VANCOUVER, June 18, 2012 /CNW/ - Ballard Power Systems (NASDAQ: BLDP)
(TSX: BLD), a world leader in delivery of clean energy fuel cell
solutions across a range of applications, announced that it is revising
guidance for 2012 revenue and Adjusted EBITDA.
The Company indicated in its February 22 press release that full-year
guidance for 2012 was:
Revenue of approximately $100 million; and
Adjusted EBITDA of approximately breakeven.
At that time, the Company also indicated that the primary risk factor
that could cause a variance to guidance related to "delays in terms of
closing and shipping expected sales orders, primarily in our Brazilian
and European bus markets".
In the Brazilian bus market, contract negotiations related to the LOI
with the City of Sao Paolo signed in December 2011 have been more
complex and are taking longer than originally anticipated. Ballard
expects to gain greater certainty into this situation in the coming
months and remains positive as to the outlook for sales of fuel cell
bus modules in Brazil. However, given the delays and the reduced time
remaining for shipments 'in year', the Company believes that it is
prudent now to revise its guidance for 2012.
Assuming there are no bus module shipments to Brazil until 2013, the
impact on the Company's full-year revenue outlook for 2012 would be
approximately $15 million. Given uncertainty as to the timing of
revenue and the potential impact on revenue and the associated impact
on Adjusted EBITDA in year, the Company has revised its guidance for
Revenue of approximately $85 million; and
Adjusted EBITDA of approximately ($5) million.
These revised guidance numbers represent year-over-year improvements in
revenue and Adjusted EBITDA of 12% and 78%, respectively.
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 are based on proprietary esencia™ technology, ensuring 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, Adjusted EBITDA and projected 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.
SOURCE Ballard Power Systems Inc.
For further information:
Public Relations: Guy McAree, +1.604.412.7919, email@example.com
Investor Relations: Lori Rozali, +1.604.412.3195, firstname.lastname@example.org