Vertex Energy, Inc. Announces Second Quarter Fiscal Year 2010 Financial Results
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 June 30, 2010. Vertex’s results of operations for the three months ended June 30, 2010, were reported in its Form 10-Q filing for the period ended June 30, 2010, which was filed with the Securities and Exchange Commission today, August 16, 2010.
“The second quarter results for 2010 showed significant improvement over the same period last year,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer. Mr. Cowart continued, “For the second consecutive quarter, we posted positive net income and made progress on a number of key fronts. Relative to last year, we saw a significant improvement in both our Refining & Marketing and Black Oil Divisions. Our licensed Thermal-Chemical Extraction Process (“TCEP”) technology continues to show improved performance and we remain optimistic about the potential of this business initiative for the future. We intend to continue to build on the progress we made during the second quarter, by taking advantage of the current strength in the used oil market and by capitalizing on our efforts in processing recovered material from the Gulf Coast spill.”
For the quarter ended June 30, 2010, Vertex reported consolidated revenue of $15.87 million, an increase of 201% over the same period in 2009. Gross profit increased in the second quarter to $908,704 compared to gross profit of $62,636 for the second quarter of 2009. Net income for the second quarter was $282,557, which compared favorably to a net loss of $714,690 during the same period in 2009.
The Refining & Marketing Division produced revenue of $11.33 million for the quarter ending June 30, 2010 versus $1.90 million of revenue during the same period in 2009. Gross profit improved in the Refining & Marketing Division from a gross loss of $39,629 in the second quarter of 2009 to a gross profit of $704,483 for the second 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.
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