Vertex Energy, Inc. (OTCBB:
), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announces it expects revenue for the first quarter to exceed $30 million, a 50% increase over the same period a year ago, gross profit to range between $2.6 million and $2.9 million, with net income to range between $1.5 million and $1.7 million. During the first quarter 2011 Vertex Energy reported revenue of $20 million, gross profit of $2.3 million and net income of $1.2 million.
Ben Cowart, CEO and Chairman of Vertex Energy said, “After a strong and record performance for the Company in 2011, where revenue increased 89%, gross profit increased 90% and operating income increased 247% over the prior year, we are pleased by the continued strength of our business during this year’s first quarter. These preliminary results highlight the hard work and commitment of our team to ensure that Vertex Energy remains a leader in our industry, and meet our goals. With this great start and our focus on our growth strategy, we are confident that 2012 would be another robust year for the Company.”
Vertex Energy expects to report its first quarter 2012 earnings no later than May 15
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (OTCBB:
), is a leading environmental services company that recycles industrial waste streams and off-specification commercial chemical products. Its primary focus is recycling used motor oil and other petroleum by-product streams. Vertex Energy purchases these streams from an established network of local and regional collectors and generators. The company also manages the transport, storage and delivery of the aggregated feedstock and product streams to end users, and manages the re-refining of a portion of its aggregated petroleum streams in order to sell them as higher-value end products. Vertex Energy sells its aggregated petroleum streams as feedstock to other re-refineries and fuel blenders or as replacement fuel for use in industrial burners. The re-refining of used motor oil that Vertex Energy manages takes place at a facility operated by a related party that uses a proprietary Thermal Chemical Extraction Process ("TCEP") technology. Based in Houston, Texas, Vertex Energy also has offices in Georgia and California. More information on the company can be found at
This press release may contain forward-looking statements, including information about management's view of Vertex Energy's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy's future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.