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Vertex Energy, Inc. Reports Increased Net Income, Revenue And Gross Profit For The Second Quarter Of 2011 Compared To The Second Quarter Of 2010

Stocks in this article: VTNR

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 second quarter ended June 30, 2011.

Financial highlights for the second quarter and the first six months of 2011 include:

  • Consolidated revenue for the quarter increased 75% to $27.8 million compared to $15.9 million for the second quarter of 2010;
  • Consolidated revenue for the first six months of 2011 was $48.1 million, a 65% increase over the first six months of 2010;
  • Gross profit increased 171% to $2.47 million compared with $900,000 for the second quarter of 2010;
  • Gross profit for the first six months of the year increased 145% relative to the same period in 2010 to $4.74 million;
  • Net income improved to $1.4 million compared to $283,000 in the second quarter of 2010;
  • Net income for the first six months of 2011 improved to $2.6 million, which represents a 372% increase over the first six months of 2010;
  • Earnings per fully diluted share increased to $0.10, compared with $0.02 per fully diluted share in the second quarter of 2010;
  • Earnings per fully diluted share for the first six months of the year was $.19 compared to $.04 per fully diluted share in the first six months of 2010;
  • Overall sales volumes increased 9% compared to Q2 2010;
  • Sales volumes for the first six months of 2011 increased 14% relative to the same period last year;
  • Gross margin per barrel handled increased by 149% relative to the same quarter last year; and
  • Per barrel gross margin for the first six months of 2011 increased by 115% relative to the first six months of 2010.

Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “The strong results of the second quarter of 2011 illustrate continued progress with the business, building on the strong results we generated in the first quarter of this year. We continue to grow both our overall sales volume and our per barrel margins. Our patent-pending Thermal-Chemical Extraction Process (“TCEP”) has been particularly impactful as we were able to grow TCEP revenue by 81% for the second quarter of 2011 relative to the same quarter in 2010. Our improved volumes and margins have positively impacted our bottom line with our Q2 2011 net income of $1.4mm exceeding our full year net income from 2010.”

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