Hudson Technologies, Inc. (NASDAQ: HDSN), a leading distributor and reclaimer of refrigerants as well as a provider of proprietary on-site decontamination services for large comfort and process cooling systems, announced results for the fourth quarter and year ended December 31, 2010.
Revenues for the three months ended December 31, 2010 increased 49.5% to $4,141,000 from $2,769,000 in the comparable 2009 period. Gross profit margins improved to 32.7% of sales for the fourth quarter compared to 3.4% of sales in the fourth quarter last year. Hudson reported a net loss of $556,000, or a loss of $0.02 per basic and diluted share, for the fourth quarter of 2010, compared to a net loss of $1,726,000, or a loss of $0.08 per basic and diluted share, for the fourth quarter of 2010.
For the year ended December 31, 2010, the Company reported revenues of $37,273,000, a 54% increase compared to revenues of $24,167,000 in the year ended December 31, 2009. Gross profit margins increased to 22% for 2010 compared to gross margins of 16% in 2009. Hudson achieved net income of $701,000, or $0.03 per basic and diluted share for the year ended December 31, 2010, compared to a net loss of $2,495,000, or a loss of $0.12 per basic and diluted share, in 2009.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “We are very pleased to report solid revenue growth and record revenues for 2010, reflecting increased demand for both refrigerants and services. Our 2010 revenues represent a 54% increase over 2009 revenues and a 12% increase over 2008 revenues, our previous year of record revenues. Additionally, our fourth quarter gross margin demonstrated a continuation of the sequential margin improvement that we achieved throughout 2010. In 2010, we began to see customers returning to more historical purchasing patterns and increased volumes. In addition, 2010 was one of our most successful years for our RefrigerantSide® Services service business, as people were more fully utilizing their cooling systems, increasing the demand for our patented and proprietary services.