Hydrogenics: Q1 Results

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MISSISSAUGA, Ontario - Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation and hydrogen-based power modules, reported first quarter 2013 financial results. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (IFRS).

"Our first quarter played out as expected, and we saw both revenue and margins improve significantly," said Daryl Wilson, President and Chief Executive Officer. "Sales climbed 115% year-over-year and also rose 24% sequentially from the fourth quarter; at the same time, our gross profit expanded to 28.8% of revenue from 14.1% last year and 13.2% in Q4. The Company's backlog remains solid, and we continue to be very positive about the outlook for Hydrogenics in 2013. Hydrogen-based energy storage applications are clearly increasing -- driven by strong demand and higher market acceptance -- and we are likewise pleased by the opportunities provided by our fuel cell modules for CommScope and other key customers.

"After the quarter, we successfully raised $6.2 million in net proceeds from a public offering by way of a prospectus supplement to the shelf prospectus filed last year. This raise, combined with our existing cash reserves, positions us to handle the rapid growth we foresee in the quarters to come. We view profitability as our near-term goal, and we are actively bidding on additional energy storage work and fuel cell power system applications around the globe. For hydrogen and Hydrogenics, it certainly appears we are well on our way."

    Hydrogenics ended the first quarter with $12.2 million of cash and restricted cash, primarily reflecting: (i) $6.1 million of cash used in operations; and (ii) $0.2 million of capital expenditures; partially offset by (iii) $1.4 million of operating borrowings and (iv) $0.4 million of cash from exercised warrants.
    Revenue for the first quarter increased 115%, to $12.3 million, primarily reflecting increased sales in the Company's Power Systems business unit tied to its contract for integrated power propulsion systems; Power Systems revenue also rose from partial delivery of an order for fuel cell modules to CommScope, Inc.
    Gross profit was $3.5 million versus $0.8 million in the first quarter of fiscal 2012. Gross margin, as a percent of revenue, rose to 29% -- an increase of 15 percentage points year-over-year, primarily reflecting improved product mix within the Company's Power Systems business unit. Also contributing to the gross profit increase was the effect of product cost reductions through supply chain management initiatives and product design innovation in the Company's OnSite Generation business.
    Cash Operating Costs1 were $3.8 million versus $3.5 million for the comparable period in 2012, with costs as a percent of revenue falling 31%. The change reflects increased marketing expense and other costs tied to the Company's higher level of commercial activity as well as higher compensation costs arising from improved business performance in the Power Systems business segment, partially offset by $0.2 million of reduced research and development expenditures.
    Adjusted EBITDA loss decreased 73% from $3.1 million to $0.8 million, primarily attributable to the 115% increase in revenues and the corresponding increase in gross profit.


        Cash operating costs are defined as the sum of SG&A and R&D, less amortization and depreciation, and stock-based compensation expense inclusive of compensation costs indexed to the Company's share price. This is a non-IFRS measure and may not be comparable to similar measures used by other companies. Management uses this measure as a rough estimate of the amount of fixed costs to operate the Company and believes this is a useful measure for investors for the same purpose.
        Adjusted EBITDA is defined as net loss excluding finance income, net, other losses, depreciation and amortization. Adjusted EBITDA is a non-IFRS measure and may not be comparable to similar measures used by other companies. Management uses adjusted EBITDA as a useful measure of cash flows.

 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.

Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
[email protected]
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
[email protected]
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