Hudson Technologies Inc. (HDSN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Hudson Technologies Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson\'s proprietary RefrigerantSide 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 Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity 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 and refrigeration markets. Hudson Technologies Inc. has a market cap of $24.9 million; its shares were traded at around $1.28 with a P/E ratio of 5.7 and P/S ratio of 0.7.
Other income (expense) for the three month period ended June 30, 2009 was ($429,000), compared to the ($314,000) reported during the comparable 2008 period. Other income (expense) includes interest expense of $429,000 and $315,000 for the comparable 2009 and 2008 periods, respectively. The increase in interest expense is primarily attributed to an increase in outstanding indebtedness.
Revenues for the six month period ended June 30, 2009 were $14,900,000, a decrease of $9,555,000 or 39% from the $24,455,000 reported during the comparable 2008 period. The decrease in revenues was primarily attributable to a decrease in refrigerant revenues of $9,389,000 and a decrease in RefrigerantSide® Services revenues of $166,000. The decrease in refrigerant revenues is primarily related to a decrease in the number of pounds of certain refrigerant sold. The decrease in RefrigerantSide® Services was attributable to a decrease in the numbers of jobs completed when compared to the same period of 2008.
Other income (expense) for the six month period ended June 30, 2009 was ($770,000), compared to the ($567,000) reported during the comparable 2008 period. Other income (expense) includes interest expense of $770,000 and $569,000 for the comparable 2009 and 2008 periods, respectively. The increase in interest expense is primarily attributed to an increase in outstanding indebtedness.
Inventory and trade receivables are principal components of current assets. At June 30, 2009, the Company had inventories of $18,019,000 a decrease of $5,594,000 or 24% from the $23,613,000 at December 31, 2008. The decrease in the inventory balance is due to the timing and availability of inventory purchases and the sale of refrigerants. The Company\'s ability to sell and replace its inventory on a timely basis and the prices at which it can be sold are subject, among other things, to current market conditions and the nature of supplier or customer arrangements and the Company\'s ability to source CFC based refrigerants, which are no longer being manufactured or non-CFC based refrigerants. At June 30, 2009, the Company had trade receivables, net of allowance for doubtful accounts of $5,348,000 an increase of $3,617,000 from the $1,731,000 at December 31, 2008. The Company\'s trade receivables are concentrated with various wholesalers, brokers, contractors and end-users within the refrigeration industry that are primarily located in the continental United States.
On June 26, 2007, Hudson, through HTC, entered into the Facility with Keltic and on April 17, 2008, the Facility with Keltic was amended to secure the participation of Bridge and to provide for borrowings of up to $15,000,000. On March 20, 2009, the Facility was temporarily increased to $17,000,000. On July 15, 2009, this temporary increase of the Facility was extended to September 15, 2009, at which time the Facility will return to $15,000,000. The Facility consists of a revolving line of credit and term loans, which expires on June 20, 2011. Advances under the revolving line of credit are limited to (i) 85% of eligible trade accounts receivable and (ii) 55% of eligible inventory. Advances available to Hudson under the A and B term loans may not exceed $2,500,000 and $4,500,000, respectively. At June 30, 2009, the Facility bore interest at 6.5%. Substantially all of Hudson\'s assets are pledged as collateral for its obligations to Keltic and Bridge under the Facility. In addition, among other things, the loan agreement restricts Hudson\'s ability to declare or pay any cash dividends on its capital stock. As of June 30, 2009, Hudson had $7,657,000 of borrowings outstanding and $2,252,000 available for borrowing under the revolving line of credit. In addition, as of June 30, 2009, Hudson had $5,000,000 of borrowings outstanding under the A and B term loans with Keltic and Bridge.
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Hudson Technologies Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson\'s proprietary RefrigerantSide 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 Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity 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 and refrigeration markets. Hudson Technologies Inc. has a market cap of $24.9 million; its shares were traded at around $1.28 with a P/E ratio of 5.7 and P/S ratio of 0.7.
