PEARL RIVER, NY – APRIL 23, 2014 – Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the quarter ended March 31, 2014.
Revenues for the three months ended March 31, 2014 were $15.6 million as compared to $22.9 million in the comparable 2013 period. While overall volume increased by nearly 20%, the 32% decrease in revenues was primarily due to the approximately 50% decrease in the sale price of certain refrigerants when compared to 2013. Net income for the quarter was $160,000, or $0.01 per basic and diluted share, compared to net income of $4.5 million, or $0.18 per basic share and $0.17 per diluted share, in the first quarter of 2013.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “As expected, we saw a decrease in revenue for the quarter as compared to last year due to the approximately 50% decline in the price of R-22 during 2013 following the issuance of the EPA’s disappointing final rule last April, which increased R-22 allowances for 2013 and 2014. Nonetheless, we stayed focused on serving the needs of existing and new customers and, despite some challenging weather in the first quarter of 2014, drove increased volumes during the quarter as well as an increase in service revenues compared to last year. We look forward to the EPA’s final rule for the 2015 through 2020 time period and believe the EPA’s return to a step down approach to the phase out of virgin production of R-22 will provide certainty in the market and a foundation for the growth in reclamation.”
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss the first quarter results today, April 23, 2014 at 5:00 P.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) 407-9205 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8054.
A replay of the teleconference will be available until May 23, 2014 and may be accessed by dialing (877) 660-6853. International callers may dial (201) 612-7415. Callers should use conference ID: 13580084. A transcript of the call will be available on the Hudson Technologies website approximately 24 hours after its completion.