News

Hydrogenics Reports Q4, Full-Year 2002 Results

February 13, 2003 by Jeff Shepard

Hydrogenics Corp. (Mississauga, ON), a designer and manufacturer of fuel cell technology, announced its unaudited financial results for the fourth quarter and year ended December 31, 2002. All results are reported in US dollars. Fourth-quarter 2002 revenues increased 82 percent to $5.8 million, compared with $3.2 million for fourth-quarter 2001.

Net loss for the fourth quarter of 2002 was $5.1 million, or $0.11 per share, compared with a net loss of $3.8 million, or $0.08 per share, for the fourth quarter of 2001. Excluding $3.8 million in non-cash amortization of intangibles, net loss for the fourth quarter of 2002 was $1.3 million, or $0.03 per share. Excluding $3.5 million in non-cash amortization of intangibles, net loss for the fourth quarter of 2001 was $0.3 million or $0.01 per share.

For the full year 2002, revenues increased 114 percent to $15.8 million compared with $7.4 million for 2001. Net loss for 2002 was $20.6 million, or $0.43 per share, compared with a net loss of $2.8 million, or $0.07 per share, for 2001. Excluding $15.2 million in non-cash amortization of intangibles, net loss for 2002 was $5.4 million, or $0.11 per share. Excluding the $3.5 million in non-cash amortization of intangibles, net income for 2001 was $0.6 million, or $0.02 per share.

Gross profit for the fourth quarter of 2002 was 34 percent of revenues, or $2 million, compared with 34 percent of revenues, or $1.1 million, for the comparable period in 2001. Gross profit for the full year 2002 was 32 percent of revenues, or $5.1 million, compared with 33 percent of revenues, or $2.5 million, for the comparable period in 2001.