Hydrogenics Reports First-Quarter 2002 Results

May 14, 2002 by Jeff Shepard

Hydrogenics Corp. (Toronto, Canada) announced its financial results for the first quarter ending March 31, 2002. First-quarter 2002 revenues were $2.1 million, compared with $0.7 million for first-quarter 2001. Net loss for first-quarter 2002 was $5.0 million, or $0.10 per share, compared with a net income of $2.9 million, or $0.08 per share, for first-quarter 2001.

Excluding $3.7 million associated with the non-cash impact of amortization of intellectual property (IP) acquired in the GM transaction, net loss for first-quarter 2002 was $1.3 million, or approximately $0.02 per share. There was no comparable amortization of IP in first-quarter 2001. On a net basis, interest income and foreign currency losses contributed a positive $0.2 million towards net income for first-quarter 2002, compared with a net positive contribution of $4.0 million for first-quarter 2001.

"First-quarter results were particularly gratifying, both from a financial and operational perspective," said President and CEO Pierre Rivard. "Financially, the first quarter is typically our most challenging, more so this year in light of our commitment in 2002 to more aggressive revenue targets. Our solid year-over-year revenue gains are indicative that our diversification efforts are paying off. As a result of our positive gross margins and growing revenues, we are able to align our research and development efforts and our business development activities with the pace and emergence of new fuel cell opportunities in key markets around the world."