Hydrogenics Corp. (Toronto) announced the highlights of its corporate activity and its financial results for the second quarter ending June 30, 2001.
Hydrogenics recorded revenues of $1.1 million for the three months ended June 30, 2001, compared to $2.8 million for the same period in 2000. Hydrogenics incurred a net loss of $2.3 million, or $0.06 per share, for the three months ended June 30, 2001, compared to a net income of $0.5 million, or $0.01 per share, for the same period in 2000. Excluding the effect of foreign exchange, the company incurred a net loss for the second quarter of $0.8 million, or $0.02 per share.
Revenues were $1.1 million for the three months ended June 30, 2001, compared to $2.8 million for the same period in 2000. For the six months ended June 30, 2001, revenues were $1.7 million compared to $4.5 million in the corresponding period in 2000. At the end of the second quarter the company had outstanding orders of $3.9 million.
The company realized a gross margin of $0.4 million, or 34 percent of revenues, for the three months ended June 30, 2001, compared to $1.1 million, or 40 percent of revenues, for the same period in 2000. For the six-month period the company realized a gross margin of $0.6 million, or 33 percent, compared to $1.5 million, or 34 percent, of revenues for the corresponding period in 2000.
"Despite a deterioration of global market conditions, we continue to strengthen our growing list of strategic customers. Such partnerships, like the recent exclusive distribution arrangement with Toyota Tsusho, demonstrate that our products and technology are highly regarded by the world's largest manufacturing companies," said Pierre Rivard, president and CEO of Hydrogenics. "During the second quarter, Hydrogenics made promising advancements to our commercial power products. Turning our fuel cell power applications into a commercial success remains the highest priority for our company."
