“In 2011, despite a strong first quarter, we saw declines in refrigerant prices and reduced profitability during the balance of the 2011 cooling season. In 2012, we again had a strong first quarter, but unlike last year, we are expecting improvement in the profitability of the Company for the remainder of the 2012 cooling season. We remain confident that we are well positioned to take advantage of the industry shift currently underway and we’ve been carefully managing our inventory to effectively capitalize on the ongoing opportunities resulting from the increase in R-22 pricing. Likewise, we recognize the importance of ensuring that our broad product and service offerings provide the right solution in the right place at the right time to meet our customers’ needs and we are focused on executing on this strategy to drive sustainable revenue and earnings growth.”
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