Vertex Energy, Inc. (OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced its financial results for the fourth quarter and full year ended December 31, 2010.
Financial highlights for the unaudited fourth quarter include:
- Revenue increased 16% to $15.7 million for the fourth quarter 2010, compared with $13.5 million in the year-ago quarter
- Gross profit increased 55% to $1.5 million compared with $956,000 in the year-ago quarter
Audited financial highlights for the year include:
- Revenue increased 50% to $58.1 million for the year ended 2010 compared with $38.7 million in 2009
- Gross profit increased to $4.2 million, a 55% increase over the $2.7 million reported in 2009
- Net income improved to $1.2 million or $0.09 per fully diluted share, compared with a net loss of $609,000 or $0.08 per share in 2009
- Volumes increased 17% over 2009
- Margin per barrel increased by 32% compared with 2009
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “We made tremendous strides this year, as our Thermal Chemical Extraction Process (“TCEP”) technology played an increasingly important role in our success. Launched during the second half of 2009, TCEP became our key focus in 2010 as we concentrated on improving the throughput, reliability and end product quality. We began to benefit from these improvements during the second half of the year, as it was one of the contributing factors leading to our increased revenue, margin and net income for the year. We also strengthened our balance sheet, and entered into a new banking relationship with Bank of America that we expect will help support our corporate growth.”“With continued expected increases in our Refining and Marketing Division, we expect the first quarter of 2011 to produce material improvements over last year’s first quarter, as well as sequential improvements over the fourth quarter of 2010 that we just reported,” Mr. Cowart said.