Vertex Energy, Inc. (“Vertex” or the “Company”)(OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced its financial results for the fiscal quarter ended March 31, 2010. Vertex’s results of operations for the three months ended March 31, 2010, were reported in its Form 10-Q filing for the period ended March 31, 2010, which was filed with the Securities and Exchange Commission today, May 17, 2010.
“The first quarter results for 2010 were a positive start to the year,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer. Mr. Cowart continued, “Despite the traditional slow down in the first quarter resulting from the seasonal decrease in demand for fuel products, we posted positive net income and made progress on a number of key fronts. The first three months of the year saw significant improvement in our Refining & Marketing Division in particular to include increased production from our licensed Thermal-Chemical Extraction Process (“TCEP”) technology. We intend to continue to build on the progress we made during the first quarter moving forward, by further improving our TCEP process, expanding our traditional Refining and Marketing activities, and benefiting from the increase in used oil demand that has historically taken place with the arrival of Spring and Summer.”
For the quarter ended March 31, 2010, Vertex reported consolidated revenue of $13.27 million, an increase of 69% over the same period in 2009. Gross profit increased in the first quarter to $1.03 million compared to gross profit of $18,492 for the first quarter of 2009. Net income for the first quarter was $270,011, which compared favorably to a net loss of $613,884 during the same period in 2009.
The Refining & Marketing Division produced revenue of $10.32 million for the quarter ending March 31, 2010 versus $1.98 million of revenue during the same period in 2009. Gross profit improved in the Refining & Marketing Division from a gross loss of $225,983 in the first quarter of 2009 to a gross profit of $960,923 for the first quarter of this year. Vertex has been selling finished product from its licensed TCEP technology, a business initiative within the Refining & Marketing Division since July of 2009.