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 (BestGrowthStock) – 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.

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(Reporting by Andrea Hopkins)

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