Ballard PowerRICK COLLINS
Fuel cell developer Ballard Power Systems Inc. cut its net loss nearly in half in the latest quarter as the company generated higher sales.
Ballard said early Thursday its first quarter loss narrowed to $10-million (U.S.) or 12 cents per share, compared with a loss of $19.1-million or 23 cents per share in the first quarter of 2009.
The Vancouver-area company said quarterly revenue rose to $11.9-million from $8.1-million.
The company said that in its core fuel cell products business segment, first quarter revenues increased 28 per cent to $5-million.
Fuel cells produce no emissions because they combine hydrogen and oxygen to create electricity without combustion. The Ballard products are used to power forklifts and other industrial vehicles.
In its financial release, the company also said it benefited from the January acquisition of Dantherm Power, which added to its bottom line.
Ballard's president and chief executive officer John Sheridan said in a news release that the company was well-positioned to meet financial targets for full-year revenue growth in excess of 35 per cent.