08.03.2011 13:30
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Hudson Technologies Reports Financial Results and Record Revenues for 2010

Hudson Technologies, Inc. (NASDAQ: HDSN), a leading distributor and reclaimer of refrigerants as well as a provider of proprietary on-site decontamination services for large comfort and process cooling systems, announced results for the fourth quarter and year ended December 31, 2010.

Revenues for the three months ended December 31, 2010 increased 49.5% to $4,141,000 from $2,769,000 in the comparable 2009 period. Gross profit margins improved to 32.7% of sales for the fourth quarter compared to 3.4% of sales in the fourth quarter last year. Hudson reported a net loss of $556,000, or a loss of $0.02 per basic and diluted share, for the fourth quarter of 2010, compared to a net loss of $1,726,000, or a loss of $0.08 per basic and diluted share, for the fourth quarter of 2010.

For the year ended December 31, 2010, the Company reported revenues of $37,273,000, a 54% increase compared to revenues of $24,167,000 in the year ended December 31, 2009. Gross profit margins increased to 22% for 2010 compared to gross margins of 16% in 2009. Hudson achieved net income of $701,000, or $0.03 per basic and diluted share for the year ended December 31, 2010, compared to a net loss of $2,495,000, or a loss of $0.12 per basic and diluted share, in 2009.

Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, "We are very pleased to report solid revenue growth and record revenues for 2010, reflecting increased demand for both refrigerants and services. Our 2010 revenues represent a 54% increase over 2009 revenues and a 12% increase over 2008 revenues, our previous year of record revenues. Additionally, our fourth quarter gross margin demonstrated a continuation of the sequential margin improvement that we achieved throughout 2010. In 2010, we began to see customers returning to more historical purchasing patterns and increased volumes. In addition, 2010 was one of our most successful years for our RefrigerantSide® Services service business, as people were more fully utilizing their cooling systems, increasing the demand for our patented and proprietary services.

"Throughout the past five quarters, we have expressed our view that 2009 was an anomaly and that we expected to return to the double-digit revenue growth rate we had sustained for the five years through 2008. We are very pleased that the expectations we communicated to our shareholders have been validated by our 2010 results. Our 2010 performance is a result of both the expansion of our customer base as well as volume growth, all accomplished without the benefit of refrigerant price increases. Since the close of 2010, we have begun to see higher refrigerant prices and we believe we are well positioned to continue double digit revenue growth for 2011.

"Lastly, we remain confident that the anticipated supply/demand imbalance created by the EPA mandated phase-out of R-22 should, over time, result in higher R-22 prices and a corresponding increase in demand for refrigerant reclamation, which could significantly benefit our future performance.”

CONFERENCE CALL INFORMATION

The Company will host a conference call to discuss the fourth quarter and year end results today, March 8, 2011 at 10:00 A.M. Eastern Time.

To access the live webcast log onto the Hudson Technologies website at www.hudsontech.com and click on "Investor Relations”.

To participate in the call by phone, dial (877) 407-9210 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8049.

A replay of the webcast will be available until March 15, 2011 and may be accessed by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use account number 286 and pass code 368384.

About Hudson Technologies

Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson's proprietary RefrigerantSide® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer's system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets. For further information on Hudson, please visit the Company's web site at www.hudsontech.com.

Safe Harbor Statement under the Private Securities Litigation Act of 1995

Statements contained herein, which are not historical facts constitute forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the markets for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of refrigerants), the Company's ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements which become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission. The words "believe", "expect", "anticipate", "may", "plan", "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.

       

Hudson Technologies, Inc. and subsidiaries

Consolidated Balance Sheets

(Amounts in thousands, except for share and par value amounts)

 

December 31,

December 31,

2010

2009

 

Assets

Current assets:
Cash and cash equivalents $ 3,926 $ 299
Trade accounts receivable 1,767 1,594
Inventories 18,211 16,410
Prepaid expenses and other current assets   376   815
Total current assets 24,280 19,118
Property, plant and equipment, less accumulated depreciation and amortization 3,008 2,925
Other assets 66 104
Deferred tax assets 3,669 4,120
Intangible assets, less accumulated amortization   73   78
Total Assets $ 31,096 $ 26,345

Liabilities and Stockholders' Equity

Current liabilities:
Accounts payable and accrued expenses $ 6,350 $ 4,178
Accrued payroll 693 114
Short-term debt and current maturities of long-term debt   5,012   5,457
Total current liabilities 12,055 9,749
Long-term debt, less current maturities   1,018   4,581
Total Liabilities   13,073   14,330
Commitments and contingencies
Stockholders' equity:
Preferred stock shares authorized 5,000,000
Series A Convertible Preferred stock, $0.01 par value ($100
liquidation preference value); shares authorized 150,000 -- --
Common stock, $0.01 par value; shares authorized 50,000,000
issued and outstanding 23,780,606 and 20,941,706 238 209
Additional paid-in capital 42,887 37,609
Accumulated deficit   (25,102)   (25,803)
Total Stockholders' Equity   18,023   12,015
 
Total Liabilities and Stockholders' Equity $ 31,096 $ 26,345
               

Hudson Technologies, Inc. and subsidiaries

Consolidated Statements of Operations

 (Amounts in thousands, except for share and per share amounts)

 

 

Three Month Period Ended

Years Ended

December 31,

December 31,

(Unaudited)
 
  2010   2009   2010   2009
 
Revenues $ 4,141 $ 2,769 $ 37,273 $ 24,167
Cost of sales   2,787   2,674   29,241   20,356
Gross Profit   1,354   96   8,032   3,811
Operating expenses:
Selling and marketing 647 384 2,193 1,796
General and administrative   1,230   1,247   3,687   3,229
Total operating expenses   1,877   1,631   5,880   5,025
Operating income (loss) (524) (1,535) 2,152 (1,214)

Other income (expense):

Interest Expense   (305)   (262)   (1,102)   (1,401)
Other Income   8   1   14   1
Total other income (expense)   (297)   (261)   (1,088)   (1,400)

Income (loss) before income taxes

(821) (1,797) 1,064 (2,614)
Income tax provision (benefit)   (265)   (71)   363   (119)
Net income (loss)   ($556)   ($1,726) $ 701   ($2,495)
 

Net income (loss) per common share – Basic

 

($0.02)

 

($0.08)

$

0.03

 

($0.12)

Net income (loss) per common share - Diluted

  ($0.02)   ($0.08) $ 0.03   ($0.12)
 
Weighted average number of shares outstanding – Basic   23,780,606   20,941,706   22,373,773   20,054,000
Weighted average number of shares outstanding – Diluted   23,780,606   20,941,706   23,723,650   20,054,000

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