Ballard Power Systems Reports 2012 Results and 2013 Outlook
Ballard Power Systems (BLDP, BLD.TO) announced its consolidated financial results for the fourth quarter ended December 31, 2012.
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 million.
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 50%."
"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%."