Vertex Energy, Inc., 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, today 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.”
For more information visit www.vertexenergy.com
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