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Hydrogenics Corporation (HYGS) announced its financial results on Friday for the second quarter ended June 30, 2009.
Revenues in the second quarter were $5.5 million, a decrease of 36% from the comparable period in 2008. Net loss for the quarter was $(0.07) verus a loss of $(0.05) in the second quarter of 2008. Analysts had expected a net loss of $(0.05) per share for Q2 of 2009.
Daryl Wilson, CEO of Hydrogenics. commented in a conference call, "Q2 was more challnging than expected with revenues and gross margins impacted by delays in order fulfillment and product mix. Our customers have been slow to pull the trigger on orders despite an unusually high level of quote activity. Sluggish credit markets continue to impact, and we currently have approximately $3.5 million in finished goods inventory pending payment for final delivery."
He continued, "The good news is that we are beginning to see more orders being booked and credit freeing up for our customers. Our electrolyser facility is new operating at full capacity, the same peak levels of 2008, following a slowdown and production reduction from May-July. We expect this activity to pick up as the year progresses."
Mr. Wilson added, "In the near future, we expect to announce new electrolyser orders that will clearly illustrate the pent up demand that should drive additional business this year."
He concluded, "There is clearly a growing interest in hydrogen powered solutions, and we are well positioned to be a leader in this field going forward. We anticipate that global demand will accelerate as the economy improves."
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