Boston, MA 02/26/2014 (wallstreetpr) – Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) declared their fourth quarter and full year 2013 results today. The operating results were quite strong on the back of its improved execution strategy.
The Strong Results:
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP)’s CEO, John Sheridan, has been implementing a three level business strategy since the last couple of years. Revenues for the fourth quarter of 2013 were $17.3 million, an increase of 5% over the fourth quarter of 2012. The rolling order book for 12 months also improved to $43.5 million at the end of December, 2013 as compared to $36.8 reported till December 2012. Gross margins improved to 34% as compared to 22% reported for the same period last year. The company had $30.3 million in cash reserves at the end of December, 2013 as compared to $21.8 million at the end of December, 2012, an improvement of 39% y-on-y basis.
For the full year, the company declared revenues of $61.3 million versus $43.7 million declared for 2012. This amounts to an improvement of 40% y-on-y basis. Gross margins for the year 2013 stood at 27% versus 17% for 2012. The company was also able to reduce its net loss to $20 million against $42.3 million for 2012. Loss for the full year was $0.20 per share against $0.48 per share reported for the same period last year, an improvement of 59%.
Looking Ahead At 2014:
Ballard Power Systems Inc. (USA) (NASDAQ:BLDP) expects the positive trend of the last two years to also continue forward in 2014. The company plans to pursue growth strategies for fuel cell product sales, IP licensing as well as engineering services. It expects a revenue growth of 30% y-on-y basis and expects to break even in 2014. However, the CEO has requested the Board to relieve him from his duties as he explores retirement options. He will see the company through till the end of 2014.
