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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.

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