Vertex Energy, Inc. (OTCBB: VTNR), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, today announced its financial results for the fourth quarter and full year ended December 31, 2011.
Financial highlights for the year include:
- Revenue increased 89% to $109.7 million for the year ended 2011 compared with $58.1 million in 2010;
- Gross profit increased to $8.1 million, a 90% increase over the $4.2 million reported in 2010;
- Income from operations improved 247% to $4.0 million, compared with $1.1 million reported last year;
- Net income improved to $5.8 million or $0.39 per fully diluted share, compared with net income of $1.2 million or $0.09 per fully diluted share in 2010. Included in net income for the 2011 year is a $1.8 million tax benefit, the majority of which is attributed to the company’s net operating losses related to the 2009 World Waste Technologies merger;
- Company-wide sales volumes increased 26% over 2010; and
- Total margin per barrel increased by 52% relative to 2010.
Financial highlights for the unaudited fourth quarter include:
- Revenue increased nearly 100% to $31.3 million for the fourth quarter of 2011, compared with $15.7 million in revenue for the fourth quarter of 2010;
- Gross profit was $1.31 million compared with $1.48 million during the fourth quarter of 2010;
- Income from operations was $235,829 compared with $510,205 during the fourth quarter of 2010;
- Net income was $2.1 million compared to $467,280 in last year's fourth quarter, with $1.8 million of this increase attributable to the tax benefit stemming from the net operating losses related largely to the World Waste Technologies merger; and
- Sales volumes improved 29% in the fourth quarter of 2011 compared to the same quarter in 2010.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “We had another solid year of profitable growth, and made tremendous strides in executing our business strategy. Much of our improvement came from increased production and improved operating efficiencies that we realized from our Thermal Chemical Extraction Process (“TCEP”) business as well as from increased commodity prices. Revenue from our TCEP operations improved 168% relative to last year.”