Vertex Energy, Inc. (OTCBB: VTNR), a leader in the aggregation, re-refining and processing of distressed petroleum streams such as used oil, transmix, fuel oils and off-specification commercial chemical products, today announced its financial results for the first quarter ended Mach 31, 2011.
Financial highlights for the first quarter of 2011 include:
- Revenue for the quarter increased 53% to $20.3 million compared to $13.3 million for the first quarter of 2010;
- Gross profit increased 121% to $2.3 million compared with $1.0 million for the first quarter of 2010;
- Net income improved to $1.2 million compared to $270,000 in the first quarter of 2010;
- Earnings per share increased to $0.09 per fully diluted share, compared with $0.02 per diluted share in the first quarter of 2010;
- Overall volumes increased 20% compared to Q1 2010; and
- Gross margin per barrel handled increased by 84% relative to the same quarter last year.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “The strong results of the first quarter of 2011 were the result of the efforts we made over the past two years to strengthen our operations, including our investment in our patent-pending Thermal-Chemical Extraction Process (“TCEP”). We also increased our volumes through aggressively acquiring the supply of raw materials. Our net income for the quarter, which was $1.2 million, was nearly equal to our full year 2010 net income, and was enabled through improved revenue and gross margins in all of our business units relative to the first quarter of 2010.”
Mr. Cowart continued, “TCEP accounted for nearly 42% of our revenue during the first quarter of 2011. TCEP allows us to process used oil into a refining feedstock or diesel replacement that can be used in all grades of fuel oil. We believe that the combination of our used oil aggregating capabilities, a traditional strength of the company, and the TCEP technology, gives us a competitive advantage in the market by allowing us to capture higher margins by processing the used oil that we aggregate into a more valuable product that is sold into an extremely large fuel market. We believe that the demand for the TCEP finished product is evidenced by the fact that our entire finished product volume has been contracted for sale.”