Vertex Energy, Inc. (NASDAQ:
), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced that its Vertex Recovery division has completed the largest diesel project in the company's history.
Vertex Recovery is Vertex Energy’s generator solutions division for the proper recycling and recovery management of hydrocarbon products. It collects and recycles used oils, crude oils, petroleum products, glycols and various residual materials from large regional and national generators throughout the U.S. and Canada. Vertex Recovery removed and sold 2 million gallons of distressed fuel into a new market in the third quarter of 2013. In conjunction with fuel removal operations, Vertex Recovery also participated in the dismantling of a fuel system and the decommissioning of a facility. Given the company's position in the industry and expertise in handling distressed hydrocarbons, the company anticipates that additional similar projects will be an increasing part of its business going forward.
This project will have a beneficial impact on the third quarter 2013 results. The company expects to report revenues between $45 million and $50 million, and net income between $2.2 million and $2.5 million for the quarter ended September 30, 2013.
Benjamin P. Cowart, Chief Executive Office of Vertex Energy, said, "We continue to explore opportunities that enhance the strength and integration of our business. This most recent project demonstrates our capabilities in managing and sourcing large quantities of distressed fuels and hydrocarbons other than used motor oil. Our unique expertise in projects of this nature highlights our ability to solve a wide range of distressed hydrocarbon generator issues, including those encountered at large industrial facilities." Mr. Cowart added, “While most projects like this are smaller in scale and somewhat infrequent, we believe that our reputation, expertise and knowledge puts us in an excellent position to capture a major market share of this niche segment of the industry. We are working on finalizing contracts for additional projects that we hope to close in the next six to nine months.”