Hydrogenics, a world leader in hydrogen infrastructure technology and products, has revealed its 2nd quarter results and recorded a revenue increase of 76 percent year on year among the highlights.
Reporting 2nd quarter and 6 month unaudited results, Hydrogenics' revenues were $9.5m, a 76 percent increase from the 2nd quarter of 2006, gross profit expressed as a percentage of revenues stood at 10 percent and cash operating costs decreased 23 percent from $8.1m to $6.2m.
These reduced costs are attributed to the streamlining and cost reduction initiative undertaken during the 1st quarter of 2007 and the absence of $0.7m of one-time consulting charges related to Sarbanes-Oxley Act implementation and other business strategy matters.
Daryl Wilson, president and CEO, said, $quot;Last quarter we reported on a restructuring and streamlining of our operations to significantly reduce our annual cash consumption. The success of this initiative depended, in part, on achieving an improved order book and deliveries in our OnSite Generation business unit. In the 2nd quarter, we achieved significant increases in both our order book and revenues, giving us confidence that we are on track to deliver meaningfully improved financial performance.$quot;
Net loss for the quarter was $3.8m compared to $9.6m for the same period in 2006, a significant decrease of 61 percent.