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Vertex Energy Reports A 19% Increase In Revenue And A 57% Increase In Gross Profit For The Third Quarter Of 2012

Stocks in this article: VTNR

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 third quarter ended September 30, 2012.

Financial highlights for the third quarter and first nine months of 2012 include:

  • Revenue increased 19% to $36.2 million for the third quarter of 2012 versus $30.3 million in the year-ago third quarter;
  • Gross profit increased to $3.2 million for the quarter compared with $2.0 million reported in the same period last year;
  • Net income for the third quarter of 2012 was $2.1 million, or $.13 per fully diluted share, compared with net income of $1.0 million, or $0.06 per diluted share in the third quarter of 2011;
  • Overall sales volumes in terms of total barrels of finished product sold increased by 23% compared with last year's third quarter;
  • Revenue increased 31% to $102.3 million for the first nine months of 2012 versus $78.4 million in the year-ago period;
  • Gross profit for the nine months 2012 was $6.82 million compared with $6.77 million in the year-ago period;
  • Net income for the nine-month period of 2012 was $3.5 million or $0.25 per fully diluted share compared with $3.6 million or $0.25 per fully diluted share in the first nine months of 2011;

Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “The third quarter of 2012 was a positive one for us both financially and strategically, with improvements in revenue, gross profit, sales volumes and net income relative to the same quarter a year ago.” Mr. Cowart added, “Perhaps more important than our improved financial performance is the completion of the acquisition of Vertex Holdings during the third quarter of this year.”

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