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 third quarter ended September 30, 2011.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “Our third quarter results for 2011 represent another improved quarter relative to 2010. We continue to expand our used oil aggregation footprint, our overall sales volume and our patent-pending Thermal-Chemical Extraction Process (“TCEP”) throughput rates compared to last year.”
Financial highlights for the third quarter and the first nine months of 2011 include:
- Consolidated revenue for the quarter increased 128% to $30.3 million compared to the third quarter 2010 revenue of $13.29;
- Consolidated revenue for the first nine months of 2011 was $78.4 million, an 85% increase over the first nine months of 2010;
- Quarterly gross profit increased 148% to $2.03 million relative to Q3 2010;
- Gross profit for the first nine months of the year increased 146% relative to the same period in 2010 to $6.77 million;
- Net income improved to $1.03 million for the quarter representing a 393% increase compared to the third quarter of 2010;
- Net income for the first nine months of 2011 improved to $3.64 million, which represents a 378% increase over the first nine months of 2010;
- Earnings per fully diluted share increased to $0.06, compared with $0.02 per fully diluted share in the third quarter of 2010;
- Earnings per fully diluted share for the first nine months of the year was $0.25 compared to $0.06 per fully diluted share in the first nine months of 2010;
- Overall quarterly sales volumes increased 36% compared to Q3 2010, while volumes for the first nine months of 2011 increased 21% relative to the same period last year.
Mr. Cowart continued, “The third quarter of this year, like the first and second quarters of 2011, illustrated the improvements we’ve made in virtually every area of our business compared to last year. As we continue to aggregate and process greater volumes of product we improve our ability to drive revenue as we strengthen our position within the used oil market.”