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<SEC-DOCUMENT>0001010541-06-000033.txt : 20060504
<SEC-HEADER>0001010541-06-000033.hdr.sgml : 20060504
<ACCEPTANCE-DATETIME>20060504164722
ACCESSION NUMBER:		0001010541-06-000033
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060504
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060504
DATE AS OF CHANGE:		20060504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUDSON TECHNOLOGIES INC /NY
		CENTRAL INDEX KEY:			0000925528
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				133641539
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		06808957

	BUSINESS ADDRESS:	
		STREET 1:		275 N MIDDLETOWN RD
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965
		BUSINESS PHONE:		8457356000

	MAIL ADDRESS:	
		STREET 1:		275 N MIDDLETOWN RD
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFRIGERANT RECLAMATION INDUSTRIES INC
		DATE OF NAME CHANGE:	19940617
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8_k050406.htm
<DESCRIPTION>HUDSON TECHNOLOGIES 8K
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<B><P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, DC 20549</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="CENTER">FORM 8-K</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="CENTER">CURRENT REPORT Pursuant</P>
<P ALIGN="CENTER">to Section 13 or 15(d) of the</P>
<P ALIGN="CENTER">Securities Exchange Act of 1934</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Date of report (Date of earliest event reported): <U>May 4, 2006&#9;</P>
<P ALIGN="CENTER">Hudson Technologies, Inc.</P>
</U><P ALIGN="CENTER">(Exact Name of Registrant as Specified in Its Charter)</P>
<U><P ALIGN="CENTER">New York</P>
</U><P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</P>
<U><P ALIGN="CENTER">1-13412</U><B>&#9;&nbsp;&nbsp;</B><U>13-3641539</P>
</U><P ALIGN="CENTER">(Commission File Number)&#9;&nbsp;&nbsp;&nbsp;(IRS Employer Identification No.)</P>
<B><P ALIGN="CENTER">&nbsp;</P>
</B><U><P ALIGN="CENTER">275 North Middletown Road  Pearl River, New York<B>&#9;</B>10965</P>
</U><P ALIGN="CENTER">(Address of Principal Executive Offices)&#9;(Zip Code)</P>
<U><P ALIGN="CENTER">(845) 735-6000</P>
</U><P ALIGN="CENTER">(Registrant's Telephone Number, Including Area Code)</P>
<U><P ALIGN="CENTER">Not Applicable</P>
</U><P ALIGN="CENTER">(Former Name or Former Address, if Changed Since Last Report)</P>
<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction A.2. below):</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>
&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>
&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>
&#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&#9;<FONT FACE="Wingdings">&#111;</FONT>
&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P ALIGN="JUSTIFY"></P>
</FONT><B><P ALIGN="JUSTIFY">Item 2.02&#9;Results of Operations and Financial Condition.</P>
<P ALIGN="JUSTIFY"></P>
</B><P>On May 4, 2006 the Registrant issued a press release announcing its unaudited financial results for the fiscal quarter and three months ended March 31, 2006.  </P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P>Item 9.01&#9;Financial Statements and Exhibits.</P>
</B><P>(d) Exhibits </P>
<P>Exhibit 99.1&#9;Press Release issued May 4, 2006</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<B><P ALIGN="JUSTIFY">SIGNATURES</P>
</B><P ALIGN="JUSTIFY">&#9;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<P ALIGN = "RIGHT">HUDSON TECHNOLOGIES, INC.</P></DIR>
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<P><BR>
<BR>
Date: May 4, 2006</P>
<P ALIGN="RIGHT">&#9;By: <U>/S/ Stephen P. Mandracchia&#9;</P><DIR>
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</U><P ALIGN="RIGHT">Name: Stephen P. Mandracchia</P></DIR>

<P ALIGN="RIGHT">&#9; Title: Vice President Legal &amp; Regulatory, Secretary </P></DIR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>form8_k050406exhibit.htm
<DESCRIPTION>PRESS RELEASE
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<TITLE>Exhibit 99.1</TITLE>
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<FONT SIZE=2><P>Exhibit 99.1</P>
<B>
<P ALIGN="CENTER">HUDSON TECHNOLOGIES REPORTS FIRST-QUARTER RESULTS<BR>
</P>
<P ALIGN="JUSTIFY">PEARL RIVER, N.Y. - May 4, 2006</B> <B>- </B>Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant services company specializing in proprietary on-site decontamination services for large comfort and process cooling systems, today announced results for the first quarter ended March 31, 2006. &nbsp;</P>
<P ALIGN="JUSTIFY">Revenues for the first quarter of 2006 were $6,906,000, an increase of $2,324,000 or 51% from the $4,582,000 reported during the comparable 2005 period.  Sales of refrigerants increased by $1,859,000 and RefrigerantSide&reg; Services revenues almost doubled, increasing by $465,000 compared to the same period in 2005.  Net income for the first quarter was $247,000, after an $87,000 non-cash charge for share-based compensation due to the adoption of SFAS 123r as of January 1, 2006, or $0.01 per common share, compared to $223,000, or $0.01 per common share, reported during the comparable 2005 period.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Comments by Kevin J. Zugibe, chairman and chief executive officer, Hudson Technologies:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"In the first quarter of 2006, we continued our growth in revenues and net income.  