This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs