.gif)
.gif)
Industry News
November 5, 2012
Ballard Reports Mixed Results for Q3 2012
Ballard Power Systems announced its consolidated financial results for the third quarter ended September 30, 2012. The third quarter 2012 highlights in comparisons to 2011, revenue was $14.2 million in Q3, representing a decline of $6.4 million and $38.0 million year-to-date, a decline of $17.0 million reflecting reductions in fuel cell products and material products, along with the 2011 wind down of contract manufacturing.
Within fuel cell products there are signs of increasing sales momentum, particularly in the communications backup power segment. Adjusting for contract manufacturing, which wound down in Q3 2011, total revenue increased $0.5 million or 1% year-to-date and Fuel Cell Product revenue decreased $0.4 million or 4% in the quarter and increased $5.9 million or 28% year-to-date. Fuel cell stack shipments were 876 units in Q3, a decrease of 13% and 2,241 units year-to-date, a decrease of 4%. The twelve-month rolling order book was $50.2 million.
John Sheridan, President and CEO said, "Weak sales and revenue continued through the third quarter, against the backdrop of a challenging economy. As reflected in our revised guidance, supported by a recent strengthening in order activity, we expect stronger Q4 revenue. Also, we expect continuation of the improving trajectories in cash operating expense and cash flow."
Related: Eaton and CA Technologies Join to Deliver Infrastructure Management for Data Centers
Recent commercial developments included progress in relation to acquisition of key fuel cell assets from IdaTech for the communications backup powermarket, including purchase orders from Cascadiant Inc., Inala Technologies, PPA and other distributors, and total shipments of more than 150 ElectraGen™ systems. An ESA was signed with First Element Energy for provision of FCgenTM-1020ACS fuel cell stacks to be used in communications backup power systems. Confirmation of funding support was received from the European Joint Technology Initiative (JTI) for a 1 megawatt (MW) ClearGen™ distributed generation system to be deployed with a major gas supplier. The commissioning of a 1MW ClearGen™ distributed generation system at the Toyota headquarters office campus in Torrance, California was completed.
Gross margin was 14% in Q3, a decline of 5-points, driven by low product shipment volumes despite continuing reductions in product costs. The year-to-date gross margin of 17% represented a decline of 1-point while cash operating costs of $7.0 million in Q3, an improvement of 24% and $24.4 million year-to-date, representing an improvement of 20%, was consistent with the Company's expectation for full year cash operating costs in the low $30 million range. The company reported adjusted EBITDA2, excluding a $1.6 million restructuring charge in the quarter, of ($3.9) million in Q3, an improvement of 22% and ($15.0) million year-to-date, an improvement of 19%. Net income was ($9.0) million or ($0.10) per share in Q3, a decline of 28% and ($24.0) million or ($0.28) per share year-to-date, an improvement of 8%.
Opinion: Maximising Synergies between Power Electronics and ICT for improving Energy Efficiency
Cash used by operating activities of $1.3 million in Q3, an improvement of 86% was driven by lower working capital requirements of $10.0 million and partially offset by an increase in cash operating losses of $2.0 million. On a year-to-date basis, cash used by operating activities was $27.6 million, an improvement of 26%. Cash reserves of $23.1 million or $13.7 million net of $9.4 million outstanding on the company's bank operating line.
As announced on October 9, the Company has adjusted guidance for the full year revenue downwards to approximately $60 million, based on a preliminary estimate of Q3 revenue together with the Company's updated outlook for Q4. Adjusting for the absence of contract manufacturing in 2012 versus 2011, revised guidance represents year-over-year growth in revenue of 3%, and 19% in the Fuel Cell Product segment.
The Company has adjusted guidance for full year Adjusted EBITDA downwards to approximately ($18) million, based on a preliminary estimate of Q3 revenue together with the Company's updated outlook for Q4. Revised guidance represents year-over-year improvement of 19% in Adjusted EBITDA.
Share this story
Send via E-mail
Post to Twitter
On the Web:
White Papers
March 11, 2013
Power Modules for Charger Applications
Sponsored by Vincotech
February 27, 2013
The Adaptive Cell Converter Topology Enables Constant Efficiency Over Universal Input AC Line in Front-End, High-Density Power Factor Correction Applications
Sponsored by Vicor Corp.
February 27, 2013
From 48 V direct to Intel VR12.0: Saving "Big Data" $500,000 per datacenter, per year
Sponsored by Vicor Corp.
More White Papers
- Altera Acquires Enpirion for $140 Million, Forms Power Business Unit
- Ericsson Saves Board Space with Surface-Mount Digital Bus Converter
- SiC Modules, IGBTs and Super-Junction MOSFETs Introduced on Day One of PCIM
- PowerbyProxi Joins Wireless Power Consortium
- SiC and GaN Again a Major Focus at PCIM Europe
- Vincotech and Infineon Introduce New Packaging Options at PCIM Europe
- Bosch Claims First Sub-$450 240V EV Charging Station
- DOE Selects Consortium to Develop Next-Generation Batteries for Automobiles
- Dana Receives Grant from NRCan to Improve Thermal Management for EV Battery Packs
- Gate Drive Optocouplers for High-Speed SiC FETs Deliver up to 2.5A
- Power-One Gets $1 Billion – ABB Gets Inverters
- Renesas Adds IGBT Drivers with Micro-Isolator for Electric and Hybrid Vehicle Inverters
- Bosch Claims First Sub-$450 240V EV Charging Station
- Eltek Signs Agreement with Caterpillar on Telecom Hybrid Systems
- Altera Acquires Enpirion for $140 Million, Forms Power Business Unit
- LED Lighting Power & Dimming Controls Introduced by Phihong
- SL Packs 60 Watts of Industrial-Grade AC-DC Power in Small and Robust Package
- Eltek's New Rectifier Delivers 97.2% Efficiency for Data Center and Server Powering
- Fairchild's Integrated Low-Side Gate Driver Incorporates 3.3-V LDO in 5-Lead SOT-23
- Vicor Reports Reduced Q1 Results – Anticipates a Brighter Future
- Green Building Power Forum 2010: Fujitsu Components America
- Darnell's Digital Power Forum 2009: CUI Incorporated
- Green Building Power Forum 2010: EMerge Alliance
- Green Building Power Forum 2010: Anderson Power Products
- Green Building Power Forum 2009: Independence Station
- Darnell's Digital Power Forum 2009: Coilcraft
- Darnell's Digital Power Forum 2009: Champs Technologies
- Darnell's Digital Power Forum 2009: EXAR Corporation
- Darnell's Digital Power Forum 2009: PMBus
- Darnell's Digital Power Forum 2009: Power Plaza
Design Features
October 22, 2012
Energy Efficiency with Class D Amplifier Modules
Class-D switching amplifiers are helping audio designers create personal multimedia devices and home audio/visual systems that demonstrate how compact and stylish equipment can also deliver high sound quality and high audio output power. The key to this breakthrough, providing freedom from the large and bulky boxes housing traditional audio products, lies in the class-D amplifier’s high energy efficiency, which is typically around 90%. This allows designers to reduce or eliminate heatsinks as well as using smaller-sized PCBs and smaller components such as transformers, connectors and power supplies.
Design Features
October 8, 2012
The Role of Hall Effect Sensors in Power Distribution Infrastructure
Power distribution units (PDUs) form an essential part of modern computing and data communications hardware. They provide multiple outputs for transferring electrical power with maximum efficiency, controlling the power capacity and safeguarding against the possible causes of supply interruption. With an ever increasing need from tech savvy consumers for higher data throughput and greater quantities of data storage capacity, as well as tough international legislation now governing CO&sub2; emissions, the demands being placed on these units are proving challenging for engineering teams to satisfy.
Product Focus
August 13, 2012
The Year in AC-DC Power Supply Technology
The past year witnessed significant new product releases, technological developments, and industry news related to the field of AC-DC Power Supply technology.