<SEC-DOCUMENT>0001144204-13-011757.txt : 20130228
<SEC-HEADER>0001144204-13-011757.hdr.sgml : 20130228
<ACCEPTANCE-DATETIME>20130228085051
ACCESSION NUMBER:		0001144204-13-011757
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130228
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130228
DATE AS OF CHANGE:		20130228

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:		13649216

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1541
		STREET 2:		ONE BLUE HILL PLAZA, 14TH FLOOR
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965
		BUSINESS PHONE:		8457356000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1541
		STREET 2:		ONE BLUE HILL PLAZA, 14TH FLOOR
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFRIGERANT RECLAMATION INDUSTRIES INC
		DATE OF NAME CHANGE:	19940617
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>v336484_8k.htm
<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CURRENT
REPORT Pursuant</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>to
Section 13 or 15(d) of the</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#9;Date of report (Date of earliest event
reported): <U>February 28, 2013&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">Hudson
Technologies, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1-13412</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13-3641539</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Commission File Number)</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">PO Box 1541, One Blue Hill Plaza Pearl River, New York</FONT></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10965</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">(845)
735-6000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.75pt solid">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;</FONT><FONT STYLE="font-family: Wingdings">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <TD STYLE="width: 10%; padding: 0; font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.02</B></FONT></TD>
    <TD STYLE="width: 90%; padding: 0; font-size: 10pt; font-weight: bold; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
February 28, 2013, Hudson Technologies, Inc. issued a press release announcing its financial results for the fourth quarter and
year ended December 31, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 10%; padding: 0; font-weight: bold; text-indent: 0; font-size: 10pt">Item 9.01</TD>
    <TD STYLE="width: 90%; padding: 0; font-weight: bold; text-indent: 0; font-size: 10pt">Financial Statements and Exhibits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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    <TD STYLE="width: 12%; padding: 0; text-indent: 0; font-size: 10pt">(d) Exhibits</TD>
    <TD STYLE="width: 88%; padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; font-size: 10pt">Exhibit 99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0; font-size: 10pt">Press Release issued February 28, 2013.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">HUDSON TECHNOLOGIES, INC.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: February 28, 2013</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stephen P. Mandracchia</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
    Stephen P. Mandracchia<BR>Title: Vice President Legal &amp; Regulatory, Secretary</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>


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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Exhibit
99.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>Hudson
Technologies Reports Record Revenues </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>AND
PROFITABILITY FOR 2012</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>pearl
river, ny &ndash; February 28, 2013 &ndash; </B></FONT>Hudson Technologies, Inc. (NASDAQ: HDSN), announced results for the fourth
quarter and year ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Revenues
for the three months ended December 31, 2012 increased by 26% to $4,869,000 from $3,856,000 in the comparable 2011 period. Net
income for the fourth quarter, which included an income tax benefit of $4,638,000 ($4,000,000 of which was associated with the
Company&rsquo;s recognition of its deferred tax asset), was $2,964,000, or $0.12 per basic share and $0.11 per diluted share,
compared to a net loss of $723,000, or $0.03 per basic and diluted share for the fourth quarter of 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">For
the year ended December 31, 2012, Hudson reported record revenues of $56,447,000, an increase of 27% as compared to revenues of
$44,322,000 in the year ended December 31, 2011. Gross profit margins increased to 40% for 2012 as compared to 20% in 2011. For
2012, the Company reported income tax expense in the amount of $1,395,000, based upon federal and state income taxes of $5,395,000,
partially offset by the recognition of $4,000,000 for the Company&rsquo;s deferred tax asset. The Company reported net income
of $12,801,000, or $0.54 per basic share and $0.49 per diluted share in 2012, compared to net income of $1,034,000 or $0.04 per
basic and diluted share in the same period of 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Kevin
J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, &ldquo;We are very pleased with our financial
results for 2012, having achieved record revenues and record profitability. Our financial performance continues to be favorably
impacted by the EPA&rsquo;s support of the growth of reclamation and recycling through regulatory actions that have mandated annual
reductions in the production of virgin R-22 refrigerant. As we previously reported, last month the EPA revised and extended the
&lsquo;No Action Assurance&rsquo; issued in January 2012 to further reduce the 2013 levels of R-22 when compared to 2012. We are
pleased with EPA&rsquo;s No Action Assurance, which has already had a positive impact on pricing, and we believe that we are well
positioned for another year of strong results. As the EPA continues to make progress toward the complete phase out of R-22, we
believe we will continue to see growth in the reclamation market, with recovered refrigerants filling the supply gap created with
the limitation of virgin R-22 production.&rdquo;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&ldquo;We
continue to believe that, with our reclamation technology and industry relationships, we are well positioned to become a significant
source of reclaimed R-22 to supply the industry as the phase down and ultimate phase out of R-22 progresses. Likewise, we believe
that eventually we will begin to see a phase down in the production of the next generation refrigerants, which we currently reclaim
and sell, providing us with diverse ongoing refrigerant opportunities in the future.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>CONFERENCE
CALL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">The
Company will host a conference call to discuss the fourth quarter and year end results today, February 28, 2013 at 10:00 A.M.
