This Day On The Street
Continue to site
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

Hydrogenics Reports Fourth Quarter 2010 Results

MISSISSAUGA, Ontario, March 29, 2011 (GLOBE NEWSWIRE) -- Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG), a leading developer and manufacturer of hydrogen generation and fuel cell products, today reported fourth quarter and 2010 results. Results are reported in US dollars and are prepared in accordance with Canadian generally accepted accounting principles.

Fourth Quarter Financial Highlights
  • Revenues of $5.8 million, an increase of 38% from the comparable period in 2009.
  • Gross profit, expressed as a percentage of revenues, of 33.9% (15.8% in 2009), reflecting increased gross profit in the Corporation's Power Systems business.
  • Operating loss of $1.8 million, a decrease of 61% from the comparable period in 2009 reflecting increased revenues, improved gross profit and reduced operating expenses.
  • Exited the fourth quarter with cash and cash equivalents and restricted cash of $9.0 million and an order backlog of $17.1 million.

"Hydrogenics delivered significantly improved operating results in the fourth quarter of 2010 with double digit revenue growth and improved gross margin, coupled with a 23% reduction in cash operating costs resulting in a 61% reduction in loss from operations. This improved financial performance, along with adding to our liquidity position through two successful equity financings, an order backlog of $17.1 million at December 31 and a high level of customer engagement across multiple markets, provides us with strong positioning for 2011 and beyond," said Daryl Wilson, President and Chief Executive Officer.

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

Revenues were $5.8 million, an increase of 38% primarily attributed to increased revenues in our OnSite Generation business resulting from improved economic conditions, partially offset by decreased revenues in our Power Systems business resulting from timing of orders and product mix.

Gross profit was 33.9%, an increase of 18.1 percentage points reflecting: (i) variations in product mix in our Power Systems business; (ii) favourable overhead absorption from increased revenues in our OnSite Generation business; and (iii) product cost reductions in both our OnSite Generation and Power Systems businesses.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.21 -0.44%
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.34 -5.00%
YHOO $36.94 2.60%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,048.02 -3.10 -0.15%
NASDAQ 4,712.6790 -12.96 -0.27%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs