This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Westway Group, Inc. Reports 10% Increase In Financial Results

NEW ORLEANS, Nov. 9, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) today reported consolidated Adjusted EBITDA for the first nine months of 2010 of $30.2 million, up $2.8 million or 10% from the pro forma results for the first nine months of 2009. Consolidated Adjusted EBITDA for the third quarter of 2010 totaled $8.3 million and $9.8 million for the same period in 2009. 

Consolidated Adjusted EBITDA reflects income before income tax provision, depreciation, interest expense, and other related non-cash items. The pro forma numbers are calculated as though Westway had acquired the bulk liquid storage and liquid feed supplements businesses of the ED&F Man group on January 1, 2009, rather than May 28, 2009, with certain adjustments, as described in our 10-Q, to be filed later today.

During the third quarter, the Company successfully completed a tender offer for its publicly traded warrants with the purchase of 34,107,870 warrants on September 22, 2010 for an aggregate purchase price of $4,427,331 and 1,715 shares of our Class A Common Stock, excluding fees and expenses relating to the tender offer. Following the completion of the tender offer, there were 11,892,030 warrants outstanding as of September 30, 2010, excluding the founder warrants and underwriter warrants.

James Jenkins, Chief Executive Officer of the Company stated, "We are very pleased with the successful completion of our warrant tender offer, as it provides the Company with a much improved capital structure for the future. It is also our intention to continue exploring further opportunities to improve our capital structure."

Mr. Jenkins further commented that "Westway continues to evaluate opportunities to increase its bulk liquid storage capacity both in the U.S. and globally while maintaining a high utilization rate. Our existing contract terminal customers provide a core earnings base, with growth coming from expansion of our storage capacity. Margins in our liquid feed supplement business have recently declined as the market has become increasingly competitive, which we have been able to partially offset through declines in the cost of our product inputs. Margins may improve in the future as our products become more competitive to corn and other commodities, if these inputs continue their current trend of price escalation making molasses based products more attractive."   

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs