Hydrogenics Reports Third Quarter 2010 Results
Gross profit was 22.9% for the nine months ended September 30, 2010, an increase of 2.0 percentage points from the comparable period in 2009 reflecting higher gross margins in the Corporation's Power Systems business unit, resulting from product mix, cost reductions, and the reversal of expired warranty accruals largely offset by lower gross margins in the OnSite Generation business unit attributed to pricing pressure on orders booked in 2009.
Cash operating costs for the nine months ended September 30, 2010 decreased 43% from the comparable period in 2009 to $9.8 million reflecting: (i) the absence of $3.0 million of expenses associated with the Corporation's transaction with the trustees of Algonquin Power Income Fund in 2009; (ii) a $1.2 million decrease in selling, general and administrative expenses as a result of ongoing cost reduction efforts; (iii) a $1.8 million decrease in research and product development expenditures resulting from standardization of product development and more focus on product cost reduction efforts; (iv) the absence of $0.6 million of costs related to business streamlining initiatives; (v) the absence of $0.6 million of costs attributable to the Corporation's Test Systems business; and (vi) a $0.2 million increase in research and product development funding.
Net loss was $6.7 million for the nine months ended September 30, 2010, a 57% decrease from the $15.4 million reported in the comparable period in 2009.
LiquidityCash and cash equivalents, restricted cash and short-term investments were $11.7 million as at September 30, 2010, 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 other items.
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