Hydrogenics Reports Second Quarter 2010 Results
Hydrogenics' net loss was $1.0 million for the second quarter, an 83% decrease from $6.0 million in the second quarter of 2009.
Results for the Six Months ended June 30, 2010 Compared to the Six Months ended June 30, 2009
Revenues decreased $2.7 million, or 14%, reflecting lower revenues in both the OnSite Generation and Power Systems business units, as noted above.
Gross profit, expressed as a percentage of revenues, was 21% (versus 22% in 2009), reflecting lower gross margins in the OnSite Generation business unit, a result of pricing pressure on orders booked in 2009 as well as lower cost synergies and less overhead absorption due to reduced revenues. This decline in gross profit margin within the Onsite Generation unit was partially offset by higher gross profit margins generated by the Power Systems business unit, resulting from product mix and product cost reductions.Cash operating costs were $6.4 million, a 45% decrease from $11.5 million for the six months ended June 30, 2009. Cash operating costs for the six months ended June 30, 2010 reflect: (i) a $1.0 million decrease in selling, general and administrative expenses resulting from ongoing cost reduction initiatives; (ii) a $0.7 million increase in third party research and product development funding; and (iii) a $1.3 million decrease in research and product development expenditures resulting from standardization of product development and more focus on product cost reduction efforts. The Corporation posted a net loss of $4.6 million year to date, a 54% decrease from $10.0 million in the six months ended June 30, 2009. Liquidity 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: (i) a $1.2 million EBITDA loss; (ii) a $1.8 million increase in non-cash working capital; and (iii) $0.2 million of other items; partially offset by (iv) a $0.4 million decrease in restricted cash.
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