Hydrogenics: Q1 Results

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MISSISSAUGA, Ontario - Hydrogenics Corporation (HYGS) (HYG.TO) ("Hydrogenics" or "the Company"), a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, reported first quarter 2014 financial results. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).

"We began the year with a light quarter that reflected lower deliveries, as previously announced, impacting our performance during the period," said Daryl Wilson, President and Chief Executive Officer. "However, we again grew our backlog on the strength of additional electrolyzer orders and remain upbeat about the outlook for fiscal 2014 given current demand trends across our various business segments. In that vein, and based on current customer requirements, our objective remains on track for at least $50 million in revenue. At that level of revenue and at a gross margin target of 30%, we believe we will achieve the goal of positive Adjusted EBITDA2 for the year.

"Energy storage applications continue to be the focus of intense interest across the globe. Presently we have $12 million of energy storage projects in backlog and $14 million in projects where we have responded to formal Requests for Proposals. In addition, approximately $38 million of prospective projects and $6 million in R&D projects are also active. These four components total $70 million of energy storage projects in various stages of maturity."

Recent Highlights (compared to the quarter ended March 31, 2013, unless otherwise noted)

    Revenue for the three months ended March 31, 2014 was $8.1 million compared with $12.4 million for the three months ended March 31, 2013. The prior year's first quarter benefitted from the partial delivery of fuel cell modules for the Company's major telecom backup power partner for which there was no comparable revenue in the first quarter of 2014.
    Gross profit declined to $1.9 million, or 23.8% of revenue, for the quarter primarily reflecting reduced overhead absorption in both the Power Systems and OnSite Generation segments and increased costs within OnSite Generation.
    Cash Operating Costs1 were consistent with the comparable period.
    The Company reported an Adjusted EBITDA2 loss of $1.7 million versus Adjusted EBITDA of $0.2 million in the prior-year period, reflecting decreased revenue and gross profit.
    Hydrogenics secured $9.5 million of orders for renewable energy storage, industrial gas, and power system applications during the quarter, resulting in an order backlog of $58.5 million as of March 31, 2014.
     The Company exited the first quarter with $11.6 million of cash and restricted cash, a $2.2 million decrease from December 31, 2013 primarily reflecting: (i) $3.8 million of cash used in operating activities; and (ii) $0.3 million related to the purchase of property, plant and equipment; partially offset by (iii) $1.7 million of increased borrowings; and (iv) $0.1 million of exercised stock options and warrants.
    All remaining warrants outstanding at December 31, 2013 were fully exercised in the three months ended March 31, 2014.

 About Hydrogenics

Hydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centres in Russia, Europe, the US and Canada.

Hydrogenics Contacts:
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
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