Ballard Reports 2009 Achievements and Provides 2010 Outlook
2010年2月4日 - 1:30PM
PRニュース・ワイアー (英語)
VANCOUVER, Feb. 3 /PRNewswire-FirstCall/ -- Ballard Power Systems
(TSX: BLD; NASDAQ: BLDP) today announced its 2009 achievements for
the year ended December 31, 2009 and provided an outlook for 2010.
All amounts are in U.S. dollars, unless otherwise noted. 2009 has
been widely acknowledged as a difficult year for energy technology
companies, with the confluence of the global recession, crises in
financial markets, and negative conditions in both the automotive
and energy sectors. This backdrop had negative impacts on Ballard
in 2009, initially in its supporting business segments of contract
automotive and material products and subsequently in fuel cell
products also. Given this backdrop, Ballard took decisive actions
to streamline its cost base to solidify its path to profitability,
and augment its cash reserves, further strengthening its solid
balance sheet. With these actions and some signs of improvement in
the economy, Ballard ended the year with relatively strong fourth
quarter revenues and significant improvement in cash flow from
operations. John Sheridan, President and CEO said "We were pleased
to have closed 2009 with stronger revenue in the fourth quarter and
a solid foundation for growth. We have started 2010 with a
streamlined cost base and a strong order book. We expect to build
growth momentum through the year, to position Ballard for positive
EBTIDA performance during 2011." Key 2009 Achievements Financial
--------- - Generated revenues of $46.7 million (unaudited) for the
full year, a decline of 22% or $12.9 million from 2008. Over half
of this decline was due to the exit from automotive and residential
cogeneration development programs. Fourth quarter revenue was $16.5
million (unaudited), 13% lower than the same period last year, but
growth of 83% relative to the third quarter of 2009 and reflects
35% of full-year revenue. - Reduced the cost base by approximately
$18.0 million, or 30%, on an annual run rate basis, primarily
through restructuring activities in March and August. - Reduced
operating cash consumption(1) by 5% to $27.7 million (unaudited)
for the full year. Fourth quarter operating cash consumption was
($4.3) million, representing positive cash contribution to the
business, consistent with expectations. - Augmented cash reserves
by monetizing rights under the Share Purchase Agreement (SPA) with
Ford Motor Company relating to Ballard's 19.9% equity interest in
Automotive Fuel Cell Cooperation Corp. for total gross proceeds of
approximately $44.5 million; $37 million received up front and an
additional contingent payment of $7.5 million due upon maturation
of the SPA. - Ended 2009 with cash reserves of approximately $82
million. Please note that 2009 financial results are unaudited.
Ballard expects to release its audited 2009 financial results on
March 10, 2010. Operational ---------- - Progressed market
penetration of fuel cell solutions, as evidenced by: - Motorola's
deployment of Dantherm Power's backup power system incorporating
Ballard's FCgen(TM)-1020ACS fuel cell product; - Supply agreement
with FirstEnergy Corp. for a 1 MW distributed generation system for
use in a utility load management; - Plug Power's progress with
commercial orders for their GenDrive(TM) fuel cell-powered forklift
customers, including Central Grocers, Wegmans, Whole Foods and
Coca-Cola; - Sales order for five FCvelocity(TM)-HD6 power modules
from Advanced Public Transportation Systems bv for 18-meter
(60-foot) articulated Phileas buses; and - Supply agreement with
Daimler AG for FCvelocity(TM) fuel cell products, representing
minimum revenue of approximately $24 million in 2010 and 2011. -
Continued to develop fuel cell systems for the wireless telecom
supplemental power market in India with its partners IdaTech, LLC
and ACME Group under a new, more flexible distribution agreement. -
Acquired a controlling interest in Denmark-based Dantherm Power on
January 18, 2010, partnering with co-investors Danfoss A/S and
Dantherm A/S. Through Dantherm Power, Ballard is now actively
involved with delivery of complete backup power systems, in
addition to providing fuel cell stacks and power modules to leading
fuel cell companies including IdaTech, LLC, Plug Power Inc., Baxi
Innotech GmbH and ISE Corporation, in other markets. Business
Outlook Growth Milestones in 2010 ------------------------- - Begin
shipments of Ballard's fuel cell stacks for deployment of IdaTech,
LLC's reformate-based supplemental power systems for the Indian
telecoms market. - Deployment of Dantherm Power hydrogen-based
backup power systems in one major new network. - Commission the 1
MW distributed generation system for FirstEnergy Corp. in Ohio. -
Book the first distributed generation system sale utilizing
by-product hydrogen. - More than double volumes of stack shipments
in material handling, in line with Plug Power's 2010 shipment
target of 1,100 GenDrive(TM) systems. - Book new fuel cell bus
contracts to support the deployment of more than 25 buses. Path to
Profitability --------------------- - Grow revenues in excess of
35% over the 2009 level - Improve cash flow from operations by 30%
from the 2009 level. - With this performance trajectory in 2010,
Ballard expects to be positioned for positive EBTIDA performance
during 2011.
