February 4, 2010 / 2:35 PM / 8 years ago

UPDATE 1-Ballard Power sees post-restructure profit in 2011

* Sees 2010 revenue growth of 35 pct

* Says cash flow to rise 30 pct in 2010

* Sees positive EBITDA in 2011

(All figures in U.S. dollars)

TORONTO, Feb 4 (Reuters) - Fuel cell maker Ballard Power Systems Inc BLD.TO expects revenue to grow more than 35 percent in 2010, pushing the fuel cell maker’s bottom line into positive territory in 2011.

In a statement late Wednesday that also provided preliminary 2009 results, Vancouver-based Ballard said it expected cash flow from operations would rise 30 percent in 2010 from 2009 levels.

“We have started 2010 with a streamlined cost base and a strong order book. We expect to build growth momentum through the year, to position Ballard for positive EBTIDA (earnings before taxes, interest, depreciation and amortization) performance during 2011,” Chief Executive John Sheridan said.

Ballard, which makes fuel cells for forklifts, buses and back-up power generation, struggled in 2009, exiting its auto and residential cogeneration development programs to cut costs.

“With these actions and some signs of improvement in the economy, Ballard ended the year with relatively strong fourth-quarter revenues and significant improvement in cash flow from operations,” the company said.

Revenues fell 22 percent to $46.7 million in full-year 2009, with over half of the drop due to the restructuring. Fourth-quarter revenue was down 13 percent to $16.5 million, but up 83 percent from the third quarter, Ballard said.

The results are unaudited. Final results will be released March 10.

Ballard said it cut its cost base by about 30 percent or $18 million on an annual run-rate basis and cut operating cash consumption by 5 percent to $27.7 million for the full year.

Reporting by Andrea Hopkins

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