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Ballard Reports 2012 Results and 2013 Outlook
By: PR Newswire
Feb. 20, 2013 11:36 PM
VANCOUVER, Feb. 20, 2013 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) today announced its consolidated financial results for the fourth quarter ended December 31, 2012. All amounts are in U.S. dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"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%."
On January 31, 2013 Ballard closed the sale of its Material Products division, a non-core asset located in Lowell, MA, in order to focus on high growth fuel cell products and to fortify the Company's cash position. Therefore, as per IFRS, Ballard's 2012 audited financial statements reflect "continuing operations" (excluding Material Products). In order to portray results comprehensively relative to the results reported throughout 2012 and to guidance for the full year, the financial results are also shown in the "2012 Financial Highlights" table below in a format which includes the Material Products division. Also, since the sale of the Material Products division was not completed until early 2013, the following section - with commentary on Q4 and full year 2012 results - addresses Ballard's performance including Material Products.
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.
The Company's guidance is for the following improvements in 2013 continuing operations:
2012 Financial Highlights
For a more detailed discussion of Ballard Power Systems' 2012 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.
Ballard will hold a conference call on Thursday, February 21, 2013 at 8:00 a.m. PST (11:00 a.m. EST) to review its 2012 operating results and 2013 outlook. The live call can be accessed by dialing +1.604.638.5340. Alternatively, a live audio 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.
1 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 Power Systems Inc. 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.
SOURCE Ballard Power Systems Inc.
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