PR Newswire
VANCOUVER, July 31, 2013
VANCOUVER, July 31, 2013 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) today announced consolidated financial results for the second quarter ended June 30, 2013. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
Summary of Second Quarter 2013 Results
Revenue in Q2 was up 114%, driven primarily by positive performance of the Telecom Backup Power and Engineering Services markets. Adjusted EBITDA improved 49%, driven by the top line growth in tandem with a major improvement in gross margin.
Beyond this solid performance in these key commercial stage markets in the quarter, the Company also demonstrated advancement of its strategy to position for broader value creation, with particular focus on opportunities in China and South Africa. Specifically, on May 28 Ballard announced an MOU for an Engineering Services program to support Azure Hydrogen's planned China fuel cell bus initiative. In addition, the Company's development work on a new low cost, continuous power system has progressed and a public commitment of support was announced by the South African Government, as noted in Ballard's June 18 press release.
John Sheridan, President and CEO said, "The positive trend reflected in our Q2 results is evidence of progress with our strategy to re-align resources in order to accelerate the Company's two key growth drivers, Telecom Backup Power and Engineering Services, while positioning for broader value creation in development stage markets."
Second Quarter 2013 Highlights1
Growth(all comparisons to Q2 2012 unless otherwise noted)
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Commercial Stage Markets
Telecom Backup Power
Engineering Services
Material Handling
Development Stage Markets
Path to Profitability(all comparisons to Q2 2012 unless otherwise noted)
2013 Business Outlook
The Company has confirmed its full year guidance for:
Second Quarter 2013 Financial Highlights
(Millions of U.S. dollars) | Three months ended June 30, | Six months ended June 30, | |||||
2013 | 2012 | % Improvement | 2013 | 2012 | % Improvement | ||
GROWTH | |||||||
Fuel Cell Product & Service Revenue: | |||||||
Telecom Backup Power | $4.3 | $0.9 | 363% | $10.7 | $2.3 | 365% | |
Engineering Services | $5.7 | $3.1 | 87% | $8.4 | $6.2 | 34% | |
Material Handling | $1.5 | $2.0 | -27% | $2.4 | $3.3 | -27% | |
Development Stage Markets | $3.1 | $0.8 | 296% | $5.5 | $5.1 | 9% | |
Total Fuel Cell Product & Service Revenue | $14.6 | $6.8 | 114% | $26.9 | $16.9 | 59% | |
12 Month Rolling Order Book | $42.9 | $42.3 | |||||
PROFITABILITY | |||||||
Gross Margin | 22% | 4% | 18-points | 23% | 14% | 9-points | |
Cash Operating Costs2 | $7.1 | $7.2 | 2% | $15.3 | $16.4 | 6% | |
Adjusted EBITDA2 | ($3.3) | ($6.4) | 49% | ($7.9) | ($12.8) | 38% | |
Net Income (Loss) | ($5.2) | ($7.4) | 30% | ($13.1) | ($16.1) | 18% | |
Earnings Per Share | ($0.05) | ($0.09) | 40% | ($0.14) | ($0.19) | 27% | |
Normalized Net Loss2 | ($4.8) | ($7.4) | 35% | ($11.6) | ($16.1) | 28% | |
Normalized Net Loss Per Share2 | ($0.05) | ($0.09) | 44% | ($0.12) | ($0.19) | 36% | |
CASH | |||||||
Cash Used by Operating Activities: | |||||||
Cash Operating Income (Loss) | ($3.2) | ($6.0) | 47% | ($9.4) | ($12.5) | 24% | |
Working Capital Changes | ($1.5) | ($5.2) | 71% | ($2.3) | ($13.8) | 84% | |
Cash Used By Operating Activities | ($4.7) | ($11.2) | 58% | ($11.7) | ($26.3) | 56% | |
Cash Reserves | $25.8 | $24.6 | 5% | ||||
Cash Reserves, Net of Operating Line | $23.1 | $15.2 | 52% |
For a more detailed discussion of Ballard Power Systems' second quarter 2013 results, please see the company's financial statements and management's discussion & analysis, which are available at www.ballard.com/investors, www.sedar.com and www.sec.gov/edgar.shtml.
Conference Call
Ballard will hold a conference call on Thursday, August 1, 2013 at 8:00 a.m. PDT (11:00 a.m. EDT) to review its second quarter 2013 operating results. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio and PowerPoint slide webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, the audio webcast will be archived in the Quarterly Results area of the Investor section of Ballard's website (www.ballard.com/investors).
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) provides clean energy fuel cell products enabling optimized power systems for a range of applications. Products deliver incomparable performance, durability and versatility. To learn more about Ballard, please visit www.ballard.com.
Important Cautions Regarding Forward-Looking Statements
This release contains forward-looking statements concerning projected revenue growth, product shipments, gross margin, Adjusted EBITDA, cash operating expenses and product sales. These forward-looking statements 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. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements 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. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
Endnotes:
1 With the January 31, 2013 sale of the Company's non-core Material Products division, comparisons made to 2012 are on a continuing operations basis, excluding the Material Products division, consistent with IFRS accounting principles.
2 Cash Operating Costs measures operating expenses excluding stock based compensation expense, depreciation and amortization, restructuring charges, acquisition costs and financing charges. EBITDA measures net loss attributable to Ballard from continuing operations, excluding finance expense, income taxes, depreciation of property, plant and equipment, amortization of intangible assets, and goodwill impairment charges. Adjusted EBITDA adjusts EBITDA for stock based compensation expense, transactional gains and losses, asset impairment charges, finance and other income, and acquisition costs. Normalized Net Loss measures net loss attributable to Ballard from continuing operations, excluding transactional gains and losses and asset impairment charges.
Note that Cash Operating Costs, EBITDA, Adjusted EBITDA and Normalized Net Loss, are non GAAP measures. Non GAAP measures do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Ballard believes that Cash Operating Costs, EBITDA, Adjusted EBITDA and Normalized Net Loss assist investors in assessing Ballard's operating performance and liquidity. These measures should be used in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity reported in accordance with GAAP. For a reconciliation of Cash Operating Costs, EBITDA, Adjusted EBITDA and Normalized Net Loss to the Consolidated Financial Statements, please refer to Ballard's Management's Discussion & Analysis.
Guy McAree +1.604.412.7919, investors@ballard.com or media@ballard.com
SOURCE Ballard Power Systems Inc.
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