us an idea of the size of any potential orders.
Ballard Power Systems Inc - BLD
Ballard Power first-quarter results
Shares issued 83,319,317 1999-05-06 close $52.75
Friday May 7 1999
Mr. Michael Rosenberg reports
Revenues for the first quarter rose to $6.5-million from $4.8-million a year ago, an increase of 34 per cent, reflecting the timing of sales of automotive fuel cells and related systems. The net loss for the quarter was $8.8-million, compared with last year's $8.2-million. The net loss per share was 11 cents, compared with 12 cents per share in 1998, as a result of an increase in weighted average shares outstanding. At March 31, 1999, Ballard's financial condition was strong, with shareholders' equity of $620.9-million, and cash and short-term investments of $431.5-million.
Underscoring the widening interest in fuel cells for transportation applications, in April three energy companies - ARCO, Shell, and Texaco - joined the State of California, DaimlerChrysler, Ford and Ballard to form the California Fuel Cell Partnership - Driving for the Future. The partnership is committed, between 2000 and 2003, to demonstrate and field test approximately 30 cars and 25 buses powered by engines using Ballard fuel cells. In addition to gathering data about the real-life operation and maintenance of the vehicles, the collaboration will focus on requirements relating to the fuel and the fuel infrastructure for fuel cell vehicles.
Ballard's partners also unveiled new prototype vehicles during the quarter, marking further progress in the development of fuel cells for transportation applications. At the Detroit auto show in January, Ford introduced the P2000 sedan, a fuel cell powered prototype fueled with compressed hydrogen. In March, DaimlerChrysler introduced its fourth prototype passenger car powered by Ballard fuel cells, the Necar 4. The companies of the fuel cell alliance between Ballard, DaimlerChrysler and Ford supplied key systems for both cars. Ballard provided the fuel cells, dbb fuel cell engines built the fuel cell engines, and Ecostar Electric Drive Systems supplied the electric drive trains.
In other transportation developments, Ballard announced that it will supply Ballard fuel cells and related equipment and services to two automobile companies for their development programs. Nissan, a Ballard customer since 1991, placed a $3.5-million order and an order from Honda R&D Co., a subsidiary of Honda Motor Company, totalled $2.1-million. The transit bus engine test and demonstration programs in Chicago and Vancouver continued as planned. dbb fuel cell engines and Ballard are incorporating the information obtained during the program into the development of their next fuel cell bus engine, which is proceeding on schedule.
Although fuel cell cars dominated the news in the quarter, interest in fuel cells for electric power generation continued to grow. Distributed (decentralized) generation of electricity is gaining recognition as a clean and efficient alternative for needed capacity additions, and as a source of reliable electricity for powering sensitive or uninterruptible electronic, computer and medical equipment. Reflecting this growing recognition in the United States, a White House legislative proposal to deregulate the electric power industry included tax benefits for distributed power installations. Ballard's fuel cell stationary power business will provide a critical enabling product targeted at important parts of the emerging distributed power generation market.
During the quarter, Ballard's subsidiary, Ballard Generation Systems (BGS), continued testing its prototype 250 kilowatt power plant, as well as building the initial field trial power plants, the first of which is expected to be delivered in the fourth quarter. The field trial units will be operated by customers on their own sites and will enable BGS and Ballard to incorporate this valuable testing experience into the design of the next generation power plant.
WARNING: The company relies on litigation protection for "forward-looking" statements.
CONSOLIDATED STATEMENT OF INCOME
Three months ended March 31
(thousands of dollars)
1999 1998
Revenues $6,498 $4,838
Investment income 5,167 1,916
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11,665 6,754
Cost of revenues
and expenses
Cost of revenues 4,110 3,636
Research and
product development 10,081 6,176
General and
administrative 1,758 1,652
Marketing 753 587
Interest 11 13
Minority interest (1,064) (204)
Capital taxes 82 70
Equity in loss of
associated companies 3,523 2,062
Amortization of
fuel cell technology 916 916
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20,170 14,908
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(Loss) before
income taxes (8,505) (8,154)
Income taxes 313 48
------- -------
Net (loss) $(8,818) $(8,202)
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Net (loss)
per share (11 cents) (12 cents)
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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