Ballard revenue falls to US$16.5 million in Q4, US$46.7 million for 2009.

VANCOUVER, B.C. - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) says it earned US$16.5 million in its fourth quarter.

That's down 13 per cent from the year-ago period.

For the full year, Ballard says it earned US$46.7 million, a drop of 2 per cent or $12.9 million from 2008.

In a statement released late Wednesday, Ballard says more than half of the drop can be blamed on the Vancouver-based company's exit from automotive and residential cogeneration development programs.

"Our audited 2009 financial results are in line with the preliminary, unaudited results, announced on February 3, 2010," John Sheridan, Ballard's president and CEO, said in the statement.

Sheridan says streamlining Ballard's costs and solidifying the company's market position with high order volumes will position Ballard's annual revenue growth in excess of 35 per cent in 2010.