Hudson Technologies Reports Net Income of $2.3 Million for 2005, an Increase of $2 Million over 2004; Solid Results in Traditionally Challenging Fourth Quarter Cap a Strong 2005.PEARL RIVER Pearl River, uninc. village (1990 pop. 15,314), Rockland co., SE N.Y., near the N.J. line. It is a residential suburb of New York City, and a computer and telecommunications research and development center. Pearl River River, central Mississippi, U. , N.Y. -- Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. Technologies, Inc. (Nasdaq: HDSN): Results Highlights --Significant improvement over last year's same period, with a net loss for the quarter of ($151,000), or ($0.01) per common share, compared to a net loss of ($452,000), or ($0.02) per common share, for the fourth quarter 2004 --Earnings Per Share increased to $0.09 in 2005 compared to $0.00 in 2004 --Company has achieved ten straight quarters of improved results over prior year's period Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant re·frig·er·ant adj. 1. Cooling or freezing; refrigerating. 2. Reducing fever. n. 1. A substance, such as air, ammonia, water, or carbon dioxide, used to provide cooling either as the working substance of services company specializing in proprietary on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. decontamination decontamination /de·con·tam·i·na·tion/ (de?kon-tam-i-na´shun) the freeing of a person or object of some contaminating substance, e.g., war gas, radioactive material, etc. de·con·tam·i·na·tion n. services for large comfort and process cooling systems cooling systems for housed animals include spraying of roofs with water, evaporative pads with fans, foggers and misters; for pastured animals shelter from the sun by trees or artificial shade devices and cooling ponds are used. , today announced results for the fourth quarter and year ending December December: see month. 31, 2005. Revenues for the fourth quarter of 2005 were $2.9 million, compared to $2.87 million from last year's comparable period. The net loss for the quarter totaled ($151,000), or ($0.01) per common share, compared to a net loss of ($452,000), or ($0.02) per common share, for last year's same period. Revenues for the year ending December 31, 2005, totaled $19.2 million, an increase of $4.6 million, or 32 percent, compared to $14.6 million for the year ending December 31, 2004. The increase in revenues was primarily attributable to an increase in refrigerant revenues of $5.4 million, offset by a decrease in RefrigerantSide(R) services revenues of $746,000. For the year ending December 31, 2005, the Company reported net income totaling $2.3 million, or $0.09 per common share. This compares to net income of $264,000 for the previous year, and after non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $228,000 for payment-in-kind of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends, $0.00 per common share. Comments by Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Zugibe, chairman and chief executive officer, Hudson Technologies: "Despite a traditionally challenging fourth quarter, we have beaten the previous year's fourth quarter results and achieved our strongest fourth quarter results since 1995. This marks the tenth straight quarter that Hudson has exceeded the performance of the prior year's period, further evidence of Hudson's continued operational and business improvement. "Throughout 2005, the market for certain refrigerants Chemical refrigerants are assigned an R number(sometimes the label replaces it with the word Freon) which is determined systematically according to molecular structure. The following is a list of refrigerants with their R numbers, IUPAC chemical name, molecular formula, and CAS number. yielded sustained and exceptionally strong demand and higher prices, particularly in the second quarter of 2005. These conditions helped Hudson increase its refrigerant revenues in 2005 by approximately $5.4 million over 2004's refrigerant sales. "We are pleased to report that Hudson has extended its reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. contract with DuPont Fluoroproducts, the nation's leading provider of refrigerant products, through February 2008. Hudson has been providing reclamation services to DuPont and its Refrigerants Distributor Network since 1997, and with this extension, will continue providing DuPont with those services through at least February 2008. We believe that Hudson's leading-edge technology and capabilities enable us to provide DuPont, as well as all of our customers, with the best refrigerant reclamation services available in the industry. We look forward to the continuation of our relationship with this world-class company. "We are also pleased to report that Hudson has secured a one-year extension of its existing credit line facility with Keltic Financial Partners, LP, which was set to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. in May 2006, and at a reduced interest rate." Conference Call Information Hudson Technologies will host a conference call to discuss the fourth-quarter 2005 and year-end results and additional matters today at 10:00 a.m. Eastern. To listen to the conference call, dial 866-296-6505. Callers should please call at least five minutes prior to the scheduled start time and verbally give the operator the following access code: 7045414. A replay of the call will be available for one week through March 23, 2006, and can be accessed by dialing 1-585-295-5445 and using the following access code: 91209236. A web stream replay of the call will be available for 30 days through April 16 at the following link: http://app.replayrecorder.com/budget?replaycode=91209236 About Hudson Technologies Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. problems within the refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. industry. Hudson's proprietary RefrigerantSide(R) Services 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(R) Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity Purity: see Pearl, The. Purity See also Modesty. almond symbol of the Virgin Mary’s innocence. [O.T.: Numbers 17: 1–11; Art: Hall, 14] crystal its transparency symbolizes pureness. 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 air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and refrigeration markets. For further information on Hudson, please visit the Company's web site at www.hudsontech.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 Statements contained herein, which are not historical facts constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 demand and price for refrigerants, including unfavorable market conditions adversely affecting the demand for, and the price of refrigerants, the company's ability to source CFC CFC See: Controlled foreign corporation and non-CFC based 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 ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. of existing products and services, possible reduction in the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. 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
(Amounts in thousands, except for share and per share amounts)
For the three month
period ended For the year ended
December 31, December 31,
--------------------- ---------------------
2005 2004 2005 2004
---------- ---------- ---------- ----------
(unaudited)
Revenues $2,901 $2,866 $19,223 $14,613
Cost of sales 1,884 1,868 11,720 9,490
---------- ---------- ---------- ----------
Gross Profit 1,017 998 7,503 5,123
---------- ---------- ---------- ----------
Operating expenses:
Selling and marketing 328 403 1,487 1,428
General and administrative 606 791 2,809 2,462
Depreciation and
amortization 158 182 619 733
---------- ---------- ---------- ----------
Total operating expenses 1,092 1,376 4,915 4,623
---------- ---------- ---------- ----------
Operating income (loss) (75) (378) 2,588 500
---------- ---------- ---------- ----------
Other income (expense):
Interest expense (85) (74) (303) (341)
Other income 9 -- 9 105
---------- ---------- ---------- ----------
Total other income
(expense) (76) (74) (294) (236)
---------- ---------- ---------- ----------
Income (loss) before income
taxes (151) (452) 2,294 264
Income taxes -- -- 24 --
---------- ---------- ---------- ----------
Net income (loss) (151) (452) 2,270 264
Preferred stock dividends -- -- -- (228)
---------- ---------- ---------- ----------
Available for common
shareholders $ (151) $ (452) $ 2,270 $ 36
========== ========== ========== ==========
Net income (loss) per
common share - basic and
diluted $(0.01) $(0.02) $ 0.09 $ 0.00
========== ========== ========== ==========
Weighted average number of
shares outstanding -
basic 25,748,344 25,517,594 25,590,698 21,388,102
========== ========== ========== ===========
Weighted average number of
shares outstanding -
diluted 25,748,344 25,517,594 25,734,313 21,417,814
========== ========== ========== ===========
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