This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Vertex Energy, Inc. Announces Third Quarter 2010 Financial Results

Vertex Energy, Inc. (OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced its financial results for the fiscal quarter ended September 30, 2010.

“The third quarter results for 2010 represented our third consecutive quarter of positive net income,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer. Mr. Cowart continued, “We increased our revenue for the quarter by more than 10% compared with the same period last year. The performance of both our Black Oil Division and our Refining & Marketing Division, exclusive of our Thermal-Chemical Extraction Process (“TCEP”) technology operations, showed marked improvement over the second quarter of this year. We made the strategic decision to not operate TCEP during the third quarter of this year in order to take advantage of the strong used oil market and the short-term opportunity to process recovered material from the Gulf Coast oil spill during this period. We continued to incur some of the fixed costs of our TCEP operation during the period, despite the fact that we were not operating the process, which had a negative impact on our Refining & Marketing Division’s overall performance.” Mr. Cowart added, “We were able to utilize this deliberately instituted down time to implement a number of critical process improvements that are demonstrating excellent early results that we believe bode well for our future performance.”

For the quarter ended September 30, 2010, consolidated revenue increased 10.4% to $13.29 million, compared with $12.04 million in the same period in 2009. Gross profit for the third quarter of 2010 was $818,607, compared with $1,692,474 in the same period in 2009. Net income for the third quarter was $208,580, or $0.03 per share, compared with $709,558, or $0.09 per share in the year-ago quarter.

The Refining & Marketing Division produced revenue of $6.68 million for the quarter ending September 30, 2010 versus $6.17 million of revenue during the same period in 2009, representing an increase of over 8%. Gross profit in the Refining & Marketing Division was $7,802 for the third quarter 2010, compared with $744,928 in the year-ago third quarter. The licensed TCEP technology, a business initiative within the Refining & Marketing Division since July of 2009, did not operate during the third quarter of 2010 due to market opportunities within the Black Oil Division for used motor oil feedstock and the near -term Gulf Coast oil spill clean up opportunity. The processing of the recovered material from the Gulf Coast required utilization of certain components of the TCEP process.

1 of 3

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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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