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 first quarter ended March 31, 2012.
Financial highlights for Q1 2012 include:
- Revenue increased 71% to $34.8 million for the first quarter of 2012 versus $20.3 million in Q1 2011;
- Gross profit for the quarter increased to $2.89 million, a 27% increase over the $2.27 million reported in the same period last year;
- Income from operations improved 36% to $1.69 million, compared with $1.24 million reported during the first quarter of last year;
- Net income for the first quarter of 2012 improved to $1.57 million or $0.10 per fully diluted share, compared with net income of $1.2 million or $0.09 per fully diluted share in Q1 2011. This represents a 32% increase in net income; and
- Company-wide sales volumes increased 36% in Q1 2012 versus Q1 2011.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “The first quarter of 2012 showed continued improvement over the same period last year and illustrates the strength of the business coming out of fiscal year 2011. Much of our improvement came from our Thermal Chemical Extraction Process (“TCEP”) business as well as from increased commodity prices. Gross margin from our TCEP operations improved 112% relative to the first quarter of last year.”
“We anticipate our overall volume to continue to increase during the remainder of 2012 as we work to implement additional capacity improvements at our TCEP facility while also sourcing more used oil feedstock out of California and our Alabama aggregation facility,” Mr. Cowart added, “Going forward in 2012, we will also be evaluating the potential to upgrade the TCEP finished product for use in engine oil applications. Additionally, we are continuing to develop more detailed engineering of the existing process to be used in future TCEP installations.”