Ballard Power Systems (BLDP, BLD.TO) announced its consolidated
financial results for the fourth quarter ended December 31,
Q4 normalized net loss from continuing operations was unchanged
at ($6.2) million compared to Q4 2011. Full year normalized net
loss from continuing operations improved 11% to ($31.5) million
relative to 2011.
Cash reserves at year end were $12.5 million net of $9.3 million
outstanding on the company's bank operating line. This cash
position was fortified with the sale of the Material Products
division on January 31, 2013, which generated proceeds of up to $12
2013 Business Outlook: "The company expects revenue growth in
excess of 30%, led by backup power and engineering services, which
together represent more than half of the $36.8 million 2012 yearend
order book (excluding Material Products). It is expected that this
growth, along with higher gross margins and a lower cost base, will
contribute to improvements in bottom line performance.
2013 Guidance: "The company's guidance is for the following
improvements in 2013 continuing operations - Revenue growth in
excess of 30%, and Adjusted EBITDA improvement in excess of
"Q4 results reflected a marked turnaround from weak results
earlier in the year, both top line and bottom line," said John
Sheridan, President and CEO. "This Q4 top line momentum and a solid
yearend order book support our business outlook for 2013 revenue
growth in excess of 30%. This top line growth, along with continued
reductions in the cost base and a projected increase in gross
margin, underpin our expectation for improvement in Adjusted EBITDA
in excess of 50%."
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