MISSISSAUGA, Ontario, Nov. 10, 2010 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and fuel cell products, today reported third quarter 2010 results. Results are reported in U.S. dollars and are prepared in accordance with Canadian generally accepted accounting principles.
- Finalized long-term strategic relationship with CommScope, Inc. ("CommScope") and closed the first two tranches of the related subscription agreement for common shares resulting in gross proceeds of $4.0 million.
- Posted revenues of $5.6 million for the three months ended September 30, 2010, an increase of 57% from the comparable period in 2009.
- Gross profit, expressed as a percentage of revenues, of 25.8% (16.2% in 2009), reflects increased gross profit in the Corporation's Power Systems business unit.
- Reported loss from operations of $2.4 million for the three months ended September 30, 2010, a decrease of 55% from the comparable period in 2009 reflecting increased revenues, improved gross profit and reduced operating expenses.
- Ended the quarter with cash and cash equivalents, restricted cash and short-term investments of $11.7 million, a $1.4 million sequential quarterly increase from $10.3 million in the second quarter of 2010, reflecting: (i) $3.8 million of net proceeds from the first two tranches of the investment by CommScope, partially offset by; (ii) a $1.0 million net loss, excluding non-cash items; (iii) a $1.2 million increase in non-cash working capital; and (iv) $0.2 million of capital expenditures.