This Day On The Street
Continue to site
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs