Vertex Energy, Inc. (NASDAQ:
), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, today announced its financial results for the full year ended December 31, 2012.
Financial highlights for the year include
- Revenue increased 23% to $134.6 million for the year ended 2012 compared with $109.7 million in 2011;
- Gross profit increased to $9.79 million, a 21% increase over the $8.07 million reported in 2011; and
- Company-wide product volume sales increased 22% over 2011.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “2012 was a positive year for us in terms of revenue, gross profit and volume growth. Additionally, the acquisition we completed in the third quarter of 2012 has us well positioned as a vertically integrated player in our industry and we believe will allow us to improve our margins materially going forward.”
“We are optimistic regarding our business as we move into 2013 based not only on the acquisition, but also because of our efforts in expanding the capacity of TCEP.” Mr. Cowart added, “We are in the midst of some improvements at our facility in Baytown, Texas that we believe will not only increase our throughput, but will also improve our end product quality and reduce our operating expenses. As our experience with TCEP has grown, we are now more aggressively evaluating locations for future TCEP facilities in various parts of the U.S.”
Mr. Cowart continued, “In addition to increasing the role of TCEP through expansion and potentially additional locations, we are continuing to evaluate acquisition possibilities that are accretive to the company and also offer the opportunity to secure incremental feedstock at attractive prices.” Mr. Cowart concluded, “We are hopeful that our continued growth and recent listing on NASDAQ will raise the profile of Vertex Energy in 2013 and beyond.”