Compared to last year's first quarter, Hudson achieved strong revenue growth registering nearly $1.9 million more revenues from refrigerant sales and $465,000 more revenues from RefrigerantSide&reg; Services, with an increase in both the number and size of RefrigerantSide&reg; Services jobs performed.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"During the first three months of 2006, we again experienced significant growth in our refrigerant sales and achieved gross profit margins for most refrigerants in line with what we normally expect.  However, certain refrigerants, that yielded exceptionally high gross profit margins throughout 2005, yielded less than historical margins during the first three months of 2006 due to significant changes in the market.  There has been an increase in availability of these refrigerants in the U.S, which has resulted in downward pressure on the sales price of these refrigerants when compared to the 2005 period.  At the same time, the Company's suppliers of these products have implemented price increases-due to their increased raw materials, energy and transportation costs-when compared to the 2005 period.  The result for 2006 has been significantly lower gross profits on these refrigerant sales, which has been in part offset by the growth in revenues and margin from the Company's RefrigerantSide&r
eg; Services revenues.  Overall, the Company's first quarter 2006 gross profit margins were 25% compared to the 32% for the same period in 2005.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"We are very pleased to have achieved significant growth in the volume and dollars of both our refrigerant sales and our RefrigerantSide&reg; Services revenues, and will be working hard to improve our gross profit margins on these revenues.  While we anticipate that the downward price and increased material costs of certain refrigerants will continue into the second quarter of this year, we anticipate that, in the longer term, our margins on these refrigerants will return to historical levels. </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">"In addition to growing our revenues, we achieved two significant milestones during the first quarter: renewing for two more years our exclusive reclamation contract with DuPont Fluoroproducts, the nation's leading provider of refrigerant products; and achieving certification under the Air-Conditioning and Refrigeration Institute's ("ARI") Refrigerant Testing Laboratory Certification Program for Hudson's refrigerant testing lab, becoming one of only three labs in the U.S. to achieve such certification and demonstrating to customers that Hudson has a high level of quality control and analytical expertise."</P>
<P ALIGN="JUSTIFY"></P>
<B><P ALIGN="JUSTIFY">Conference Call Information </P>
</B><P ALIGN="JUSTIFY">Hudson Technologies will conduct a conference call on Thursday, May 4, 2006, at 10:00 a.m. Eastern time to discuss the first-quarter 2006 results and additional matters.&nbsp; </P>
<P ALIGN="JUSTIFY">To listen to the conference call, dial 866-296-6505. Callers should please call ten minutes prior to the scheduled start time and verbally give the operator the following access code: 7045414. </P>
<P ALIGN="JUSTIFY">An audio replay of the call will be available for one week through May 11, 2006, and can be accessed by dialing 1-585-295-5445 and using the following access code: </FONT><FONT FACE="Tms Rmn" SIZE=2>28258950#</FONT><FONT SIZE=2>.  </P>
<P ALIGN="JUSTIFY">A web stream replay of the call will be available for 30 days through June 3, 2006 at the following link: </FONT><FONT FACE="Tms Rmn" SIZE=2>http://app.replayrecorder.com/budget?replaycode=28258950</P>
</FONT><B><FONT SIZE=2><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">About Hudson Technologies </P>
</B><P ALIGN="JUSTIFY">Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry.&nbsp;Hudson's proprietary RefrigerantSide&reg; Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems.&nbsp;Performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide&reg; Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer's system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets.&nbsp;For further information on Hudson, please visit the Company's web site at <U>www.hudsontech
.com</U>.&nbsp;</P>

<P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=540>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P>Investor Relations Contact:</B><BR>
Eric Anderson<BR>
Coltrin &amp; Associates <BR>
(212) 221-1616<BR>
hudsontech@coltrin.com</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><FONT SIZE=2><P>Company Contact:</B><BR>
Brian F. Coleman, President &amp; COO<BR>
Hudson Technologies, Inc.<BR>
(845) 735-6000<BR>
bcoleman@hudsontech.com<BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<B><FONT SIZE=3><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">Hudson Technologies, Inc. and subsidiaries</P>
<P ALIGN="CENTER">Consolidated Income Statements</P>
<P ALIGN="CENTER">(Unaudited)</P>
</B><P ALIGN="CENTER">(Amounts in thousands, except for share and per share amounts)</P>
<B></B></FONT>
