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 nine months ended September 30, 2013.
Financial highlights for the quarter include:
- Gross profit increased by approximately 53% relative to the same quarter last year to $4.88 million;
- Revenue increased by 29% relative to the third quarter of last year to $46.8 million;
- Overall volumes of product sold increased by 19% for the third quarter of 2013 versus the third quarter of 2012;
- Our overall per barrel margin increased by 29% relative to the same quarter a year ago;
- Income before income taxes improved by 486% for the quarter; and
- Net income improved by 11% relative to the third quarter of last year to $2.33 million.
Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “We are continuing to see growth in our gross margin and overall sales volumes year over year. Despite challenging market conditions relative to a year ago, we were able to grow both the top line and our net income during the third quarter of 2013 as benefits from our acquisition last year continue to take hold.”
Mr. Cowart continued, “We continue to pursue both organic growth such as our recent entry into the Dallas-Fort Worth used oil collection market as well as growth through acquisition as evidenced by our recent transaction with E-Source.” Mr. Cowart concluded, “We believe that our progress through three quarters of 2013, as well as recent efforts to expand our customer base for finished product and our overall collection footprint, will result in a year-end revenue figure of between $140 million and $150 million, net income to be greater than $5 million, with fully diluted earnings per share in excess of $0.30.”