Hudson Technologies Reports 2009 Fourth Quarter and Year End Results

Quote: Hudsonreported a net loss of $1,726,000, or $0.08 per basic and diluted share,for the quarter ended December 31, 2009, compared to a net loss of$821,000, or $0.04 per basic and diluted share for the quarter endedDecember 31, 2008.For the year ended December 31, 2009, Hudson reported revenues of$24,167,000 a decrease of 27% compared to revenues of $33,167,000 in theyear ended December 31, 2008. Gross profit margins decreased to 16% for2009, compared to 34% in 2008. Operating expenses decreased 15% to$5,025,000 for 2009, compared to $5,894,000 in 2008. The Companyreported a net loss of $2,495,000, or $0.12 per basic and diluted share,for the year ended December 31, 2009, which included an income taxbenefit of $119,000, compared to net income of $6,669,000 or, $0.35 and$0.33 per basic and diluted share, respectively, in the year endedDecember 31, 2008, which included an income tax benefit of $2,420,000.Kevin J. Zugibe, Chairman and Chief Executive Officer of HudsonTechnologies commented, “Hudson faced several challenges during 2009,most notably a severe economic downturn coupled with unseasonably coldsummer weather in the northern and northeastern regions of the U.S. Inthe first half of 2009, the uncertain economic landscape resulted in ourcustomers conserving cash by deferring their typical pre-seasonrefrigerant purchases and adopting a ‘just in time’ policy for theirinventory purchases. As we entered the peak summer months, whichtypically drive A/C needs and corresponding demand for supplies ofrefrigerants, the unseasonably cool summer temperatures diminished theuse of A/C and large comfort and process cooling systems, suppressingdemand and pricing, and resulting in a significant reduction inrefrigerant sales which persisted through year end. Likewise, our grossmargin performance was disappointing due to an increase in the cost ofgoods sold and a decrease in our selling price of refrigerants duringthe last half of fiscal 2009 resulting from an ind...
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