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.
Hydrogenics Reports Fourth Quarter 2010 Results
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