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. Anticipates 2010 Revenue To Improve Approximately 40%

Vertex Energy, Inc. (OTCBB: VTNR)(“Vertex” and the “Company”), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced preliminary financial results for the year ended December 31, 2010.

“While our final results for fiscal year 2010 will not be filed with the SEC until March 2011, I wanted to provide investors with a summary overview of our first full year as a public company,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer, who continued, “With the fourth quarter of 2010 producing the best financial results of any quarter during the year, we anticipate our full year 2010 consolidated revenue to range between $55 and $60 million, compared with approximately $38 million of revenue for fiscal year 2009, an improvement of more than 40%. We also anticipate an increase in gross profit of approximately 45-50% relative to 2009 gross profit of approximately $2.7 million and believe that our net income for the fourth quarter of 2010 was the highest net income of any quarter in 2010 and, as a result, our net income for fiscal year 2010 will be significantly improved over the net loss that we experienced in fiscal year 2009. Additionally, our total product volume increased in 2010 by approximately 20% over 2009, to more than 1 million barrels.” The above financial information has not been audited or reviewed by the Company’s independent auditors, is provided for informational purposes only and is subject to change based on the completion and audit of the financial information included in the Company’s upcoming Form 10-K Annual Report for the year ended December 31, 2010.

Mr. Cowart continued, “Our focus for 2010 was on improving the performance of our Thermal-Chemical Extraction Process (“TCEP”) that we launched in mid-2009. Additionally, we implemented steps to improve both revenue and margins in our core Refining & Marketing Division operations while continuing to decrease selling, general and administrative expenses. Additionally, we initiated a new banking arrangement with Bank of America Merrill Lynch, which we believe has given us a more stable banking partner to help us grow our operations. We also placed greater emphasis in the second half of 2010 on communicating our business with current and prospective investors, and look forward to continuing that 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


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs