PEARL RIVER, NY – MAY 1, 2013 – Hudson Technologies, Inc. (NASDAQ: HDSN), announced results for the first quarter ended March 31, 2013.
Revenues for the three months ended March 31, 2013 increased by 54% to $22,877,000 from $14,854,000 in the comparable 2012 period. Net income for the first quarter was $4,469,000, or $0.18 per basic share and $0.17 per diluted share, compared to net income of $2,509,000, or $0.11 per basic share and $0.10 per diluted share for the first quarter of 2012.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “We believe that our record first quarter 2013 results are indicative of the long term earnings potential related to the phase out of virgin R-22 refrigerant. The most notable development of the quarter was the EPA’s issuance of a final rule pertaining to allowances to produce and/or import virgin R-22 in 2013 and 2014, which the Agency set at 63 million pounds and 51 million pounds, respectively. By issuing the final rule and establishing these allowance levels, the EPA has now provided certainty concerning virgin R-22 supply for 2013 and 2014, allowing us to focus on our long term strategies.
“We look forward to the EPA’s next rule making which will cover virgin R-22 production for the 2015 through 2019 time period, leading to the elimination of virgin R-22 production by 2020. We believe the EPA will continue to utilize a step down approach during the last five years of the R-22 phase out period, which should provide further support for growth in the reclamation of R-22.”
Click here to view a graph of the EPA’s step down in virgin R-22 production.
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss the first quarter results today, May 1, 2013 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 June 1, 2013 and may be accessed by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use conference ID: 413225. A transcript of the call will be available on the Hudson Technologies website approximately 24 hours after its completion.