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Hydrogenics Reports Fourth Quarter 2010 Results

Stocks in this article: HYG HYGS

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.

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