NEW YORK, NY, June 17, 2024 (GLOBE NEWSWIRE) -- Hudson Acquisition I Corp. (the "Company" or "HUDA") (Nasdaq: HUDA), today announced that on May 30, 2024, the Company received a notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the delinquency in the timely filing of the Company's annual report on Form 10-K for the period ended December 31, 2023(the "10- K"), and the Company's quarterly report on Form 10-Q for the period ended March 31, 2024 (the "10-Q"), the ...

About Hudson Technologies WOODCLIFF LAKE, N.J., June 13, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation's largest refrigerant reclaimers – today announced that Brian Coleman, President and Chief Executive Officer, will attend the ROTH 10th Annual London Conference on Wednesday, June 26, 2024 at the Four Seasons ...

About Hudson Technologies Investor Relations Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations (203) 972-9200 jnesbett@imsinvestorrelations.com Company Contact: Brian F. Coleman, President & CEO Hudson Technologies, Inc. (845) 735-6000 bcoleman@hudsontech.com WOODCLIFF LAKE, N.J., June 13, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refriger ...

Hudson Technologies (HDSN) announced that it acquired all assets of USA United Suppliers of America, Inc., which operates under the trade name USA Refrigerants. This move will allow Hudson to expand its expertise and service to a broader customer base. The deal totaled $20.7 million, subject to customary post-closing adjustments and around $2 million in future earnout payments. The estimated value of this transaction is in line with HDSN's purchase price valuation target of 6X EBITDA. USA Refrigerants is a ...

Ted Broudy, President of USA commented, "Hudson is the right home for our business. With their additional resources and expertise in field service, recovery, and reclamation, our USA customers will continue to receive the excellent level of care and attention we have always provided, and the opportunity to combine our capabilities with Hudson's will allow us to expand our expertise and service to a broader customer base. We look forward to joining Hudson and establishing a new team dedicated to rapidly grow ...

Core Viewpoint - Hudson Pacific Properties, Inc. (HPP) has been downgraded from a "Hold" to a "Sell" rating due to deteriorating fundamentals and an overbought stock situation [1][3]. Operational Highlights - HPP's occupancy levels have declined, with in-service occupancy at 79.0% and leased at 80.5% as of Q1 2024, down from 86.9% and 88.7% respectively in Q1 2023 [5][6]. - The company executed leases for 508,615 square feet in Q1 2024, compared to 344,069 square feet in Q1 2023 [6]. - The net effective rent per square foot decreased to $39.08 from $43.78 year-over-year [6]. Financial Performance - Total revenues for HPP were $214.023 million in Q1 2024, down from $252.263 million in Q1 2023 [10]. - The net loss attributable to common stockholders increased to $52.202 million in Q1 2024 from $20.425 million in Q1 2023 [10]. - Funds from Operations (FFO) per diluted share decreased to $0.15 from $0.34 year-over-year [10]. Debt and Financial Outlook - HPP's debt to EBITDA ratio is approaching 10x, indicating increased financial strain [9]. - The company has significant debt maturities coming due, including a $259 million tranche in December 2025 [11]. - The occupancy rate in San Francisco is at 36.6%, contributing to HPP's challenges [22]. Market Conditions - The overall vacancy rate in San Francisco is at 35%, with major tech companies beginning layoffs, which could further impact HPP [2]. - The market has priced in expectations of credit easing, but HPP's fundamentals suggest a more cautious outlook [2]. Preferred Shares - Preferred shares of HPP have maintained their value despite the decline in common shares, but they are still considered risky due to the company's financial situation [24][25].

WOODCLIFF LAKE, N.J., May 22, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation's largest refrigerant reclaimers – today announced that Brian Coleman, President and Chief Executive Officer, will attend the 21st Annual Craig-Hallum Institutional Investor Conference on Wednesday, May 29, 2024 at the Depot Renaissanc ...

