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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.”