<CENTER>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=558>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="39%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=1><P ALIGN="CENTER">Three month period ended March 31,</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><U><FONT SIZE=3><P ALIGN="JUSTIFY"> </B></U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><FONT SIZE=3><P ALIGN="RIGHT">      <U>2006</B></U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="RIGHT">2005</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Revenues</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$6,906</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$4,582</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Cost of sales</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">5,180</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">3,136</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Gross Profit</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">1,726</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">1,446</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Operating expenses:</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="57%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=3><P ALIGN="JUSTIFY">Selling and marketing</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">447</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">410</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="57%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=3><P ALIGN="JUSTIFY">General and administrative, including $87 </FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="10%" VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="52%" VALIGN="TOP">
<FONT SIZE=3><P>and $0 for share-based payment arrangements</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">926</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">747</U></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Total operating expenses</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">1,373</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">1,157</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Operating income</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">  353</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">   289</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Other income (expense): </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="57%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=3><P ALIGN="JUSTIFY">Interest expense</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">(103)</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">(66)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="57%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=3><P ALIGN="JUSTIFY">Interest income</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">      2</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">     --</U></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="53%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Total other income (expense)</B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">(101)</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">(66)</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Income before income taxes </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">252</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">223</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Income taxes </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">     5</U></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<U><FONT SIZE=3><P ALIGN="RIGHT">     --</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=3><P ALIGN="JUSTIFY">Net income </B></FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$247</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$223</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">=========</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">=========</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<FONT SIZE=3><P ALIGN="JUSTIFY">Net income per common share - basic and diluted</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$0.01</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">$0.01</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">========</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">========</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<FONT SIZE=3><P ALIGN="JUSTIFY">Weighted average number of shares</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P ALIGN="JUSTIFY">outstanding - Basic</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">25,892,974</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">25,517,594</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">============</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">============</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>
<FONT SIZE=3><P ALIGN="JUSTIFY">Weighted average number of shares</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="58%" VALIGN="TOP" COLSPAN=4>
<FONT SIZE=3><P>outstanding - Diluted</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">26,452,910</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">25,543,680</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP" COLSPAN=5>&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">============</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">============</FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=2>
<P>&nbsp;</P></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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