Eastern Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">To
access the live webcast, log onto the Hudson Technologies website at <U>www.hudsontech.com</U>, and click on &ldquo;Investor Relations&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">To
participate in the call by phone, dial (877) 407-9205 approximately five minutes prior to the scheduled start time. International
callers please dial (201) 689-8054.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">A
replay of the teleconference will be available until March 31, 2013 and <FONT STYLE="font-weight: normal; font-style: normal; text-transform: none">may
be accessed by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use conference ID: 409745.
A transcript of the call will be available on the Hudson Technologies website approximately 24 hours after its completion.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #063770"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; text-transform: none; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>About
Hudson Technologies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Hudson
Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry.&nbsp;Hudson's
proprietary RefrigerantSide<SUP>&reg;</SUP> 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<SUP>&reg;
</SUP>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 </FONT><U>www.hudsontech.com</U>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Safe
Harbor Statement under the Private Securities Litigation Reform Act of 1995</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Statements
contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve
a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements.&nbsp; Such factors include, but are not limited to, changes in the markets for refrigerants (including unfavorable
market conditions adversely affecting the demand for, and the price of, refrigerants), the Company's ability to source refrigerants,
regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements which become
available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and
services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential
environmental liability, customer concentration, the ability to obtain financing, risks</FONT> associated with the Company&rsquo;s
joint venture which include the ability of the parties to perform their obligations under the joint venture agreement, any delays
or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations
from governmental entities and third parties as well as factors relating to doing business outside the United States, including
changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and
currency exchange rates, of countries in which the joint venture may seek to conduct business, the Company&rsquo;s ability to
successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in the Company's
periodic reports filed with the Securities and Exchange Commission.&nbsp; The words &quot;believe&quot;, &quot;expect&quot;, &quot;anticipate&quot;,
&quot;may&quot;, &quot;plan&quot;, &quot;should&quot; and similar expressions identify forward-looking statements.&nbsp; Readers
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Investor
        Relations Contact:</B></FONT><BR>
        John Nesbett/Jennifer Belodeau</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Institutional
        Marketing Services (IMS)</FONT><BR>
        (203) 972-9200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><U>jnesbett@institutionalms.com</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P></TD>
    <TD STYLE="width: 53%; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Company
        Contact:</B></FONT><BR>
        Brian F. Coleman, President &amp; COO<BR>
        Hudson Technologies, Inc.<BR>
        (845) 735-6000<BR>
        <U>bcoleman@hudsontech.com</U></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hudson Technologies, Inc. and Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Amounts in thousands, except for share
and par value amounts)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">(Audited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><U>Assets</U></TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">Current assets:</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3,991</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3,958</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Trade accounts receivable - net</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">1,956</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">2,453</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Inventories</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">40,167</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">17,734</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Deferred Tax Asset</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">234</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">0</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Prepaid expenses and other current assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">676</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">611</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.5in; padding-right: 0; padding-bottom: 0; text-indent: 0">Total current assets</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">47,024</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">24,756</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Property, plant and equipment, less accumulated depreciation and amortization</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">4,765</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3,441</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Other assets</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">341</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">79</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Deferred tax asset</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3,888</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">3,086</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Investments in Affiliates</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">1,138</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">0</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0; padding-right: 0; text-indent: 0">Intangible assets, less accumulated amortization</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">76</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">89</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.5in; padding-right: 0; padding-bottom: 0; text-indent: 0">Total Assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">57,232</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">31,451</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Liabilities and Stockholders' Equity</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Current liabilities:</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Accounts payable and accrued expenses</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">6,219</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">$</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">5,227</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Accrued payroll</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">661</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">703</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Short-term debt and current maturities of long-term debt</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">12,736</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">6,361</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.5in; padding-right: 0; padding-bottom: 0; text-indent: 0">Total current liabilities</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">19,616</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">12,291</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0; padding-right: 0; text-indent: 0">Long-term debt, less current maturities</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">4,920</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">121</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0; padding-right: 0; text-indent: 0">Total Liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">24,536</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">12,412</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Commitments