Vertex Energy Reports a 53% Increase in Gross Profit for Third Quarter 2013 Compared to Third Quarter 2012
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.”
Companies of Interest:
|Companies of Interest included in
this publication are derived from the numerous sources and screens we use
on a routine basis to select our focus companies featured in our monthly
newsletter the Emerging Growth News. While we have only
briefly reviewed these companies, something caught our attention and in
our opinion the company warrants further inspection.
|Abraxas Petroleum Corp. (AXAS:NASDAQ) $3.17 11/7/2013
The company is an independent energy company that engages in the acquisition, exploitation, development, and production of oil and gas in the United States and Canada. Sales were up 69% and the company posted a profit versus a loss over the same period last year (as reported in the most recent quarter), trading at 9.04 times forward earnings, 3.70 times sales, 5.22 times book, $292.32 million market cap., $400.84 million enterprise value.
|Infosonics Corp. (IFON:NASDAQ) $0.90 11/7/2013
The company designs, develops, manufactures, and sells wireless telecommunication products and accessories to wireless carriers, distributors, retailers, dealer agents, resellers, and original equipment manufacturers. Sales were up 84% and the company posted a profit versus a loss over the same period last year (as reported in the most recent quarter), trading at 0.43 times sales, 0.79 times book, $12.77 million market cap., $10.87 million enterprise value.
|Graham Corp. (GHM:NYSE MKT) $28.00 6/3/2013
The company designs, manufactures, and sells custom-built vacuum and heat transfer equipment to customers worldwide. Sales were up 53% and earnings were up 413% over the same period last year (as reported in the most recent quarter), trading at 25.23 times trailing earnings, 18.3 times forward earnings, 1.33 PEG ratio, 2.67 times sales, 3.01 times book, $5.17 per share in cash, $280 million market cap., $228 million enterprise value.
|Insignia Systems, Inc. (ISIG:NASDAQ) $2.00 5/1/2013
The company markets in-store advertising products, programs, and services to consumer packaged goods manufacturers and retailers in the United States and internationally. Sales were up 85% and the company posted a profit versus a loss over the same period last year (as reported in the most recent quarter), trading at 1.35 times sales, 1.03 times book, $1.49 per share in cash, $27.3 million market cap., $6.9 million enterprise value.
|Cirrus Logic, Inc. (CRUS:NASDAQ) $19.62 4/25/2013
The company a fabless semiconductor company, develops signal processing integrated circuits (ICs) for audio and energy markets. Sales were up 87% and earnings were up 64% over the same period last year (as reported in the most recent quarter), trading at 8.39 times trailing earnings, 6.56 times forward earnings, 0.29 PEG ratio 1.77 times sales, 2.28 times book, $2.30 per share in cash, $1.26 billion market cap., $996 million enterprise value.
|Charles & Colvard, Ltd. (CTHR:NASDAQ) $4.00 4/25/2013
The company manufactures, markets, and distributes moissanite jewels and finished jewelry featuring moissanite worldwide. Sales were up 56% and the company posted a profit versus a loss over the same period last year (as reported in the most recent quarter), trading at 18.18 times trailing earnings, 3.5 times sales, 1.39 times book, $0.63 per share in cash, $79 million market cap., $66 million enterprise value.
|OmniVision Technologies, Inc. (OVTI:NASDAQ) $15.41 2/28/2013
The company engages in designing, developing, and marketing semiconductor image-sensor devices worldwide. Sales were up 129% and earnings were up 300% over the same period last year (as reported in the most recent quarter), trading at 53.51 times trailing earnings, 9.76 times forward earnings, 0.79 times sales, 1.04 times book, $2.60 per share in cash, $830.26 million market cap., $743.84 million enterprise value.
|Tangoe, Inc. (TNGX:NASDAQ) $16.06 2/13/2013
The company provides communications lifecycle management software and services primarily to large and medium-sized businesses, and other organizations worldwide. Sales were up 113% and earnings were up 50% over the same period last year (as reported in the most recent quarter), trading at 292 times trailing earnings, 25.09 times forward earnings, 4.35 times sales, 4.11 times book, $1.47 per share in cash, $608 million market cap., $581 million enterprise value.
|Chase Corporation (CCF:NYSE) $18.46 1/10/2013
The company engages in the manufacture and sale of protective materials for various applications in the United States and internationally. Sales were up 50% and earnings were up 66% over the same period last year (as reported in the most recent quarter), trading at 17.92 times trailing earnings, 9.98 times forward earnings, 1.22 times sales, 1.69 times book, $1.67 per share in cash, $167.34 million market cap., $222.17 million enterprise value.
|WSI Industries, Inc. (WSCI:NASDAQ) $6.61 1/3/2013
The company engages in the precision contract metal machining business in the United States. Sales were up 43% and earnings were up 275% over the same period last year (as reported in the most recent quarter), trading at 12.08 times trailing earnings, 0.55 times sales, 1.54 times book, $1.00 per share in cash, $17.88 million market cap., $21.82 million enterprise value.
