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Hudson Technologies Reports Fourth Quarter 2020 Results

Nachrichtenquelle: globenewswire
03.03.2021, 22:05  |  104   |   |   

PEARL RIVER, N.Y., March 03, 2021 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2020.

For the quarter ended December 31, 2020, Hudson reported revenues of $22.1 million, a decrease of 14% compared to revenues of $25.8 million in the comparable 2019 period. The decrease in revenue was primarily due to decreased volume, as the COVID-19 pandemic and the associated closures of public venues such as commercial and recreational facilities, schools and universities across the U.S. negatively impacted the Company’s end markets and overall demand for refrigerants for much of the year, partially offset by an increase in selling price of certain refrigerants. Gross margin in the fourth quarter of 2020 was 25%, compared to 19% in the fourth quarter of 2019, mainly due to the aforementioned increase in selling price of certain refrigerants. Hudson reported an operating loss of $1.7 million in the fourth quarter of 2020 compared to an operating loss of $4.8 million in the prior year period. The Company recorded a net loss of $4.7 million or ($0.11) per basic and diluted share in the fourth quarter of 2020, compared to a net loss of $10.8 million or ($0.25) per basic and diluted share in the same period of 2019.
    
For the year ended December 31, 2020, Hudson reported revenues of $147.6 million, a decrease of 9% compared to $162.1 million in 2019. The decrease in revenue was primarily due to decreased volume, related to the pandemic-driven closures described above. Gross margin for full year 2020 improved to 24% compared to gross margin of 11% for the full year 2019. The Company reported operating income of $5.9 million for 2020 compared to an operating loss of $15.8 million in 2019. The Company’s net loss for 2020 was $5.2 million, or ($0.12) per basic and diluted share, compared to a net loss of $25.9 million, or ($0.61) per basic and diluted share in 2019, which included a $9.2 million non-cash inventory adjustment mainly due to declines in selling prices of certain refrigerants during that time period.

Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “2020 was a challenging year for our industry, characterized by the public health and economic uncertainties caused by the global COVID-19 pandemic. As we begin 2021, we are optimistic that the widespread closures related to the virus will begin to subside and enable the broader re-opening of our economy. With that in mind, we are planning and preparing for the 2021 selling season so that we are ready to meet potential demand as more cooling systems return to operation and we look forward to fully re-engaging with our customers as they continue to come back online.”

Conference Call Information

The Company will host a conference call and webcast to discuss the fourth quarter results today, March 3, 2021 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 (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use entry code: 227063.

A replay of the teleconference will be available until April 3, 2021 and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 40141.

About Hudson Technologies         

Hudson Technologies, Inc. is a leading provider of innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems. Hudson's proprietary RefrigerantSide Services increase operating efficiency, provide energy and cost savings, reduce greenhouse gas emissions and the plant’s carbon footprint while enhancing system life and reliability of operations at the same time. RefrigerantSide Services can be performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies. Hudson also offers SMARTenergy OPS, which is a cloud-based Managed Software as a Service for continuous monitoring, fault detection and diagnostics and real-time optimization of chilled water plants. In addition, the Company sells refrigerants and provides traditional reclamation services for commercial and industrial air conditioning and refrigeration uses. For further information on Hudson, please visit the Company's web site at www.hudsontech.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements 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 laws and regulations affecting the industry, 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 refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements that become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, the ability to meet financial covenants under existing credit facilities, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company’s ability to successfully integrate any assets it acquires from third parties into its operations, the impact of the current COVID-19 pandemic, and other risks detailed in the Company's 10-K for the year ended December 31, 2019 and other subsequent filings 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.


