PEARL RIVER, NY – JULY 30, 2014 – Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the quarter ended June 30, 2014.
Revenues for the three months ended June 30, 2014 were $16.9 million, an increase of 7% as compared to $15.8 million in the second quarter of 2013. The revenue increase in the quarter is primarily related to increased sales volumes of certain refrigerants offset by a decrease in the selling price of certain refrigerants. Net income for the quarter was $308,000, or $0.01 per basic and diluted share, compared to net income of $334,000, or $0.01 per basic and diluted share, in the second quarter of 2013.
For the first six months of 2014, Hudson recorded revenues of $32.5 million as compared to $38.6 million in the comparable 2013 period. The decrease in revenues was primarily due to a decrease in R-22 pricing of over 40%, partially offset by increased volume in the first six months of 2014. Net income for the first half of 2014 was $468,000 or $0.02 per basic and diluted share, compared to $4.8 million or $0.20 per basic and $0.18 per diluted share in the first half of 2013.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “We delivered solid performance for the second quarter with modest revenue gains and profitability. R-22 pricing in the quarter was down as compared to the same period last year, but has remained essentially stable through the first half of 2014, which we view as encouraging. We have continued to focus on meeting the needs of our existing customers and on developing relationships with new customers, which has allowed us to achieve increased volumes and service revenues. We view the reclamation of R-22 and the next generation refrigerants as a significant market opportunity. In addition, the capital raise we completed in June further strengthens our balance sheet and positions us favorably to drive both organic and inorganic growth. We believe that the EPA’s final rule for the 2015 through 2020 time period, expected to be issued before the end of this calendar year, will give clarity to the R-22 production phase-out, providing the needed opportunity for the growth of reclamation.”
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss the second quarter results today, July 30, 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 August 30, 2014 and may be accessed by dialing (877) 660-6853. International callers may dial (201) 612-7415. Callers should use conference ID: 13587056.