This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HYG $82.89 0.01%
HYGS $11.26 1.60%
AAPL $118.49 -0.33%
FB $106.27 0.50%
GOOG $749.57 0.17%


Chart of I:DJI
DOW 17,833.44 +21.25 0.12%
S&P 500 2,091.39 +2.25 0.11%
NASDAQ 5,114.5130 +11.7050 0.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs