$HDSN
HUDSON TECHNOLOGIES INC /NY

2016 Q1 Form 10-Q Financial Statement

#000114420416099362 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $28.17M $7.300M $22.10M
YoY Change 27.44% -9.43% 41.83%
Cost Of Revenue $20.65M $5.930M $16.58M
YoY Change 24.53% -16.6% 20.29%
Gross Profit $7.522M $1.368M $5.525M
YoY Change 36.14% 44.0% 206.6%
Gross Profit Margin 26.71% 18.74% 25.0%
Selling, General & Admin $2.503M $3.120M $2.255M
YoY Change 11.0% 6.48% 68.91%
% of Gross Profit 33.28% 228.07% 40.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $606.0K $450.0K $544.0K
YoY Change 11.4% 28.57% 165.37%
% of Gross Profit 8.06% 32.89% 9.85%
Operating Expenses $2.503M $3.120M $2.255M
YoY Change 11.0% 6.48% 68.91%
Operating Profit $5.019M -$1.752M $3.270M
YoY Change 53.49% -11.52% 600.21%
Interest Expense -$270.0K -$180.0K $207.0K
YoY Change -230.43% 20.0% -0.96%
% of Operating Profit -5.38% 6.33%
Other Income/Expense, Net -$271.0K $126.0K -$207.0K
YoY Change 30.92%
Pretax Income $4.748M -$1.626M $3.063M
YoY Change 55.01% -23.66% 1087.21%
Income Tax $1.804M -$603.0K $1.170M
% Of Pretax Income 37.99% 38.2%
Net Earnings $2.944M -$1.023M $1.893M
YoY Change 55.52% -5.28% 1083.13%
Net Earnings / Revenue 10.45% -14.01% 8.56%
Basic Earnings Per Share $0.09 -$0.03 $0.06
Diluted Earnings Per Share $0.09 -$0.03 $0.06
COMMON SHARES
Basic Shares Outstanding 32.89M shares 32.72M shares 32.33M shares
Diluted Shares Outstanding 33.94M shares 32.72M shares 34.28M shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.200M $1.300M $500.0K
YoY Change 140.0% 44.44% -80.0%
Cash & Equivalents $1.167M $1.258M $461.0K
Short-Term Investments
Other Short-Term Assets $4.100M $1.900M $1.500M
YoY Change 173.33% 35.71% -54.55%
Inventory $55.30M $61.90M $41.50M
Prepaid Expenses
Receivables $15.80M $4.414M $8.135M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $76.40M $69.47M $51.70M
YoY Change 47.78% 60.33% 15.32%
LONG-TERM ASSETS
Property, Plant & Equipment $7.200M $7.536M $7.700M
YoY Change -6.49% -4.45% 74.33%
Goodwill $856.0K $2.603M
YoY Change 223.02%
Intangibles $3.787M $3.672M
YoY Change 63.09% 7100.0%
Long-Term Investments
YoY Change
Other Assets $1.600M $76.00K $5.000M
YoY Change -68.0% -25.49% 5276.34%
Total Long-Term Assets $13.30M $15.54M $18.92M
YoY Change -29.7% -6.41% 84.58%
TOTAL ASSETS
Total Short-Term Assets $76.40M $69.47M $51.70M
Total Long-Term Assets $13.30M $15.54M $18.92M
Total Assets $89.70M $85.01M $70.62M
YoY Change 27.02% 41.84% 28.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M $5.800M $8.700M
YoY Change -56.32% 28.89% 14.47%
Accrued Expenses $2.900M $4.600M $600.0K
YoY Change 383.33% 1050.0% 50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $26.10M $346.0K $9.200M
YoY Change 183.7% 31.06% -35.21%
Total Short-Term Liabilities $32.90M $30.96M $18.43M
YoY Change 78.53% 176.08% -17.02%
LONG-TERM LIABILITIES
Long-Term Debt $4.200M $4.293M $4.318M
YoY Change -2.73% -2.19% -6.07%
Other Long-Term Liabilities $0.00 $333.0K $1.833M
YoY Change -100.0% 0.0%
Total Long-Term Liabilities $4.200M $4.626M $6.151M
YoY Change -31.72% -2.03% 33.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.90M $30.96M $18.43M
Total Long-Term Liabilities $4.200M $4.626M $6.151M
Total Liabilities $37.10M $35.59M $24.58M
YoY Change 50.94% 123.31% -8.3%
SHAREHOLDERS EQUITY
Retained Earnings -$10.12M -$13.07M -$15.94M
YoY Change -36.48% -26.71% -5.98%
Common Stock $328.0K $324.0K
YoY Change 1.55% 29.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.66M $49.43M $46.04M
YoY Change
Total Liabilities & Shareholders Equity $89.73M $85.01M $70.62M
YoY Change 27.07% 41.84% 28.2%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income $2.944M -$1.023M $1.893M
YoY Change 55.52% -5.28% 1083.13%
Depreciation, Depletion And Amortization $606.0K $450.0K $544.0K
YoY Change 11.4% 28.57% 165.37%
Cash From Operating Activities -$5.720M -$5.000M -$810.0K
YoY Change 606.17% 69.49% -126.48%
INVESTING ACTIVITIES
Capital Expenditures $133.0K -$250.0K $59.00K
YoY Change 125.42% 31.58% -26.25%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$2.420M
YoY Change -100.0% -100.0% -12200.0%
Cash From Investing Activities -$130.0K -$250.0K -$2.480M
YoY Change -94.76% -96.69% 3775.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $278.0K $70.00K
YoY Change 297.14% 191.67%
Debt Paid & Issued, Net $93.00K $71.00K
YoY Change 30.99% -7.79%
Cash From Financing Activities 5.770M 5.470M 2.820M
YoY Change 104.61% -46.74% -340.0%
NET CHANGE
Cash From Operating Activities -5.720M -5.000M -810.0K
Cash From Investing Activities -130.0K -250.0K -2.480M
Cash From Financing Activities 5.770M 5.470M 2.820M
Net Change In Cash -80.00K 220.0K -470.0K
YoY Change -82.98% -195.65% -125.82%
FREE CASH FLOW
Cash From Operating Activities -$5.720M -$5.000M -$810.0K
Capital Expenditures $133.0K -$250.0K $59.00K
Free Cash Flow -$5.853M -$4.750M -$869.0K
YoY Change 573.53% 72.1% -129.17%

