The Vancouver Sun reports in its Tuesday edition Ballard Power Systems, the local purveyor of fuel-cell technology, has posted another quarterly loss. The Sun's David Baines writes that despite the oft-repeated characterization of Ballard as a "local success story," it has actually been a chronic money loser. During the first quarter, revenues increased by $2.3-million to $12.3-million, but the net loss barely budged at $8.4-million, or nine cents a share (all figures U.S.). That is on top of the $44.5-million (44 cents a share) that the company lost last year. Cumulative losses are now a massive $1.1-billion. It has been, however, a profitable enterprise for its senior officers. Last year, president and chief executive officer John Sheridan earned $559,910 cash. In view of the company's lacklustre performance, he waived his usual bonus in return for a long-term incentive package of shares and options valued at $900,000. Says Mr. Baines, Thank God for small mercies. The company's stock is now trading at a dollar, about the mid-point of its 52-week range. That is down from its peak of $210 in March, 2000. At the current price, its market cap is now $95-million, which in Mr. Baines's view is still way too high.
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