PEARL RIVER, NY – November 12, 2018 – Hudson Technologies, Inc. (NASDAQ: HDSN) announced that it has filed a Form 12b-25 (the “Filing”) with the Securities and Exchange Commission indicating that it will not be in a position to file its Quarterly Report on Form 10-Q for the third fiscal quarter ended September 30, 2018 within the 5-day extension period provided in Rule 12b-25(b) under the Securities Exchange Act of 1934.
As previously reported, discussions are continuing with Hudson’s term loan lenders with respect to an amendment of the Term Loan’s existing total leverage ratio financial covenant and certain other terms. As a result of potential balance sheet impact of foregoing discussions, the Company has not been in a position to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
The Company is working diligently to resolve these matters and management believes that the Company will be in a position to file both of the aforementioned Form 10-Qs by November 21, 2018.
For the quarter ended September 30, 2018, the Company’s revenues were $40.5 million, an increase of 64% compared to $24.7 million in the comparable 2017 period. Revenues for the 2018 period included revenues from Aspen Refrigerants, Inc. (“ARI”) which was acquired in October 2017. For the nine months ended September 30, 2018, the Company’s revenues were $140.8 million, an increase of 22% compared to $115.8 million in the comparable 2017 period. Revenues for the 2018 period included revenues from ARI.
On a pro forma basis including ARI, revenues for the quarter ended September 30, 2017 were $56.9 million. Revenues for the quarter ended September 30, 2018 declined by $16.4 million from pro forma revenue for the prior year period. This decline was attributable to a decrease in the selling price per pound of certain refrigerants sold, which accounted for a decrease in revenues of $14.0 million; a decrease in the number pounds of certain refrigerants sold, which accounted for a decrease in revenues of $3.8 million; offset by an increase in Other Revenues of $1.4 million, mainly relating to the Company’s DLA contract.
Additional details regarding the foregoing matters can be found in the Filing and will be contained in a Form 8-K to be filed with the Securities and Exchange Commission on November 13, 2018.