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  • Vertex Energy, Inc. Reports Increased Net Income, Revenue and Gross Profit for the Second Quarter of 2011 Compared to the Second Quarter of 2010

    —Revenue Increased by 75%—

    —Gross Profit Increased by 171%—

    —Conference Call Today at 11:00 A.M. EDT—

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    Press Release Source: Vertex Energy, Inc. On Tuesday August 9, 2011, 7:43 am EDT

    HOUSTON–(BUSINESS WIRE)– Vertex Energy, Inc. (OTCBB:VTNR), a leader in the aggregation, re-refining and processing of distressed petroleum streams such as used oil, transmix, fuel oils and off-specification commercial chemical products, today announced its financial results for the second quarter ended June 30, 2011.

    Financial highlights for the second quarter and the first six months of 2011 include:

    • Consolidated revenue for the quarter increased 75% to $ 27.8 million compared to $ 15.9 million for the second quarter of 2010;
    • Consolidated revenue for the first six months of 2011 was $ 48.1 million, a 65% increase over the first six months of 2010;
    • Gross profit increased 171% to $ 2.47 million compared with $ 900,000 for the second quarter of 2010;
    • Gross profit for the first six months of the year increased 145% relative to the same period in 2010 to $ 4.74 million;
    • Net income improved to $ 1.4 million compared to $ 283,000 in the second quarter of 2010;
    • Net income for the first six months of 2011 improved to $ 2.6 million, which represents a 372% increase over the first six months of 2010;
    • Earnings per fully diluted share increased to $ 0.10, compared with $ 0.02 per fully diluted share in the second quarter of 2010;
    • Earnings per fully diluted share for the first six months of the year was $ .19 compared to $ .04 per fully diluted share in the first six months of 2010;
    • Overall sales volumes increased 9% compared to Q2 2010;
    • Sales volumes for the first six months of 2011 increased 14% relative to the same period last year;
    • Gross margin per barrel handled increased by 149% relative to the same quarter last year; and
    • Per barrel gross margin for the first six months of 2011 increased by 115% relative to the first six months of 2010.

    Benjamin P. Cowart, Chief Executive Officer of Vertex Energy said, “The strong results of the second quarter of 2011 illustrate continued progress with the business, building on the strong results we generated in the first quarter of this year. We continue to grow both our overall sales volume and our per barrel margins. Our patent-pending Thermal-Chemical Extraction Process (“TCEP”) has been particularly impactful as we were able to grow TCEP revenue by 81% for the second quarter of 2011 relative to the same quarter in 2010. Our improved volumes and margins have positively impacted our bottom line with our Q2 2011 net income of $ 1.4mm exceeding our full year net income from 2010.”

    Mr. Cowart continued, “TCEP accounted for 44% of our revenue during the first half of 2011 versus 38% during the first half of 2010. Our TCEP business allows us to process used oil into a refining feedstock or diesel replacement that can be used in all grades of fuel oil. By combining our used oil aggregating capabilities, a traditional strength of the company, with the TCEP technology, we are improving our competitive advantage in the market as this combination enables us to capture higher margins by processing the used oil that we aggregate into a more valuable product that is sold into an extremely large global fuel market.”

    Mr. Cowart concluded, “For the remainder of 2011, we will continue to exploit our competitive advantage in the combination of used oil aggregation and TCEP operations, while also analyzing other re-refining technologies that we believe could contribute to the growth of our business. Additionally, we will continue to review potential acquisitions that could enhance our overall competitive positioning within the industry.”

    CONFERENCE CALL

    As previously announced, Management of Vertex Energy will host a conference call today, Tuesday, August 9, at 11:00 a.m. EDT. Those who wish to participate in the conference call may telephone 877-407-4019 from the U.S.; international callers may telephone 201-689-8337, approximately 15 minutes before the call. A webcast will also be available at www.vertexenergy.com as well as at the link below:

    http://phx.corporate-ir.net/playerlink.zhtml?c=103547&s=wm&e=4169718.

    A digital replay will be available by telephone approximately two hours after the call’s completion until August 31, 2011, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers, Acct # 380; Replay ID# 376524.

    ABOUT VERTEX ENERGY, INC.

    Vertex Energy, Inc. (OTCBB:VTNR) is a leader in the aggregation, re-refining and processing of distressed petroleum streams such as used oil, transmix, fuel oils and off-specification commercial chemical products thereby reducing the United States’ reliance on foreign crude oil. Vertex’s focus, as a participant in the alternative energy and environmentally friendly investment sectors, is on creating increased value in the products it manages and produces through a variety of strategies and technologies that facilitate the re-refining of used oil and off specification commercial chemical products into higher value commodities. By creating higher value products from distressed hydrocarbon streams, the Company is positioned to produce both financial and environmental benefits. Vertex is based in Houston, Texas with offices in Georgia and California. More information on the Company can be found at www.vertexenergy.com.

    This press release may contain forward-looking statements, including information about management’s view of Vertex’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex.

