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Hydrogenics Reports Third Quarter 2010 Results

Results for the Third Quarter of 2010 Compared to the Third Quarter of 2009

Revenues were $5.6 million for the three months ended September 30, 2010, a 57% increase from the comparable period in 2009 primarily as a result of the shipment of $4.1 million of previously delayed orders, which shipped to OnSite Generation customers during the quarter. These delays were caused by delays on the part of some customers to accept delivery of product as initially contracted. This increase in OnSite Generation revenues was partially offset by decreased Power Systems revenues as a result of production delays resulting from the Corporation's relocation to a new lower cost manufacturing facility.

Gross profit was 25.8% for the three months ended September 30, 2010, an increase of 9.6 percentage points from the comparable period in 2009 reflecting: (i) variations in product mix in Hydrogenics' Power Systems business unit; (ii) more favourable overhead absorption, resulting from increased revenues; and (iii) product cost reductions and reversal of expired warranty provisions in both the Power Systems and OnSite Generation business units.

Cash operating costs for the three months ended September 30, 2010 decreased 38% from the comparable period in 2009 to $3.5 million, primarily reflecting the absence of $1.8 million of expenses associated with the Corporation's transaction with the trustees of Algonquin Power Income Fund in 2009. Cash operating costs have also decreased as a result of ongoing cost reduction initiatives, including the move to a new lower cost facility in Mississauga, Ontario. Cash operating costs, a non-GAAP measure is defined as selling, general and administrative expenses plus research and product development expenses, net, less stock-based compensation expense. 

Net loss was $2.1 million for the three months ended September 30, 2010, a 62% decrease from $5.4 million in the comparable period in 2009.

Results for the Nine Months ended September 30, 2010 Compared to the Nine Months ended September 30, 2009

Revenues were $15.1 million for the nine months ended September 30, 2010. Revenues increased 3% from the comparable period in 2009 primarily as a result of increased revenues in the OnSite Generation business unit resulting from variations in timing of project deliveries partially offset by decreased Power Systems revenues resulting from production delays in the third quarter as a result of Hydrogenics' relocation to a new lower cost manufacturing facility in Mississauga, Ontario.

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