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Ballard Provides 2007 Performance Targets

Ballard Power Systems (BLD.TO; NasdaqGM:BLDP) announced its 2006 operating achievements, and provided performance targets for 2007. All amounts are in U.S. dollars, unless otherwise noted. “In 2006 we completed our strategic re-positioning, developing a sharper focus on our core fuel cell stack business, and placing a heightened priority on nearer-term, non-automotive markets. Our agreement in December for the sale of our electric drive operations was a final step in that re-positioning. At the same time, we continued to advance our leadership position in automotive fuel cell technology,” said John Sheridan, President and CEO, Ballard Power Systems. 2006 Achievements Financial: – Grew revenues by 15% to $62 million from $53.7 million in 2005, meeting its guidance of $55-$65 million – Reduced operating cash consumption by 38% to $51.4 million from $83.3 million in 2005, meeting its guidance of $50-$65 million Product Sales: – Shipped 315 Mark 1030 fuel cell products to customers in the residential cogeneration market, with a backlog of 65 units, against a target of 280 units shipped or booked – Shipped 147 Mark 9 SSL fuel cell products to customers in the materials handling market, and signed a two-year supply agreement with General Hydrogen for 2,900 units, against […]

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Headwaters Announces Q1 Results

Headwaters Incorporated (NYSE:HW) announced results for the quarter ended December 31, 2006, the first quarter of its fiscal 2007 year. Headwaters’ total revenue for the December 2006 quarter was $274.9 million, down 2% from $280.5 million reported for the December 2005 quarter. Operating income decreased 33% to $33.9 million in the December 2006 quarter compared to $50.3 million in the December 2005 quarter. Net income for the December 2006 quarter was $17.0 million or $0.37 of earnings per diluted share, down 38% from the December 2005 quarter of $28.3 million or $0.60 of earnings per diluted share. Highlights for the quarter include: – Record quarter in coal combustion products driven by demand and pricing – Completed acquisition of Dutch Quality Stone – Strong performance in Section 45K synfuel business on lower oil prices – Third HCAT(TM) commercial run successfully completed – Investment in coal cleaning business continues; additional waste coal resources acquired Continuing softness in the residential housing and remodeling markets impacted the December 2006 quarter results. Comparisons to the prior year include the partial phase-out of Section 45K in 2006, and the effect of the soft residential construction market on both revenue and margins of Headwaters’ construction materials business. […]

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First-of-its-kind Way to Bring Renewables to the Grid Proposed

In a precedent-setting move that could have national implications, the California Independent System Operator Corporation (California ISO) filed with its regulator, the Federal Energy Regulatory Commission (FERC), to approve in concept a financing plan for transmission trunklines to remote locations in order to get green power from multiple users onto the grid. If the new payment mechanism is approved and implemented, it would be a first-of-its-kind means of removing financial barriers that can hinder development of wind, solar, geothermal and other renewable energy resources. Fostering these resources can help California achieve its Renewable Portfolio Standard (RPS), which requires most utilities in the state to obtain 20 percent of the electricity they deliver from environmentally-friendly resources by 2010. Unlike natural gas-fired power plants that can usually be built relatively close to existing high-voltage facilities, renewable generation is often built in remote areas. Said Rich Ferguson, research director for the Center for Energy Efficiency and Renewable Technologies, “If we’re going to use these assets to offset less environmentally friendly types of power generation, we need to be able to build the transmission lines that reach those remote locations.” Currently, transmission lines that connect one new generator to the grid (known as “gen […]

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