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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV