Vertex Energy Inc (VTNRQ)

[Maestro111]

Vertex Energy, Inc. Announces Fiscal Year 2009 Financial Results
Date : 03/30/2010 @ 4:06PM
Source : Business Wire
Stock : Vertex Energy, Inc. (VTNR)
Quote : 0.92 0.0 (0.00%) @ 12:04PM


Vertex Energy, Inc. Announces Fiscal Year 2009 Financial Results
Vertex Energy, Inc. (“Vertex”)(OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced its financial results for the fiscal year ended December 31, 2009. Vertex’s results of operations for the twelve months ended December 31, 2009, were reported in its Form 10-K filing for the period ended December 31, 2009, which was filed with the Securities and Exchange Commission today, March 30, 2010.

“The fourth quarter concluded a year of dramatic change for Vertex Energy,” said Benjamin P. Cowart, Vertex’s Chief Executive Officer. “Following our merger in April of 2009, we became a public company and have worked aggressively to put the people, processes, controls and plans in place to operate as a publicly reporting company. Additionally, 2009 saw the launch of our proprietary licensed Thermal-Chemical Extraction Process (TCEP) technology on a commercial scale. It is my intention that this new technology, coupled with our base businesses in the Black Oil and Refining and Marketing Divisions, will fuel the growth of Vertex in 2010 and beyond.”

For the full year ended December 31, 2009, Vertex reported consolidated revenue of $38.7 million, compared to $65.2 million for the 2008 fiscal year. Gross profit increased in 2009 to $2.73 million compared to gross profit of $1.88 million for 2008. The net loss for fiscal year end 2009 was $609,384 compared to a 2008 net loss of $368,290.

The Black Oil Division revenue for the fiscal year ended December 31, 2009 was $22.2 million as compared to $45.1 million during the same period in 2008. Despite the drop in revenue, gross profit in the Black Oil Division remained relatively constant in 2009 versus 2008. Fiscal year end 2009 gross profit was $1.86 million in this division versus $1.87 million for fiscal year 2008.

The Refining & Marketing Division produced revenue of $16.5 million for the fiscal year ended December 31, 2009 versus $20.1 million of revenue during the same period in 2008. Gross profit improved in the Refining & Marketing Division from $5,891 in 2008 to $869,953 for the full year 2009. Vertex has been selling finished product from its licensed Thermal-Chemical Extraction Process, a business initiative within the Refining & Marketing Division since July of 2009.

“Fiscal year 2009 was a challenging year in many respects,” said Mr. Cowart. “The poor overall economy and rapid decline in oil related prices resulted in additional business complexity for us during a period where we became a public company and launched a new technology. I was very pleased with our ability to improve overall gross margins in light of the tremendous drop in prices that our industry faced. However, I was disappointed with the increased net loss we experienced, though it was not entirely unexpected given the additional administrative costs associated with the merger and the increased expenses required to operate as a public company. I believe that we can continue to improve both gross and net margins in the coming years through growth in our Refining and Marketing Division and through increased production from our TCEP process,” concluded Mr. Cowart.

CONFERENCE CALL

As previously announced, Vertex Energy, Inc. will host a conference call today, Tuesday, March 30, 2010, at 3:15 p.m. Central Time (4:15 p.m. Eastern Time). In order to participate in the call, please dial [phone] (Conference ID: 150479), or if outside the U.S., [phone]. A webcast of the conference call will be available on the Vertex website at www.vertexenergy.com. A webcast replay will be available on the Company's website through April 30, 2010.