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Hydrogenics Reports Second-Quarter 2002 Results

September 08, 2002 by Jeff Shepard

Hydrogenics Corp. (Toronto, Canada) announced its financial results for the second quarter of 2002. Second-quarter 2002 revenues more than tripled to $3.5 million, compared with $1.1 million for second-quarter 2001. Net loss for the second quarter of 2002 was $3.5 million, or $0.07 per share, compared with a net loss of $2.3 million, or $0.06 per share, for the second quarter of 2001.

Excluding $3.7 million associated with the non-cash impact of amortization of intellectual property acquired in the General Motors Corp. (Detroit, MI) transaction, net income for the first quarter of 2002 was $0.3 million, or $0.01 per share. There was no comparable amortization of intellectual property in the second quarter of 2001. Foreign currency gains contributed a positive $2.0 million, or $0.04 per share, towards net income for the second quarter of 2002, compared with a foreign currency loss of $1.5 million, or $0.04 per share, for the second quarter of 2001.

Revenues for the first half of 2002 more than tripled to $5.6 million, compared with $1.8 million for the comparable period in 2001. Net loss for the first half of 2002 was $8.5 million, or $0.18 per share, compared with a net income of $0.6 million, or $0.02 per share, for the first half of 2001.