Vertex Energy, Inc. Announces Fiscal Year 2009 Financial Results
Vertex Energy, Inc. (“Vertex”)(OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced its financial results for the fiscal year ended December 31, 2009. Vertex’s results of operations for the twelve months ended December 31, 2009, were reported in its Form 10-K filing for the period ended December 31, 2009, which was filed with the Securities and Exchange Commission today, March 30, 2010.
“The fourth quarter concluded a year of dramatic change for Vertex Energy,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer. “Following our merger in April of 2009, we became a public company and have worked aggressively to put the people, processes, controls and plans in place to operate as a publicly reporting company. Additionally, 2009 saw the launch of our proprietary licensed Thermal-Chemical Extraction Process (TCEP) technology on a commercial scale. It is my intention that this new technology, coupled with our base businesses in the Black Oil and Refining and Marketing Divisions, will fuel the growth of Vertex in 2010 and beyond.”
For the full year ended December 31, 2009, Vertex reported consolidated revenue of $38.7 million, compared to $65.2 million for the 2008 fiscal year. Gross profit increased in 2009 to $2.73 million compared to gross profit of $1.88 million for 2008. The net loss for fiscal year end 2009 was $609,384 compared to a 2008 net loss of $368,290.
The Black Oil Division revenue for the fiscal year ended December 31, 2009 was $22.2 million as compared to $45.1 million during the same period in 2008. Despite the drop in revenue, gross profit in the Black Oil Division remained relatively constant in 2009 versus 2008. Fiscal year end 2009 gross profit was $1.86 million in this division versus $1.87 million for fiscal year 2008.The Refining & Marketing Division produced revenue of $16.5 million for the fiscal year ended December 31, 2009 versus $20.1 million of revenue during the same period in 2008. Gross profit improved in the Refining & Marketing Division from $5,891 in 2008 to $869,953 for the full year 2009. Vertex has been selling finished product from its licensed Thermal-Chemical Extraction Process, a business initiative within the Refining & Marketing Division since July of 2009.
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