     
    VERTEX ENERGY, INC.
    CONSOLIDATED BALANCE SHEETS
     
      June 30,   December 31,
    2011 2010
    (unaudited)
    ASSETS
     
    Current assets
    Cash and cash equivalents $ 2,526,326 $ 744,313
    Accounts receivable, net 2,113,667 1,482,510
    Accounts receivable- related party 3,900
    Inventory 6,047,649 3,901,781
    Prepaid expenses   112,720   100,485
    Total current assets   10,804,262   6,229,089
     
    Noncurrent assets
    Licensing agreement, net 1,957,826 1,833,966
    Fixed assets, net   101,129   76,290
    Total noncurrent assets   2,058,955   1,910,256
     
    TOTAL ASSETS $ 12,863,217 $ 8,139,345
     
    LIABILITIES AND STOCKHOLDERS’ EQUITY
     
    Current liabilities
    Accounts payable and accrued expenses $ 6,083,552 $ 4,593,199
    Accounts payable-related party   968,276   407,273
    Total current liabilities   7,051,828   5,000,472
     
    Long-term liabilities
    Mandatorily redeemable preferred stock, Series B, $ .001 par value, 2,000,000 shares authorized, 0 and 600,000 issued and outstanding as of June 30, 2011 and December 31, 2010 (includes $ 150,000 to a related party)     600,000
    Total liabilities   7,051,828   5,600,472
     
    Commitments and contingencies
     
    STOCKHOLDERS’ EQUITY
     
    Preferred stock, $ 0.001 par value per share:
    50,000,000 shares authorized

    Series A Convertible Preferred stock, $ 0.001 par value, 5,000,000 authorized and 4,580,161 and 4,675,716 issued and outstanding at June 30, 2011 and December 31, 2010 respectively

    4,581

    4,676

    Common stock, $ 0.001 par value per share; 750,000,000 shares authorized; 9,106,404 and 8,370,849 issued and outstanding at June 30, 2011 and December 31, 2010 respectively

     

    9,106

     

    8,371

    Additional paid-in capital 2,940,114 2,275,074
    Retained earnings   2,857,588   250,752
    Total stockholders’ equity   5,811,389   2,538,873
     
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 12,863,217 $ 8,139,345
     
    CONSOLIDATED STATEMENTS OF OPERATIONS
    THREE AND SIX MONTHS ENDED JUNE 30, 2011 AND 2010
    (UNAUDITED)
       
    Three Months Ended

    June 30,

    Six Months Ended

    June 30,

      2011       2010     2011       2010  
     
    Revenues $ 27,790,860 $ 15,867,061 $ 48,081,785 $ 29,140,141
    Revenues – related parties       3,750     17,978     3,750  
    27,790,860 15,870,811 48,099,763 29,143,891
     
    Cost of revenues   25,325,275     14,962,107     43,363,282     27,207,357  
     
    Gross profit 2,465,585 908,704 4,736,481 1,936,534
     

    Selling, general and

    administrative expenses

     

    1,006,683

       

    700,195

       

    2,032,738

       

    1,451,369

     
     
    Income from operations 1,458,902 208,509 2,703,743 485,165
     
    Other income (expense)
    Other income 100,000 130,000
    Interest expense   (25,177 )   (25,952 )   (54,218 )   (62,598 )
    Total other income (expense)   (25,177 )   74,048     (54,218 )   67,402  
     
    Income before income tax 1,433,725 282,557 2,649,525 552,567
     
    Income tax expense   (22,986 )       (42,689 )    
     
    Net income $ 1,410,739   $ 282,557   $ 2,606,836   $ 552,567  
     
    Earnings per common share
    Basic $ 0.17 $ 0.03 $ 0.31 $ 0.07
    Diluted $ 0.10 $ 0.02 $ 0.19 $ 0.04
     
    Shares used in computing earnings per share
    Basic 8,535,111 8,258,493 8,487,392 8,256,375
    Diluted 13,937,618 13,629,049 13,889,899 13,626,930
     
    VERTEX ENERGY, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    SIX MONTHS ENDED JUNE 30, 2011 AND 2010
    (unaudited)
     
    Six Months Ended
    June 30,

    2011

      June 30,

    2010

     
     
    Cash flows operating activities
    Net income

    $

    2,606,836

    $ 552,567

    Adjustments to reconcile net income to cash provided by operating activities

    Stock based compensation expense 61,680 101,163
    Depreciation and amortization 78,301 70,395
    Changes in assets and liabilities
    Accounts receivable (631,157 ) 161,998
    Accounts receivable- related parties (3,900 ) (1,250 )
    Inventory (2,145,868 ) 875,016
    Prepaid expenses (12,235 ) 49,691
    Accounts payable 1,490,353 (514,950 )
    Accounts payable-related parties   561,003     (41,393 )
    Net cash provided by operating activities   2,005,013     1,253,237  
     
    Cash flows from investing activities
    Purchase of intangible assets (194,726 ) (260,401 )
    Purchase of fixed assets   (32,274 )   (7,154 )
    Net cash used by investing activities   (227,000 )   (267,555 )
     
    Cash flows from financing activities
    Proceeds from sale of Preferred “B” shares 600,000
    Proceeds from exercise of common stock warrants 4,000 33
    Line of credit proceeds, net 1,300,000
    Payments on due to related party balance       (841,855 )
    Net cash provided by financing activities   4,000     1,058,178  
     
    Net increase in cash and cash equivalents 1,782,013 2,043,860
     
    Cash and cash equivalents at beginning of the period   744,313     514,136  
     
    Cash and cash equivalents at end of period $ 2,526,326   $ 2,557,996  
     
    SUPPLEMENTAL INFORMATION
    Cash paid for interest during the period $ 74,693   $ 51,798  
    Cash paid for income taxes during the period $ 53,000   $  
     
    NON-CASH TRANSACTIONS
    Conversion of Series A Preferred Stock into common shares $ 95   $ 27  

    Conversion of Series B Preferred Stock into common shares

    $

    600,000

    $

    Yahoo! Finance: Waste Management Industry News

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