Hydrogenics Reports First Quarter 2014 Results
07 5월 2014 - 7:30PM
MISSISSAUGA, Ontario, May 7, 2014 (GLOBE NEWSWIRE) --
Hydrogenics Corporation (Nasdaq:HYGS) (TSX:HYG)
("Hydrogenics" or "the Company"), a leading developer and
manufacturer of hydrogen generation and hydrogen-based power
modules, today 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. Order backlog movement during the first quarter (in $
millions) was as follows:
|
Dec 31/2013 Backlog |
Orders Received |
FX |
Orders Delivered |
March 31/2014 Backlog |
|
|
|
|
|
|
OnSite Generation |
$ 22.5 |
$ 8.1 |
$ (0.1) |
$ (6.0) |
$ 24.5 |
Power Systems |
34.5 |
1.7 |
(0.2) |
(2.1) |
34.0 |
Total |
$ 57.0 |
$ 9.8 |
$ (0.3) |
$ (8.0) |
$ 58.5 |
- 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.
Notes
- 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 Corporation and believes this is a useful measure
for investors for the same purpose.
- Adjusted EBITDA is defined as net loss excluding stock based
compensation (both cash settled long term compensation indexed to
share price and share based compensation), other finance income and
expenses, depreciation and amortization. These items are considered
by management to be outside of Hydrogenics' ongoing operational
results. Adjusted EBITDA is a non-IFRS measure and may not be
comparable to similar measures used by other companies.
Conference Call Details
Hydrogenics will hold a conference call at 1:00 p.m. EDT today,
May 7, 2014 to review the first quarter results. The telephone
number for the conference call is (877) 307-1373 or, for
international callers, (678) 224-7873. A live webcast of the
call will also be available on the company's website,
www.hydrogenics.com.
An archived copy of the conference call and webcast will be
available on the company's website, www.hydrogenics.com,
approximately six hours following the call.
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.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995, and under applicable
Canadian securities law. These statements are based on management's
current expectations and actual results may differ from these
forward-looking statements due to numerous factors, including: our
inability to increase our revenues or raise additional funding to
continue operations, execute our business plan, or to grow our
business; inability to address a slow return to economic growth,
and its impact on our business, results of operations and
consolidated financial condition; our limited operating history;
inability to implement our business strategy; fluctuations in
our quarterly results; failure to maintain our customer base that
generates the majority of our revenues; currency fluctuations;
failure to maintain sufficient insurance coverage; changes in value
of our goodwill; failure of a significant market to develop
for our products; failure of hydrogen being readily available on a
cost-effective basis; changes in government policies and
regulations; failure of uniform codes and standards for hydrogen
fuelled vehicles and related infrastructure to develop; liability
for environmental damages resulting from our research, development
or manufacturing operations; failure to compete with other
developers and manufacturers of products in our industry; failure
to compete with developers and manufacturers of traditional and
alternative technologies; failure to develop partnerships with
original equipment manufacturers, governments, systems integrators
and other third parties; inability to obtain sufficient materials
and components for our products from suppliers; failure to manage
expansion of our operations; failure to manage foreign sales and
operations; failure to recruit, train and retain key management
personnel; inability to integrate acquisitions; failure to develop
adequate manufacturing processes and capabilities; failure to
complete the development of commercially viable products; failure
to produce cost-competitive products; failure or delay in field
testing of our products; failure to produce products free of
defects or errors; inability to adapt to technological advances or
new codes and standards; failure to protect our intellectual
property; our involvement in intellectual property litigation;
exposure to product liability claims; failure to meet rules
regarding passive foreign investment companies; actions of our
significant and principal shareholders; dilution as a result of
significant issuances of our common shares and preferred shares;
inability of US investors to enforce US civil liability judgments
against us; volatility of our common share price; and dilution as a
result of the exercise of options. Readers should not place undue
reliance on Hydrogenics' forward-looking statements. Investors are
encouraged to review the section captioned "Risk Factors" in
Hydrogenics' regulatory filings with the Canadian securities
regulatory authorities and the US Securities and Exchange
Commission for a more complete discussion of factors that could
affect Hydrogenics' future performance. Furthermore, the
forward-looking statements contained herein are made as of the date
of this release, and Hydrogenics undertakes no obligations to
revise or update any forward-looking statements in order to reflect
events or circumstances that may arise after the date of this
release, unless otherwise required by law. The forward-looking
statements contained in this release are expressly qualified by
this.
Reconciliation of
Adjusted EBITDA to Net Loss |
(in thousands of US dollars) |
(unaudited) |
|
|
3 months
ended |
|
31-Mar-14 |
31-Mar-13 |
|
|
|
Adjusted EBITDA |
(1,729) |
169 |
Less: |
|
|
Stock-based compensation |
136 |
176 |
Cash settled compensation indexed to share
price |
1,561 |
401 |
Net Finance losses |
183 |
533 |
Depreciation and amortization |
140 |
198 |
Other loss |
-- |
-- |
Net Loss |
(3,749) |
(1,139) |
|
|
Hydrogenics
Corporation |
Consolidated Interim Balance
Sheets |
(in thousands of US dollars) |
(unaudited) |
|
|
March 31 2014 |
December 31 2013 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 9,343 |
$ 11,823 |
Restricted cash |
1,154 |
635 |
Trade and other receivables |
8,205 |
5,391 |
Inventories |
16,635 |
12,821 |
Prepaid expenses |
1,330 |
979 |
|
36,667 |
31,649 |
Non-current assets |
|
|
Restricted cash |
1,123 |
1,389 |
Property, plant and equipment |
1,838 |
1,684 |
Intangible assets |
171 |
100 |
Goodwill |
5,246 |
5,248 |
|
8,378 |
8,421 |
Total assets |
$ 45,045 |
$ 40,070 |
Liabilities |
|
|
Current liabilities |
|
|
Trade and other payables |
$ 17,261 |
$ 13,193 |
Operating Borrowings |
1,722 |
-- |
Warranty provisions |
2,268 |
1,912 |
Deferred revenue |
9,148 |
6,348 |
Warrants |
-- |
1,075 |
|
30,399 |
22,528 |
Non-current liabilities |
|
|
Other non-current liabilities |
2,991 |
3,095 |
Non-current warranty provisions |
798 |
981 |
Non-current deferred revenue |
6,988 |
7,305 |
Total liabilities |
41,176 |
33,909 |
Equity |
|
|
Share capital |
334,698 |
333,312 |
Contributed surplus |
18,525 |
18,449 |
Accumulated other comprehensive loss |
(254) |
(249) |
Deficit |
(349,100) |
(345,351) |
Total equity |
3,869 |
6,161 |
Total equity and
liabilities |
$ 45,045 |
$ 40,070 |
|
|
Hydrogenics
Corporation |
Consolidated Interim Statements
of Operations and Comprehensive Loss |
(in thousands of US dollars,
except share and per share amounts) |
(unaudited) |
|
|
|
Three months ended
March 31 |
|
2014 |
2013 |
|
|
As Revised |
|
|
|
Revenues |
$ 8,059 |
$ 12,391 |
Cost of sales |
6,142 |
8,515 |
Gross profit |
1,917 |
3,876 |
|
|
|
Operating expenses |
|
|
Selling, general and administrative
expenses |
4,567 |
3,622 |
Research and product development
expenses |
916 |
860 |
|
5,483 |
4,482 |
Loss from operations |
(3,566) |
(606) |
|
|
|
Finance income
(expenses) |
|
|
Interest income |
2 |
7 |
Interest expense |
(134) |
(92) |
Foreign currency gains |
148 |
115 |
Foreign currency losses |
(59) |
(212) |
Other finance gains (losses), net |
(140) |
(351) |
Finance income (loss),
net |
(183) |
(533) |
|
|
|
Loss before income
taxes |
(3,749) |
(1,139) |
Income tax expense |
-- |
-- |
Net loss for the period |
(3,749) |
(1,139) |
|
|
|
Items that will be reclassified subsequently
to net loss: |
|
|
Exchange differences on translating foreign
operations |
(5) |
(298) |
Comprehensive loss for the
period |
$ (3,754) |
$ (1,437) |
|
|
|
Net loss per share |
|
|
Basic and diluted |
$ (0.41) |
$ (0.15) |
|
|
|
Weighted average number of common shares
outstanding |
9,073,527 |
7,843,373 |
|
|
Hydrogenics
Corporation |
Consolidated Interim Statements
of Cash Flows |
(in thousands of US dollars) |
(unaudited) |
|
Three months ended March
31 |
|
2014 |
2013 |
|
|
|
|
|
As Revised |
Cash and cash equivalents provided by
(used in): |
|
|
Operating activities |
|
|
Net loss for the year |
$ (3,749) |
$ (1,139) |
Increase in restricted cash |
(253) |
(225) |
Items not affecting cash: |
|
|
Amortization and depreciation |
140 |
198 |
Other finance losses (gains), net |
140 |
351 |
Unrealized foreign exchange (gains)
losses |
87 |
111 |
Stock-based compensation |
136 |
176 |
Accreted non-cash interest |
118 |
89 |
Payment of post-retirement benefit
liability |
(24) |
(27) |
Liabilities for compensation indexed to
share price |
1,561 |
401 |
Net change in non-cash working
capital |
(1,972) |
(6,093) |
Cash used in operating
activities |
(3,816) |
(6,158) |
|
|
|
Investing activities |
|
|
Proceeds from disposals |
9 |
-- |
Purchase of property, plant and
equipment |
(306) |
(189) |
Purchase of intangible assets |
(80) |
-- |
Cash used in investing
activities |
(377) |
(189) |
|
|
|
Financing activities |
|
|
Repayment of repayable government
contributions |
(50) |
-- |
Proceeds of operating borrowings |
1,722 |
1,412 |
Common shares issued and warrants exercised,
net of issuance costs |
109 |
423 |
Cash provided by financing
activities |
1,781 |
1,835 |
|
|
|
Effect of exchange rate fluctuations on cash
and cash equivalents held |
(68) |
(325) |
|
|
|
Decrease in cash and cash equivalents during
the period |
(2,480) |
(4,837) |
Cash and cash equivalents - Beginning
of period |
11,823 |
13,020 |
Cash and cash equivalents - End of
period |
$ 9,343 |
$ 8,183 |
CONTACT: Hydrogenics Contacts:
Bob Motz, Chief Financial Officer
Hydrogenics Corporation
(905) 361-3660
investors@hydrogenics.com
Chris Witty
Hydrogenics Investor Relations
(646) 438-9385
cwitty@darrowir.com
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