This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hudson Technologies Reports Record Revenues For 2013

Hudson Technologies, Inc. (NASDAQ:HDSN), announced results for the quarter and year ended December 31, 2013.

Revenues for the three months ended December 31, 2013 were down slightly to $4.8 million from $4.9 million in the comparable 2012 period. During the fourth quarter of 2013, the Company recorded a slightly higher sales volume from refrigerant sales offset by slightly lower services revenues when compared to the 2012 quarter. The reduction in services revenues was primarily related to timing as a few jobs started in the fourth quarter were completed early in the first quarter of 2014.

Net loss for the quarter was $1.5 million, or a loss of $0.06 per basic and diluted share, compared to net income of $3.0 million, or $0.12 per basic share and $0.11 per diluted share, for 2012. The difference between the net loss of 2013 compared to the net income in 2012 was primarily due to the Company’s recognition of a non-cash deferred tax benefit in 2012, which did not reoccur in 2013.

For the year ended December 31, 2013, revenues increased 4% to a record $58.6 million as compared to revenues of $56.4 million in 2012. During the third quarter of 2013, the Company recorded a lower-of-cost-or-market inventory adjustment (“LCM inventory adjustment”) of $14.7 million. This LCM inventory adjustment, which significantly increased our cost of sales, was due to an approximately 50% decline in R-22 pricing from March to September 2013 following the issuance of the EPA’s final rule in April 2013 which permitted higher than expected virgin R-22 allowances for 2013 and 2014. With the inclusion of the $14.7 million LCM inventory adjustment, Hudson’s operating loss was $8.5 million in 2013, as compared to operating income of $14.9 million in 2012. For the year ended December 31, 2013, the Company reported a net loss, including the LCM inventory adjustment, of $5.8 million, or a loss of $0.24 per basic and diluted share, as compared to net income of $12.8 million, or $0.54 per basic share and $0.49 per diluted share, in the comparable period of 2012. Excluding the $14.7 million LCM inventory adjustment, for the year ended December 31, 2013, as defined in the tables below, the Company achieved non-GAAP gross profit of $14.0 million and non-GAAP operating income of $6.2 million.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs