Vertex Energy, Inc. (NASDAQ: VTNR), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, today announced its financial results for the quarter and six months ended June 30, 2013.
Financial highlights for the quarter include:
- Gross profit increased 240% from the second quarter of 2012 to $2.55 million for the quarter ended June 30, 2013;
- Revenue increased 12% from the second quarter of 2012 to $35.1mm;
- Company-wide product volume sales increased 19% over Q2 2012; and
- Overall per barrel margin increased by 185% relative to the second quarter of last year.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “We are continuing to see improvements in both our gross margin as well as increased volumes as a result of our acquisition in September of last year. During the second quarter of 2013 we experienced positive growth in our Refining and Marketing Division in particular, which helped to offset the lower than expected performance of our Thermal Chemical Extraction Process (“TCEP”) business. Investments made during the second quarter of this year in the TCEP line of business resulted in greater than expected downtime during the quarter, but we anticipate the benefits of this investment to materialize in the fourth quarter of this year.”
“We are optimistic regarding our business as we move into the second half of 2013 as we anticipate realizing not only the production volume and cost reduction benefits of our recent TCEP investments, but also an improvement in product pricing,” Mr. Cowart added. “We are continuing to focus on growing our feedstock supply both organically and through potential acquisitions, and processing increased feedstock volume via our TCEP expansion.” Mr. Cowart concluded, “We believe that our investments in the first and second quarter of this year, as well as improved market conditions, will result in a year-end revenue figure of between $140mm and $150mm, with fully diluted earnings per share in the $0.25 to $0.30 range.”