Hydrogenics Reports Third-Quarter 2001 ResultsNovember 20, 2001 by Jeff Shepard
Hydrogenics Corp. announced its corporate activity and financial results for the third quarter ending September 30, 2001.
Hydrogenics recorded revenues of $2.5 million for the three months ended September 30, 2001, compared with $2.6 million for the same period in 2000. Hydrogenics recorded net income of $0.3 million, or $0.01 per share, for the three months ended September 30, 2001, compared with a net loss of $54,000, or $0.00 per share, for the same period in 2000. Excluding the effect of foreign exchange, the company incurred a net loss for the third quarter of $0.9 million, or $0.03 per share.
"To operate close to sustainability was our promise to shareholders at the beginning of this year and, in spite of the ongoing deterioration of global market conditions, we continue to deliver on this promise," stated Pierre Rivard, president and CEO of Hydrogenics. "These results have been achieved by garnering revenue from exciting new value streams, representing a crucial step in our evolution from a supplier of test and optimization equipment, to an integrator and developer of fuel cell power products. We are excited to be realizing this transition sooner than we had originally anticipated."