Highlight of Business Operations:
Revenues for the three month period ended June 30, 2009 were $8,317,000, a decrease of $4,772,000 or 37% from the $13,089,000 reported during the comparable 2008 period. The decrease in revenues was primarily attributable to a decrease in refrigerant revenues of $4,698,000 and a decrease in RefrigerantSide® Services revenues of $74,000. The decrease in refrigerant revenues is primarily related to a decrease in the number of pounds of certain refrigerant sold. The decrease in RefrigerantSide® Services was attributable to a decrease in the numbers of jobs completed when compared to the same period of 2008.Other income (expense) for the three month period ended June 30, 2009 was ($429,000), compared to the ($314,000) reported during the comparable 2008 period. Other income (expense) includes interest expense of $429,000 and $315,000 for the comparable 2009 and 2008 periods, respectively. The increase in interest expense is primarily attributed to an increase in outstanding indebtedness.
Revenues for the six month period ended June 30, 2009 were $14,900,000, a decrease of $9,555,000 or 39% from the $24,455,000 reported during the comparable 2008 period. The decrease in revenues was primarily attributable to a decrease in refrigerant revenues of $9,389,000 and a decrease in RefrigerantSide® Services revenues of $166,000. The decrease in refrigerant revenues is primarily related to a decrease in the number of pounds of certain refrigerant sold. The decrease in RefrigerantSide® Services was attributable to a decrease in the numbers of jobs completed when compared to the same period of 2008.
Other income (expense) for the six month period ended June 30, 2009 was ($770,000), compared to the ($567,000) reported during the comparable 2008 period. Other income (expense) includes interest expense of $770,000 and $569,000 for the comparable 2009 and 2008 periods, respectively. The increase in interest expense is primarily attributed to an increase in outstanding indebtedness.
Inventory and trade receivables are principal components of current assets. At June 30, 2009, the Company had inventories of $18,019,000 a decrease of $5,594,000 or 24% from the $23,613,000 at December 31, 2008. The decrease in the inventory balance is due to the timing and availability of inventory purchases and the sale of refrigerants. The Company\'s ability to sell and replace its inventory on a timely basis and the prices at which it can be sold are subject, among other things, to current market conditions and the nature of supplier or customer arrangements and the Company\'s ability to source CFC based refrigerants, which are no longer being manufactured or non-CFC based refrigerants. At June 30, 2009, the Company had trade receivables, net of allowance for doubtful accounts of $5,348,000 an increase of $3,617,000 from the $1,731,000 at December 31, 2008. The Company\'s trade receivables are concentrated with various wholesalers, brokers, contractors and end-users within the refrigeration industry that are primarily located in the continental United States.
On June 26, 2007, Hudson, through HTC, entered into the Facility with Keltic and on April 17, 2008, the Facility with Keltic was amended to secure the participation of Bridge and to provide for borrowings of up to $15,000,000. On March 20, 2009, the Facility was temporarily increased to $17,000,000. On July 15, 2009, this temporary increase of the Facility was extended to September 15, 2009, at which time the Facility will return to $15,000,000. The Facility consists of a revolving line of credit and term loans, which expires on June 20, 2011. Advances under the revolving line of credit are limited to (i) 85% of eligible trade accounts receivable and (ii) 55% of eligible inventory. Advances available to Hudson under the A and B term loans may not exceed $2,500,000 and $4,500,000, respectively. At June 30, 2009, the Facility bore interest at 6.5%. Substantially all of Hudson\'s assets are pledged as collateral for its obligations to Keltic and Bridge under the Facility. In addition, among other things, the loan agreement restricts Hudson\'s ability to declare or pay any cash dividends on its capital stock. As of June 30, 2009, Hudson had $7,657,000 of borrowings outstanding and $2,252,000 available for borrowing under the revolving line of credit. In addition, as of June 30, 2009, Hudson had $5,000,000 of borrowings outstanding under the A and B term loans with Keltic and Bridge.
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