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Hydrogenics Reports Second Quarter 2010 Results

MISSISSAUGA, Ontario, July 30, 2010 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and fuel cell products, today reported second quarter 2010 results. Results are reported in U.S. dollars and are prepared in accordance with Canadian generally accepted accounting principles.

Financial Highlights

  • Loss from operations was $1.4 million for the three months ended June 30, 2010, a decrease of 72% from the comparable period in 2009 reflecting improved gross profit and reduced operating expenses. Further cost reductions are anticipated, including moving Hydrogenics' head office to a lower cost premises, taking advantage of the current depressed real estate market.
  • Delays in shipments due to customer project delays caused a shift in revenues. As a result, delivery of $7.9 million of orders by three OnSite Generation customers is currently expected to be delivered in the third quarter. Revenues were $2.8 million and $9.5 million for the three and six months ended June 30, 2010, representing decreases of 49% and 14%, respectively, from the comparable periods in 2009.
  • Gross profit, expressed as a percentage of revenues, was 30% (versus 15% in 2009), reflecting increased gross profit generated by the Power Systems business unit due to product mix.
  • Successfully completed the fourth milestone of the forklift deployment at General Motors of Canada, which contributed $0.6 million of research and product development funding reflected as a decrease in research and product development expenses.
  • Cash and cash equivalents, restricted cash and short-term investments were $10.3 million as of June 30, 2010, a $2.8 million sequential quarterly decrease from $13.1 million in the first quarter of 2010.

The Corporation's order backlog as of June 30, 2010 was $19.1 million, of which at least $15.0 million is anticipated to be delivered in the second half of 2010.

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