Hudson Technologies (HDSN) saw its loss widen to $1.92 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.02 million, or $0.03 a share.
Revenue during the quarter grew 6.55 percent to $7.78 million from $7.30 million in the previous year period. Gross margin for the quarter contracted 546 basis points over the previous year period to 13.28 percent. Operating margin for the quarter stood at negative 36.35 percent as compared to a negative 24 percent for the previous year period.
Operating loss for the quarter was $2.83 million, compared with an operating loss of $1.75 million in the previous year period.
Kevin J. Zugibe, chairman and chief executive officer of Hudson Technologies commented, "2016 was another strong year for our Company as demonstrated by record revenues, increased gross margins and significantly improved profitability. Our full-year results are reflective of our strong nine-month refrigerant season, during which we continued to benefit from increases in the average selling price of R-22 refrigerant. The fourth quarter is historically our slowest portion of the year, as volume demand for refrigerants falls off."
Working capital increases sharplyHudson Technologies has recorded an increase in the working capital over the last year. It stood at $97.88 million as at Dec. 31, 2016, up 154.16 percent or $59.37 million from $38.51 million on Dec. 31, 2015. Current ratio was at 10.50 as on Dec. 31, 2016, up from 2.24 on Dec. 31, 2015. Debt comes down significantlyHudson Technologies has recorded a decline in total debt over the last one year. It stood at $0.35 million as on Dec. 31, 2016, down 98.59 percent or $24.52 million from $24.87 million on Dec. 31, 2015. Total debt was 0.29 percent of total assets as on Dec. 31, 2016, compared with 29.25 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
