This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Hydrogenics Reports Fourth Quarter 2010 Results

Cash operating costs decreased 23% to $3.6 million, reflecting: (i) the absence of $0.3 million of expenses associated with the Corporation's transaction with the trustees of Algonquin Power Income Fund in 2009; (ii) the absence of $0.2 million of costs associated with the preparation of our base shelf prospectus in 2009; and (iii) the results of our cost reduction efforts including the move to a new lower cost facility in Mississauga, Ontario; partially offset by (iv) a $0.8 million decrease in research and product development funding. 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 and non-cash selling, general and administrative expenses. 

Loss from operations was $1.8 million, an improvement of $2.8 million or 61% as a result of increased revenues, improved gross profit and reduced operating expenses.

Results for the Year Ended December 31, 2010 Compared to the Year Ended December 31, 2009

Revenues were $20.9 million, an increase of 11% reflecting increased revenues in our OnSite Generation business attributed to improved economic conditions. This increase was partially offset by decreased revenues in our Power Systems business resulting from the timing of orders and changes in product mix.

Gross profit was 25.9%, an increase of 6.1 percentage points reflecting: (i) variations in product mix in our Power Systems business; and (ii) product cost reductions in both our OnSite Generation and Power Systems businesses, partially offset by pricing pressure on orders booked in 2009 in our OnSite Generation business.

Cash operating costs were $12.6 million, a decrease of 42% reflecting: (i) the absence of $3.3 million of expenses associated with our transaction with the trustees of Algonquin Power Income Fund in 2009; (ii) a $1.6 million decrease in selling, general and administrative expenses reflecting ongoing cost reduction efforts; (iii) a $1.8 million decrease in research and product development expenditures resulting from standardization of product development and greater 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 our Test Systems business; and (vi) a $0.2 million increase in third party research and product development funding.

2 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,001.70 +289.04 1.63%
S&P 500 2,087.03 +26.01 1.26%
NASDAQ 4,943.72 +52.5010 1.07%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs