Hudson Technologies Inc - HDSN STOCK NEWS

Hudson Technologies (NASDAQ: HDSN) expressed support for the recently passed Omnibus/Covid-19 law, which mandates a phasedown of virgin hydrofluorocarbon (HFC) production. CEO Brian F. Coleman highlighted the law's potential to reduce greenhouse gas emissions while enhancing reclamation opportunities in the refrigerant industry. Hudson claims to represent about 35% of U.S. refrigerant reclamation activities, positioning the company favorably for growth in this sector. The company focuses on sustainability and aims to further its reclamation efforts aligned with the new legislation.

Hudson Technologies reported Q3 2020 revenues of $41.5 million, a 9% decline from Q3 2019 due to the COVID-19 pandemic's impact on demand. Despite lower revenues, gross margin improved to 22% from 17% year-over-year. The company achieved $2.1 million in operating income, reversing an operating loss from the prior year. Net income was $39,000, a decrease from $2.7 million in the previous year. For the nine months ending September 30, revenues dropped 8% year-over-year, but gross margin rose to 24%. Notably, Hudson repaid $16.5 million in debt.

Hudson Technologies (NASDAQ: HDSN) will hold a conference call and webcast on November 5, 2020, at 5:00 p.m. ET to discuss its third-quarter results. Participants can join the call by phone at (844) 602-0380; international callers should dial (862) 298-0970. A replay will be available until December 5, 2020, using conference ID: 38281. Hudson Technologies provides sustainable solutions for chiller plants and refrigeration systems, including proprietary RefrigerantSide® Services and SMARTenergy OPS® for optimizing chilled water plants.

Hudson Technologies (NASDAQ: HDSN) and Bluesource have partnered to enhance greenhouse gas emission reductions from HFC refrigerants. This collaboration aims to initiate carbon projects for high-quality voluntary carbon offsets, leveraging the American Carbon Registry's Certified Reclaimed HFC Refrigerants protocol. With a goal to reclaim more HFCs, the partnership is positioned to positively impact sustainability efforts and reduce the production of new HFCs. Hudson's CEO emphasizes their commitment to sustainability while Bluesource underscores the direct operational benefits for companies reliant on HFCs.

Hudson Technologies (NASDAQ: HDSN) announced the appointment of Kathleen L. Houghton as an executive officer, having previously served as Vice President of Sales and Marketing since May 2019. Houghton brings over 25 years of experience in marketing, previously working at Kidde-Fenwal and C&M Corporation. CEO Brian F. Coleman expressed confidence in her leadership, attributing significant contributions to the company's sales and marketing strategies. Hudson Technologies focuses on sustainable solutions for chiller plants, including proprietary services to enhance energy efficiency and reduce emissions.

Hudson Technologies has appointed Kenneth Gaglione as Vice President - Operations, a newly created position, effective September 14, 2020. Previously serving as Global Marketing Director at Honeywell, Gaglione brings nearly 30 years of experience in marketing and sales. His expertise includes strategic planning and product management, particularly in the refrigerant sector. Brian F. Coleman, CEO, expressed optimism about Gaglione's contributions to the company's growth. Hudson Technologies specializes in optimized solutions for chiller plants and refrigeration systems, promoting energy efficiency and sustainability.

Hudson Technologies, Inc. (NASDAQ: HDSN) has appointed Stephen P. Mandracchia to its Board of Directors, filling a vacancy left by the passing of Kevin J. Zugibe in June 2020. Mr. Mandracchia, a founder of the company with 27 years of service and a 3.5% ownership stake, previously held senior roles including Vice President Legal and Regulatory. Chairman Brian F. Coleman expressed confidence in Mandracchia's experience to drive growth. Hudson Technologies specializes in sustainable solutions for chiller plants and refrigeration systems, promoting efficiency and reliability.

Hudson Technologies, Inc. (NASDAQ: HDSN) has received a Compliance Letter from Nasdaq confirming that its common stock's closing bid price has exceeded $1.00 per share for ten consecutive business days. This regulatory compliance reinstates the company’s adherence to Nasdaq Listing Rule 5550(a)(2), resolving the previous bid price deficiency issue. Further details regarding this compliance can be found in an upcoming Form 8-K filing with the Securities and Exchange Commission.

Hudson Technologies reported Q2 2020 revenues of $47.7 million, down 14.8% from $56.0 million in 2019, mainly due to volume declines. However, gross margin improved to 26.6% compared to negative margins last year. The company achieved operating income of $5.2 million against a loss of $10.0 million in 2019, and delivered a net income of $2.4 million or $0.06 per share, recovering from a net loss of $13.8 million. Total liquidity stood at approximately $39 million. CEO Brian Coleman acknowledged COVID-19 challenges but emphasized adaptability and focus on health and safety.