Hudson Technologies Inc. provides refrigerant products and services for the heating, ventilation, air conditioning and refrigeration industry. Company news commonly covers refrigerant sales volumes, HFC pricing, recovery and reclamation activity, and the transition toward lower-GWP refrigerants used in commercial air conditioning, industrial processing and refrigeration systems.
Recurring developments include quarterly operating results, share repurchase activity, completed business acquisitions, customer or government contract updates, and licensing arrangements for reclaimed refrigerant resale, including HFO blends such as R-448A and R-449A. Governance and leadership updates also appear in connection with board composition and senior operating roles.
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.
Hudson Technologies (NASDAQ: HDSN) will hold a conference call on August 5, 2020, at 5:00 p.m. ET to discuss its Q2 results. Interested participants can access the live webcast by visiting www.hudsontech.com and navigating to the 'Investor Relations' section.
For phone participation, dial (844) 407-9500 or (862) 298-0850 for international callers. A replay will be available until September 4, 2020 by calling (877) 481-4010, using conference ID: 35826.
Hudson Technologies, Inc. (NASDAQ: HDSN) has appointed Brian F. Coleman as Chairman, President, and CEO, following the passing of former CEO Kevin J. Zugibe. Coleman has been with the company since 1997 and previously served as President and COO since 2001. Hudson Technologies specializes in optimizing commercial and industrial chiller plants and refrigeration systems, offering services aimed at increasing efficiency and reducing emissions. The company also provides cloud-based monitoring solutions and traditional refrigerant reclamation services.
Hudson Technologies, Inc. (NASDAQ: HDSN) announced the unexpected passing of its CEO and Chairman, Kevin J. Zugibe. His profound impact on the company is acknowledged, and the Board of Directors has appointed Brian Coleman as the new CEO. Coleman, the current President and COO, is expected to uphold Zugibe's legacy. Hudson Technologies specializes in sustainable solutions for refrigeration systems, emphasizing efficiency, cost savings, and environmental impact reduction. The company’s services include proprietary refrigerant management and cloud-based monitoring solutions.
Hudson Technologies reported Q1 2020 revenues of $36.4 million, reflecting a 5% increase from $34.7 million in Q1 2019, driven by higher refrigerant sales volume. The gross margin improved to 23%, up from 20% year-over-year. Operating income rose to $0.4 million compared to $0.2 million in the prior year. The net loss narrowed to $2.9 million or ($0.07) per share, from a loss of $4.0 million or ($0.09) per share in Q1 2019. Hudson maintains a strong liquidity position with approximately $27 million as of March 31, 2020, despite concerns about potential demand declines due to COVID-19.
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