Ballard Power Systems Inc. Q1 2010 Earnings Call Transcript

Ballard Power Systems Inc. (BLDP)

Q1 2010 Earnings Call

April 29, 2010 11:00 a.m. ET

Executives

Lori Rozali - Senior IR Specialist

John Sheridan - President and CEO

Bruce Cousins - CFO

Michael Goldstein - CCO

Analysts

Sarah Martin - Lazard Capital Markets

Burt Chao - Simmons & Company

Brian Piccioni - BMO Capital Markets

Peter Write - Tradition Equities

Jeff Osborne - Thomas Weisel Partners

Presentation

Operator

(Abrupt start) Now I would turn the conference over to Lori Rozali, Senior Investor Relations Specialist.

Lori Rozali

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Good morning. Today's call is to discuss Ballard's operating results for the first quarter of 2010. With us today are John Sheridan, Ballard's President and CEO; Bruce Cousins, our Chief Financial Officer; and Michael Goldstein, Chief Commercial Officer

We'll be making forward-looking statements that are based on management's current expectations, beliefs and assumptions concerning future events. Actual results could be materially different. For a detailed discussion of these statements, the assumptions used in generating them, and the risks and uncertainties that could cause actual results to be materially different, please refer to our press release issued last night, our most recent annual information form and other filings. As a reminder, Ballard reports its financial results in accordance with Canadian GAAP and in US dollars.

Now, over to John.

John Sheridan

Thanks everyone, and thanks for joining us today. I'll focus on our progress on growth on this call, our market activities, product shipments, revenue, and the order book, and then hand things over to Bruce to talk to the cost and bottom-line performance metrics.

So starting with revenue; we had a solid first quarter with revenue of $11.9 million on a consolidated basis, including Dantherm Power. That was an increase of 47% over last year. This is obviously in line with our guidance for full year revenue growth in excess of 35%.