and contingencies</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Stockholders' equity:</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Preferred stock, shares authorized 5,000,000:</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Series A Convertible Preferred stock, $0.01 par value ($100</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">liquidation preference value); shares authorized 150,000; none issued or outstanding</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">0</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">0</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Common stock, $0.01 par value; shares authorized 50,000,000;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">issued and outstanding 24,124,625 and 23,783,106</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">241</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">238</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">Additional paid-in capital</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">43,722</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">42,869</TD><TD STYLE="font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 0; padding-left: 0; padding-right: 0; text-indent: 0">Accumulated deficit</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">(11,267</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">(24,068</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.5in; padding-right: 0; padding-bottom: 0; text-indent: 0">Total Stockholders' Equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">32,696</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">19,039</TD><TD STYLE="padding-bottom: 0; font-size: 10pt; text-align: left; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0; padding-right: 0; text-indent: 0">Total Liabilities and Stockholders' Equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57,232</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">31,451</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hudson Technologies, Inc. and Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consolidated Statements of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Amounts in thousands,
except for share and per share amounts)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Three month period</B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U STYLE="text-decoration: none">ended December 31,</U></B></FONT></TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Year ended<BR> <U STYLE="text-decoration: none">December 31, </U></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">2012</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">2011</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">2012</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-align: center; text-indent: 0">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; border-bottom: Black 1pt solid; text-indent: 0">2011</TD><TD STYLE="padding: 0; font: bold 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(unaudited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(unaudited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(unaudited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(audited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Revenues</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">4,869</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3,856</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">56,447</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">44,322</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3,896</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3,051</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">33,905</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">35,637</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Gross Profit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">973</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">805</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">22,542</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">8,685</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Operating expenses:</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">Selling and marketing</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">493</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,748</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,673</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,311</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">4,914</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">4,004</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-left: 0.5in; padding-right: 0; padding-bottom: 0; text-indent: 0">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,494</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,804</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">7,662</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">6,157</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Operating income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(1,521</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(999</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">14,880</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,528</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Total other income (expense)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(153</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(167</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(684</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(860</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Income (loss) before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(1,674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(1,166</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">14,196</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,668</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Income tax expense (benefit)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(4,638</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">(443</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,395</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">634</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Net income (loss)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,964</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">($</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">723</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">12,801</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,034</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Net income (loss) per common share &ndash; Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.12</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">($</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.03</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.54</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.04</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Net income (loss) per common share - Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.11</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">($</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.03</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.49</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">0.04</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0">Weighted average number of shares</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">outstanding &ndash; Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">24,062,285</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">23,781,439</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">23,906,706</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">23,780,814</TD><TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Weighted average number of shares</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; padding: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; padding-right: 0; padding-bottom: 0; text-indent: 0">outstanding - Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,510,191</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">23,781,439</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">26,353,960</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,803,047</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
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