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 second quarter ended June 30, 2012 and the signing of a Definitive Agreement to acquire substantially all of the assets and liabilities of Vertex Holdings.
Financial highlights for the second quarter and first six months of 2012 include:
- Revenue increased 13% to $31.3 million for the second quarter of 2012 versus $27.8 million in the year-ago second quarter;
- Overall sales volumes in terms of total barrels of finished product sold increased by 14% compared with last year's second quarter;
- Gross profit for the quarter was $750,741 compared with $2.5 million reported in the same period last year;
- Net loss for the second quarter of 2012 was $159,025, or ($0.02) per diluted share, compared with net income of $1.4 million, or $0.10 per diluted share in the second quarter of 2011;
- Revenue increased 37% to $66.1 million for the first six months of 2012 versus $48.1 million in the year-ago period;
- Overall sales volumes in terms of total barrels of finished product sold increased by 24% compared with last year's first six-months;
- Gross profit for the six months 2012 was $3.6 million compared with $4.7 million reported in the same period last year;
- Net income for the first half of 2012 was $1.4 million or $0.10 per diluted share compared with $2.6 million or $0.19 per diluted share in the first half of 2011;
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “While both second quarter revenue and sales volumes were strong, and followed solid first quarter performance, the rapid decline in commodity prices during the quarter impacted the Company's earnings and margins, leading to those decreases. We are, however, encouraged by the stabilization of commodity prices that has occurred since the end of the second quarter, as well as by the Company's performance during July 2012. We are continuing to optimize our TCEP process and, as a result of these efforts, have reduced our per barrel operating costs by 6% relative to the second quarter of 2011.” Mr. Cowart added, “We will continue to focus on reducing these costs further while also increasing our production volume.”
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