Investor Relations Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200
jnesbett@institutionalms.com



Company Contact:
Brian F. Coleman, President & CEO
Hudson Technologies, Inc.
(845) 735-6000
bcoleman@hudsontech.com

  

Hudson Technologies, Inc. and Subsidiaries
Consolidated Balance Sheets
(Amounts in thousands, except for share and par value amounts)

    December 31,  
    2020     2019  
Assets                
Current assets:                
Cash and cash equivalents   $ 1,348     $ 2,600  
Trade accounts receivable – net     9,806       8,061  
Inventories     44,460       59,238  
Prepaid expenses and other current assets     6,528       4,525  
Total current assets     62,142       74,424  
                 
Property, plant and equipment, less accumulated depreciation     21,910       23,674  
Goodwill     47,803       47,803  
Intangible assets, less accumulated amortization     23,150       26,012  
Right of use asset     6,559       8,048  
Other assets     85       192  
Total Assets   $ 161,649     $ 180,153  
                 
Liabilities and Stockholders' Equity                
Current liabilities:                
Trade accounts payable   $ 7,644     $ 10,274  
Accrued expenses and other current liabilities     19,417       18,120  
Accrued payroll     1,394       724  
Current maturities of long-term debt     7,314       3,008  
Short-term debt     2,000       14,000  
Total current liabilities     37,769       46,126  
Deferred tax liability     1,355       1,192  
Long-term lease liabilities     3,927       5,742  
Long-term debt, less current maturities, net of deferred financing costs     77,976       81,982  
Total Liabilities     121,027       135,042  
                 
Commitments and contingencies                
                 
Stockholders' equity:                
Preferred stock, shares authorized 5,000,000: Series A Convertible preferred stock, $0.01 par value ($100 liquidation preference value); shares authorized 150,000; none issued or outstanding            
Common stock, $0.01 par value; shares authorized 100,000,000; issued and outstanding: 43,347,887 and 42,628,560, respectively     433       426  
Additional paid-in capital     118,269       117,557  
Accumulated deficit     (78,080 )     (72,872 )
Total Stockholders' Equity     40,622       45,111  
                 
Total Liabilities and Stockholders' Equity   $ 161,649     $ 180,153  
                 

Hudson Technologies, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except for share and per share amounts)

    Three months
ended December 31,
    Twelve months
ended December 31,
 
    2020     2019     2020     2019  
                         
Revenues   $ 22,110     $ 25,753     $ 147,605     $ 162,059  
Cost of sales     16,684       20,989       112,195       144,894  
Gross profit     5,426       4,764       35,410       17,165  
                                 
Operating expenses:                                
Selling, general and administrative     6,460       8,864       26,644       30,018  
Amortization     715       715       2,862       2,931  
Total operating expenses     7,175       9,579       29,506       32,949  
                                 
Operating income (loss)     (1,749 )     (4,815 )     5,904       (15,784 )
                                 
Other expense:                                
Interest expense     (2,918 )     (5,990 )     (12,330 )     (18,911 )
Other income (expense)     22       (1 )     1,033       9,411  
Total other expense     (2,896 )     (5,991 )     (11,297 )     (9,500 )
                                 
Loss before income taxes     (4,645 )     (10,806 )     (5,393 )     (25,284 )
                                 
Income tax expense (benefit)     103       (35       (185 )     656  
                                 
Net loss   $ (4,748 )   $ (10,771 )   $ (5,208 )   $ (25,940 )
                                 
Net loss per common share – Basic   $ (0.11 )   $ (0.25 )   $ (0.12 )   $ (0.61 )
Net loss per common share – Diluted   $ (0.11 )   $ (0.25 )   $ (0.12 )   $ (0.61 )
Weighted average number of shares outstanding – Basic     42,881,307       42,628,560       42,710,381       42,613,478  
Weighted average number of shares outstanding – Diluted     42,881,307       42,628,560       42,710,381       42,613,478  

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Hudson Technologies Reports Fourth Quarter 2020 Results PEARL RIVER, N.Y., March 03, 2021 (GLOBE NEWSWIRE) - Hudson Technologies, Inc. (NASDAQ: HDSN) announced results for the fourth quarter and year ended December 31, 2020. For the quarter ended December 31, 2020, Hudson reported revenues of …

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