To Our Shareholders
"Our commitment to deliver strong and sustainable growth to our shareholders is working, and our strong financial and operating performance in 2002 is proof of this. In addition, a number of key accomplishments in 2002 position us to capitalize on early commercial opportunities for fuel cells. The long term potential for this clean power technology is huge, and we remain convinced that our pragmatic approach to investment in this market opportunity is primed for success. Commercial sustainability was our number one priority in 2002 and it remains our number one priority in 2003."
Our industry is poised for unprecedented growth. It is truly an exciting time at Hydrogenics as our continued strong financial performance reflects not only the successful execution of our focused strategies, but also an increased demand for clean power technologies around the world.
Our revenues more than doubled in 2002 as we introduced new products, gained customers, enhanced current technologies, and extended our geographic reach. More importantly, our revenue growth contributed over U.S. $5 million in gross profit, a strong indication that our drive for commercial sustainability and ultimate profitability is within reach. We ended the year with a record backlog of confirmed orders and active proposals, along with the financial strength, discipline and desire to become the first company in the fuel cell industry to achieve positive cash flow from operations.
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