HUDSON TECHNOLOGIES REPORTS
THIRD QUARTER 2002 RESULTS

PEARL RIVER, N.Y. – November 12, 2002 – Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant services company specializing in proprietary on-site decontamination services for large comfort and process cooling systems, today announced results for the third quarter and nine month periods ended September 30, 2002. 

Revenues for the third quarter of 2002 totaled $3,880,000 compared to $4,939,000 for the same period in 2001.  During the third quarter of 2002, the company reported a net loss of $855,000 and, after non-cash charges of $204,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.20.  This compares to a net loss of $705,000 for the third quarter of 2001 and, after non-cash charges of $187,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.17.

Kevin J. Zugibe, chairman and chief executive officer, commented, “This year’s unusually cool spring and the decline in the demand for certain refrigerants in the automotive sector continued to impact Hudson Technologies’ financial results through a decrease in refrigerant sales.  These two conditions exerted downward pressure throughout the summer months on sales prices and volume of refrigerants sold by the company.  Revenues from Hudson’s RefrigerantSide® Services were slightly lower than last year’s third quarter, in part due to difficult economic conditions, particularly in the company’s largest market, the New York City area. 

“To further the development of Hudson’s RefrigerantSide® Services, we are proceeding with the restructuring and upgrading of Hudson’s sales force in order to better communicate our leading engineering and chemistry expertise to the markets we serve.  Under the direction of our new vice president for sales and marketing, we have been implementing a value-added sales and marketing plan.  This plan includes our Chiller Chemistry™ testing program, which assesses the current condition of chiller fluids, monitors changes over time and diagnoses problems.  Chiller Chemistry™ is a key component of our strategy to open new customer doors and accelerate the growth of RefrigerantSide® Services.”

Nine Months Results
Revenues for the nine months ended September 30, 2002 totaled $16,760,000 compared to $16,836,000 for the same period in 2001.  The company reported a net loss of $1,170,000 for the nine months ended September 30, 2002 and, after non-cash charges of $599,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.34.  This compares to a net loss of $1,259,000 and, after non-cash charges of $533,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.35 for the first nine months of 2001.

Conference Call Information
Hudson Technologies will conduct a conference call on Tuesday, November 12, at 10:00 a.m. Eastern Time to discuss third quarter 2002 results and additional matters.  The dial-in number for the call is 703-871-3096.  A replay of the call will also be available through Thursday, November 14, and can be accessed by dialing 703-925-2533, passcode #6286591.

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, which are provided through a nationwide network of service depots, 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), 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 Statements of Operations
  (unaudited)
  (Amounts in thousands, except for share and per share amounts)

                                                                                                   Three month period        Nine month period
                                                                                                   ended September 30,    ended September 30,