QualityStocks would like to highlight Vertex Energy, Inc. (OTCBB: VTNR). Vertex Energy is a leader in the aggregation, re-refining and processing of distressed petroleum streams such as used oil, transmix, fuel oils and off-specification commercial chemical products thereby reducing the United States’ reliance on foreign crude oil. Vertex’s focus, as a participant in the alternative energy and environmentally friendly investment sectors, is on creating increased value in the products it manages and produces through a variety of strategies and technologies that facilitate the re-refining of used oil and off specification commercial chemical products into higher value commodities.
In the company’s news yesterday,
Vertex Energy, Inc. posted its financial results for the third quarter and nine months ended September 30, 2011.
“The third quarter of this year, like the first and second quarters of 2011, illustrated the improvements we’ve made in virtually every area of our business compared to last year. As we continue to aggregate and process greater volumes of product we improve our ability to drive revenue as we strengthen our position within the used oil market,” Benjamin P. Cowart, CEO of Vertex stated in the press release.
The company reported consolidated revenue of $30.3 million, a 128 percent increase over third quarter 2010 revenue of $13.2 million. For the first nine months of 2011, the company reported revenue of $78.4 million, an 85 percent increase over the first nine months of 2010.
Gross profit for the third quarter increased 148 percent to $2.03 million compared to $818,607 reported in the comparable quarter of 2010. Gross profit for the first nine months of the year increased 146 percent to $6.77 million.
Vertex’s third-quarter 2011 net income increased 393 percent to $1.03 million, or $0.06 per fully diluted share, compared to third quarter 2010 net income of $208,580, or $0.02 per fully diluted share. Net income for the first nine months of 2011 improved to $3.64 million, or $0.25 per fully diluted share, a 378 percent increase over the first nine months of 2010.
The company’s overall quarterly sales volumes increased 36 percent compared to third quarter 2010; volumes for the first nine months of 2011 increased 21 percent compared to the same period last year.
Cowart said the company will continue to expand its used oil aggregation footprint, overall sales volume, and its patent-pending Thermal-Chemical Extraction Process (TCEP) throughput rates compared to last year.
“The third quarter of 2011 represents our highest revenue quarter yet. TCEP, which has grown in its contribution to Vertex’s top line over time, continues to run effectively even while we are still implementing improvements to the process,” Cowart stated. “For the remainder of 2011, we expect to continue to exploit our competitive advantage in the combination of used oil aggregation and TCEP operations, while also evaluating potential acquisitions that could enhance our overall competitive positioning within the industry.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