Company Overview - Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services in the Heating, Ventilation, Air Conditioning, and Refrigeration industry [2] - The company has been a significant player in refrigerant reclamation, being one of the largest in the United States, with multimillion-dollar investments in advanced separation technology [2] - Hudson Technologies offers a range of services including refrigerant and industrial gas sales, refrigerant management services, and on-site system decontamination [2] Products and Services - The company provides certified EMERALD Refrigerants™ that meet the Air-Conditioning, Heating, and Refrigeration Institute standards for reuse [2] - SmartEnergy OPS® is a web-based real-time continuous monitoring service for refrigeration and energy systems [2] - The company also offers predictive and diagnostic services through its Chiller Chemistry® and Chill Smart® services [2] Upcoming Events - Brian Coleman, President and CEO of Hudson Technologies, will present at the 24th Annual B. Riley Securities Institutional Investor Conference on May 22, 2024 [1] - The presentation is scheduled for 2:30 p.m. PT, and one-on-one meetings will be available throughout the day [1]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section presents the company's unaudited consolidated financial statements and management's analysis for the quarter ended March 31, 2024 [Item 1. Financial Statements](index=3&type=section&id=Item%201%20-%20Financial%20Statements) Q1 2024 unaudited consolidated financial statements show total assets decreased to **$294.2 million**, liabilities to **$55.6 million**, revenues to **$65.3 million**, net income to **$9.6 million**, and operating cash flow turned negative at **$0.9 million** [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) This section presents the company's consolidated balance sheets as of March 31, 2024, and December 31, 2023 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,551 | $12,446 | | Inventories | $147,759 | $154,450 | | Total current assets | $203,484 | $204,995 | | Goodwill | $47,803 | $47,803 | | **Total Assets** | **$294,163** | **$296,672** | | **Liabilities & Equity** | | | | Total current liabilities | $47,358 | $58,551 | | **Total Liabilities** | **$55,552** | **$67,899** | | Retained earnings | $119,789 | $110,227 | | **Total Stockholders' Equity** | **$238,611** | **$228,773** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) This section details the company's consolidated statements of income for the three months ended March 31, 2024 and 2023 Consolidated Income Statement Highlights (in thousands, except per share amounts) | Metric | Q1 2024 | Q1 2023 | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenues | $65,250 | $77,199 | -15.5% | | Gross profit | $21,421 | $30,330 | -29.4% | | Operating income | $12,776 | $22,655 | -43.6% | | Net income | $9,562 | $15,531 | -38.4% | | Diluted EPS | $0.20 | $0.33 | -39.4% | [Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) This section outlines changes in the company's consolidated stockholders' equity for the quarter ended March 31, 2024 - Total Stockholders' Equity increased to **$238.6 million** as of March 31, 2024, up from **$228.8 million** at the beginning of the year, primarily driven by net income of **$9.6 million** for the quarter[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This section presents the company's consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 Consolidated Cash Flow Highlights (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(933) | $10,666 | | Net cash used in investing activities | $(960) | $(412) | | Net cash used in financing activities | $(2) | $(3,227) | | **Increase (decrease) in cash** | **$(1,895)** | **$7,027** | [Notes to the Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanatory notes to the company's consolidated financial statements - The company operates as a single reportable segment focused on refrigerant services, including sales, reclamation, and on-site services, with its business subject to AIM Act regulations mandating HFC refrigerant phase-down, making reclamation critical for future supply[17](index=17&type=chunk)[18](index=18&type=chunk)[22](index=22&type=chunk) - In Q1 2024, one customer accounted for over **10% of revenues**, with an outstanding accounts receivable balance of **$11.9 million** at quarter-end[30](index=30&type=chunk) Revenue by Type (in thousands) | Revenue Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Product and related sales | $63,811 | $75,983 | | RefrigerantSide ® Services | $1,439 | $1,216 | | **Total** | **$65,250** | **$77,199** | - As of March 31, 2024, the company had no outstanding balance on its **$75 million** revolving credit facility, having fully repaid its Term Loan Facility and FILO Tranche in the third quarter of 2023[96](index=96&type=chunk)[107](index=107&type=chunk)[158](index=158&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 revenues decreased **15%** to **$65.3 million** due to lower prices, gross margin contracted as cost of sales rose to **67%**, and net income fell to **$9.6 million**, with working capital at **$156.1 million** - Revenues for Q1 2024 decreased by **15%** year-over-year, mainly due to lower selling prices of certain refrigerants[124](index=124&type=chunk) - Cost of sales as a percentage of revenue increased from **61%** in Q1 2023 to **67%** in Q1 2024, driven by the sale of higher-cost inventory[125](index=125&type=chunk) - Interest expense dropped significantly to **$0.2 million** in Q1 2024 from **$1.8 million** in Q1 2023, following the full repayment of the Term Loan Facility in Q3 2023[127](index=127&type=chunk) - Net cash used in operating activities was **$0.9 million**, a stark contrast to the **$10.7 million** provided by operating activities in the prior-year period, mainly due to payments of accounts payable and timing of receivables and inventory[133](index=133&type=chunk) - The company's business is seasonal, with peak sales typically occurring in the first nine months of the year, and unseasonably cool weather can adversely affect demand for refrigerants[156](index=156&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations on variable-rate debt and volatility in refrigerant demand, price, and availability - The company is exposed to interest rate risk on its Amended Wells Fargo Facility, although there was no outstanding balance as of March 31, 2024[158](index=158&type=chunk) - Significant market risk exists from fluctuations in the demand, price, and availability of refrigerants, which could lead to reduced revenues or inventory write-downs[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[160](index=160&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, these controls[161](index=161&type=chunk) [Part II. Other Information](index=27&type=section&id=Part%20II.%20Other%20Information) This section provides additional information not covered in the financial statements, including risk factors and exhibits [Item 1A. Risk Factors](index=27&type=section&id=Item%201A%20-%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Form 10-K for the year ended December 31, 2023, were reported - The company states there have been no material changes to the risk factors disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023[164](index=164&type=chunk) [Item 5. Other Information](index=27&type=section&id=Item%205%20-Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2024[165](index=165&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206%20-%20Exhibits) The report includes exhibits such as CEO and CFO certifications under Sarbanes-Oxley Act and Interactive Data Files - Exhibits filed with the report include CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Interactive Data Files (XBRL)[166](index=166&type=chunk)

WOODCLIFF LAKE, N.J., May 06, 2024 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ:HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation's largest refrigerant reclaimers – today announced that it has entered into a licensing agreement with The Chemours Company. By the terms of the agreement, Hudson may now sell Hudson reclaimed refrigerants under Freon™ R-11, Freon™ R-12 ...