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Endnotes: --------- (1) Operating cash consumption is a non-GAAP
measure used to assist in assessing Ballard's financial
performance. Non-GAAP measures do not have any standardized meaning
prescribed by GAAP and are therefore unlikely to be comparable to
similar measures presented by other companies. Operating cash
consumption measures the amount of cash required to fund the
operating activities of our business (net of restructuring and
related costs) and excludes financing and investing activities
except for capital lease payments and additions, net of proceeds on
sale, of plant and equipment. Conference Calls Ballard will hold a
conference call on Thursday, February 4, 2010 at 8:00 a.m. PST
(11:00 a.m. EST). John Sheridan, President & CEO will present
Ballard's 2009 achievements and provide an outlook for 2010.
Ballard will also hold a conference call to discuss its 2009
financial results on March 11, 2010. The live calls can be accessed
by calling +1-604-638-5340. Alternatively, live audio webcasts can
be accessed through a link on Ballard's homepage
(http://www.ballard.com/). Following the calls, the audio webcasts
will be archived in the Investor Events & Conference Calls
section of Ballard's website. About Ballard Power Systems Ballard
Power Systems (TSX: BLD; NASDAQ: BLDP) provides clean energy fuel
cell products enabling optimized power systems for a range of
applications. To learn more about Ballard, please visit
http://www.ballard.com/. This release contains forward-looking
statements, including estimated revenue and operating cash
consumption for 2009; and business outlook, including estimated
revenue and operating cash consumption for 2010; which are provided
to enable external stakeholders to understand Ballard's
expectations as at the date of this release and may not be
appropriate for other purposes. These forward-looking statements
are based on the beliefs and assumptions of Ballard's management
and reflect Ballard's current expectations as contemplated under
section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Such
assumptions relate to Ballard's financial forecasts and
expectations regarding its product development efforts,
manufacturing capacity, and market demand, and include matters such
as generating new sales, producing, delivering and selling the
expected number of units, and controlling its costs. These
statements involve risks and uncertainties that may cause Ballard's
actual results to be materially different, including, without
limitation, the condition of the global economy, the rate of mass
adoption of its products, product development delays, changing
environmental regulations, its ability to attract and retain
business partners and customers, its access to funding, increased
competition, its ability to protect its intellectual property,
changes in its customers' requirements, foreign exchange impacts on
its net monetary assets and its ability to provide the capital
required for product development, operations and marketing. For a
detailed discussion of these risk factors and other risk factors
that could affect Ballard's future performance, please refer to
Ballard's most recent Annual Information Form. Readers should not
place undue reliance on Ballard's forward-looking statements and
Ballard assumes no obligation to update or release any revisions to
these forward looking statements, other than as required under
applicable legislation. CONTACT: Investor Relations: Lori Rozali,
(604) 412-3195, ; Public Relations: Guy McAree, (604) 412-7919,
DATASOURCE: Ballard Power Systems Inc. CONTACT: Investor Relations:
Lori Rozali, (604) 412-3195, ; Public Relations: Guy McAree, (604)
412-7919,
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