17.08.09

Hydrogenics Corp.: Second Quarter 2009 Results

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Hydrogenics Reports Second Quarter 2009 Results

MISSISSAUGA, ONTARIO-- - Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and fuel cell products, today reported second quarter 2009 results. Results are reported in US dollars and are prepared in accordance with Canadian generally accepted accounting principles.

Financial Highlights

  • Received shareholder and court approvals to move forward with a previously announced non-dilutive financing transaction that will bring roughly C$10.8 million before transaction costs, to bolster our balance sheet.
  • Revenues were $5.5 million and $11.1 million for the three and six months ended June 30, 2009, decreases of 36% and 35%, respectively, from the comparable periods in 2008, excluding our Test Systems business unit.
  • Gross margin was 16% for the three months ended June 30, 2009, a decrease of seven percentage points from the comparable period in 2008. Gross margin was 22% for the six months ended June 30, 2009, an increase of three percentage points from the six months ended June 30, 2008.
  • Cash operating costs, a non-GAAP measure, defined as selling, general and administrative expenses, and research and product development expenses, net, less stock-based compensation expense, were $6.2 million, a 9% decrease from $6.9 million in the second quarter of 2008. Cash operating costs for the second quarter of 2009 include: (i) $1.2 million of transaction-related expenses associated with our proposed transaction with the trustees of Algonquin Power Income Fund; (ii) $0.2 million of costs associated with deferred compensation arrangements indexed to our share price; and (iii) $0.2 million of costs attributed to our Test Systems business unit.
  • Cash and cash equivalents, restricted cash and short-term investments were $11.9 million at June 30, 2009, a $3.8 million sequential quarterly decrease from the first quarter of 2009 reflecting: (i) a $5.5 million EBITDA loss and (ii) $0.2 million of other items, partially offset by (iii) a $1.9 million decrease in non-cash working capital.
  • Order backlog as of June 30, 2009 was $15.3 million, more than half of which is anticipated to be delivered and recognized as revenue in 2009.

"This quarter was more challenging than expected from an operating standpoint as contract decisions were delayed due to ongoing global economic conditions, impacting both revenues and gross margin. However, we continue to see a very active pipeline of opportunities across our business units, which we anticipate will lead to improved sequential results as the year progresses," said Daryl Wilson, President and Chief Executive Officer. "Operations at our Belgian electrolyser production facility have returned to full capacity after a period of turn-down and rotating employee layoffs from April through June. In addition, after the successful completion of demonstration units in India, we are in discussions, along with our OEM partner, to secure substantial orders with major Indian telecommunications companies. Our bidding activity and customer interest gives us confidence in much better order intake performance in the second half of this year."

Results for the second quarter of 2009 compared to the second quarter of 2008

Revenues, exclusive of our Test Systems business unit, were $5.5 million, a decrease of 36%, reflecting lower revenues in both our OnSite Generation and Power Systems business units due to the timing of project deliveries and lower order intake.

Gross profit, expressed as a percentage of revenues, was 16% (22% in the second quarter of 2008), attributed to decreased cost synergies and overhead absorption resulting from lower revenues.

Cash operating costs, a non-GAAP measure, defined as selling, general and administrative expenses, and research and product development expenses, net, less stock-based compensation expense, were $6.2 million, a 9% decrease from $6.9 million in the second quarter of 2008. Cash operating costs for the second quarter of 2009 include: (i) $1.2 million of transaction related expenses associated with our proposed transaction with the trustees of Algonquin Power Income Fund; (ii) $0.2 million of costs associated with deferred compensation arrangements indexed to our share price; and (iii) $0.2 million of costs attributed to our Test Systems business unit.

Net loss was $6.0 million for the second quarter of 2009, a 39% increase from $4.3 million in the second quarter of 2008.

Results for the six months ended June 30, 2009 compared to the six months ended June 30, 2008

Revenues were $11.1 million for the six months ended June 30, 2009, a decrease of 35%, exclusive of Test Systems revenues primarily attributed to $6.3 million of decreased revenues in our OnSite Generation business unit.

Gross profit, expressed as a percentage of revenues, was 22% (20% in 2008) reflecting increased gross profit generated by our OnSite Generation business unit resulting from operational improvements, partially offset by decreased cost synergies and overhead absorption resulting from lower revenues.

Cash operating costs were $11.5 million, a 7% decrease from $12.4 million in 2008 primarily attributed to overall decreased costs resulting from our business streamlining initiatives, as well as the absence of $0.9 million of deferred compensation arrangements indexed to our share price, offset by: (i) $1.2 million of transaction related expenses associated with our proposed transaction with the trustees of Algonquin Power Income Fund; (ii) $0.6 million of costs associated with business streamlining initiatives; (iii) $0.3 million of costs assosciated with deferred compensation arrangements indexed to our share price; and (iv) $0.2 million of costs attributed to our Test Systems business unit.

Net loss was $10.0 million for the six months ended June 30, 2009, an increase of 16% from $8.6 million in 2008.

Liquidity
Cash and cash equivalents, restricted cash and short-term investments were $11.9 million as at June 30, 2009, a $3.8 million sequential quarterly decrease from the first quarter of 2009 reflecting: (i) a $5.5 million EBITDA loss; and (ii) $0.2 million of other items, partially offset by (iii) a $1.9 million decrease in non-cash working capital.

Order backlog
Order backlog as at June 30, 2009 was $15.3 million, as follows (in $ millions):



Mar. 31, 2009

Orders

Orders

Jun. 30, 2009

 

Backlog

Received

Delivered

Backlog

 

 

 

 

 

OnSite Generation

$ 11.7

$ 2.4

$ 3.8

$ 10.3

Power Systems

6.0

0.7

1.7

5.0

 

 

 

 

 

Total

$ 17.7

$ 3.1

$ 5.5

$ 15.3



In addition to the $11.1 million of revenue recognized in the six months ended June 30, 2009, we currently expect to deliver and recognize as revenue, the substantial majority of our OnSite Generation backlog and one-third of our Power Systems backlog.

About Hydrogenics:
Hydrogenics Corporation (www.hydrogenics.com) is a globally recognized developer and provider of hydrogen generation and fuel cell products and services, serving the growing industrial and clean energy markets of today and tomorrow. Based in Mississauga, Ontario, Canada, Hydrogenics has operations in North America and Europe.

Contacts:
Hydrogenics Corporation
Lawrence Davis
Chief Financial Officer
(905) 361-3633
investors@hydrogenics.com
Investor Relations Contact:
Chris Witty
(646) 438-9385
cwitty@darrowir.com
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