Facts In Submission

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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <strong><font style="FONT-SIZE: 10pt">Estimates and Risks</font></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Several of the Company's accounting policies involve significant judgments, uncertainties and estimations. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company&#8217;s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company participates in an industry that is highly regulated, and changes in the regulations affecting our business could affect our operating results. Currently the Company purchases virgin hydrochlorofluorocarbon (&#8220;HCFC&#8221;) and hydrofluorocarbon (&#8220;HFC&#8221;) refrigerants and reclaimable, primarily HCFC, HFC and chlorofluorocarbon (&#8220;CFC&#8221;), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the &#8220;Act&#8221;) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants. Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. In April 2013, the Environmental Protection Agency (&#8220;EPA&#8221;) published a final rule providing for the production or importation of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">63</font> million and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51</font> million pounds of HCFC-22 in 2013 and 2014, respectively. In October 2014, the EPA published a final rule providing further reductions in the production and consumption allowances for virgin HCFC refrigerants for the years 2015 through 2019 (the &#8220;Final Rule&#8221;). In the Final Rule, the EPA has established a linear draw down for the production or importation of virgin HCFC-22 that started at approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and ends at zero in 2020.</font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">To the extent that the Company is unable to source sufficient quantities of refrigerants or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by the Company, the Company could realize reductions in revenue from refrigerant sales, which could have a material adverse effect on its operating results and its financial position.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on its operating results and its financial position.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q1 hdsn Business Acquisition Purchase Price Allocation Description
BusinessAcquisitionPurchasePriceAllocationDescription
The purchase price for this acquisition was $2,424,000 cash paid at closing and the assumption of a liability of $20,000, and a maximum of an additional $3,000,000 earn-out.
CY2016Q1 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
two customers each accounted for 10% or more of the Companys revenues
CY2015Q1 us-gaap Concentration Risk Customer
ConcentrationRiskCustomer
two customers each accounted for 10% or more of the Companys revenues
CY2016Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
1938000 USD
CY2015Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
3663000 USD
CY2013 hdsn Production Or Importation Of Hcfc
ProductionOrImportationOfHcfc
63000000 lb
CY2014 hdsn Production Or Importation Of Hcfc
ProductionOrImportationOfHcfc
51000000 lb
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0 pure
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3050000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
253000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P2Y
CY2016Q1 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to Domestic Rate Loans (as defined in the PNC Facility), the sum of the Alternate Base Rate (as defined in the PNC Facility) plus one half of one percent (.50%) and (B) with respect to Eurodollar Rate Loans, the sum of the Eurodollar Rate plus two and one quarter of one percent (2.25%).
CY2014Q4 hdsn Number Of Employees
NumberOfEmployees
32 pure
CY2015Q1 hdsn Number Of Employees
NumberOfEmployees
3 pure
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2016Q1 hdsn Production And Importation Permission Description
ProductionAndImportationPermissionDescription
22 million pounds in 2015 and reduces by approximately 4.5 million pounds each year and ends at zero in 2020.
CY2016Q1 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
All of the Company&#8217;s remaining NOLs of approximately $5,000,000 are subject to annual limitations of $1,300,000.

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