Hydrogenics Corp. (Mississauga. ON) announced its financial results for the third quarter of 2002 and highlights of its recent corporate activity. Hydrogenics' third-quarter 2002 revenues increased 80 percent to $4.4 million, compared with $2.5 million for third-quarter 2001. Net loss for the third quarter of 2002 was $7.0 million, or $0.14 per share, compared with a net income of $0.3 million, or $0.01 per share, for the third quarter of 2001.
Gross profit for the third quarter of 2002 was 34 percent of revenues, or $1.5 million, compared with 32 percent of revenues, or $0.8 million, for the comparable period in 2001. Revenues for the first three quarters of 2002 increased 138 percent to $10.0 million, compared with $4.2 million for the comparable period in 2001. Net loss for the first three quarters of 2002 was $15.5 million, or $0.32 per share, compared with a net income of $1.0 million, or $0.03 per share, for the first three quarters of 2001.
"Our record revenues, combined with an additional $12.0 million in confirmed orders, is clear evidence that Hydrogenics is breaking through some significant milestones in our efforts to accelerate the commercialization of fuel cell technology," said Hydrogenics president and CEO Pierre Rivard. "With healthy cash reserves and a strong, disciplined approach to commercial sustainability, we are confident that the ambitious financial targets we set for 2002 are well within reach."