Under $5.00 Hitting 12 Month Highs:
Under $5.00 With Significant Insider Buying:
to Focus List Companies:
|Companies included in WSR's Focus List are
a compilation of WSR's Featured Companies and the companies included in
its model Microcap Portfolio.
Sponsors or Featured Companies:
|Black Ridge Oil & Gas, Inc.
Black Ridge Oil & Gas controls over 12,000 net acres in the Bakken and Three Forks play in western North Dakota and eastern Montana. The 2013 US Geological Survey assessment estimated that there are 3.7 billion barrels of recoverable oil in the Bakken Formation and an additional 3.7 billion barrels of recoverable oil in the Three Forks Formation. At a total of 7.4 billion recoverable barrels, this represents a twofold increase from the 2008 assessment. Together with the continued advances in horizontal drilling technology, the Bakken oil play is proving to be both high-yield and sustainable.
|Ecosphere Technologies, Inc.
Ecosphere Technologies, Inc. is a water engineering, technology licensing and innovative U.S. manufacturing company that develops environmental water treatment solutions for industrial markets throughout the world. The Company is a leader in emerging advanced oxidation processes and has an extensive portfolio of intellectual property that includes five United States patents for the Ecosphere Ozonix(R) process. The patented Ecosphere Ozonix(R) process is a revolutionary advanced oxidation process that is currently being used by energy exploration companies to reduce costs, increase treatment efficiencies and eliminate liquid chemicals from wastewater treatment operations around the United States.
A recipient of Frost & Sullivan's 2012 North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment and chosen as a 2013 IHS CERAWeek Energy Innovation Pioneer, Ecosphere has enabled oil and gas customers to recycle and reuse over 3 billion gallons of water on approximately 700 oil and natural gas wells in major shale plays around the United States since 2008.
|EnerJex Resources, Inc.
EnerJex Resources, Inc. is a domestic onshore oil company with producing assets located in Eastern Kansas and South Texas. The Company was transformed at the beginning of 2011 through a comprehensive transaction that included a complete reconstitution of its board of directors and management team, a recapitalization of its balance sheet, and the acquisition of assets in a new core operating area.
EnerJex is focused on the acquisition and development of shallow oil properties that have low production decline rates and offer abundant drilling opportunities with low risk profiles. As of December 31, 2012, the Company had 2.9 million barrels of proved oil reserves, and it has identified hundreds of low risk development drilling locations on its existing acreage.
|FieldPoint Petroleum Corp.
The Company acquires, operates, and develops oil and gas properties located in Texas and Wyoming. FieldPoint Petroleum looks to continue expanding in Texas and Wyoming, as well as in other Rocky Mountain and mid-continent states such as Montana, North Dakota and Oklahoma.
As of January 2013, the Company has varying ownership interest in approximately 300 wells located in Oklahoma, Louisiana, New Mexico, Texas and Wyoming. FPPC oil and gas production is sold on the spot market.
The Company believes that, with operator's responsibility and authority, it is in a better position to control cost, safety, and work timelines, as well as other critical factors affecting the wells' economics.
|Gray Fox Petroleum Corp.
Gray Gox Petroleum is an oil and gas exploration and development company focused on expanding the 135+ year tradition of Western US energy production.
Gray Fox owns a 82% interest in the 32,723-acre West Ranch Prospect, which is comprised of 22 Federal leases in the Butte Valley Oil Play Region of north-central Nevada, in Elko and White Pine Counties, 50 miles north of Ely, NV. The Company's West Ranch Prospect overlies structures and reservoir horizons similar to those that have produced a combined 50+ million barrels of oil in Nevada to date.
With the West Ranch Prospect estimated to represent a total resource potential of 2 to 2.5 billion barrels of oil,1 Gray Fox is currently developing an initial exploration work program to further assess the prospect's resource and production potential. To maximize on the Company's assets, Gray Fox has assembled a core team of management and advisor professionals with oil and gas exploration and production backgrounds, as well as business building and capital raising expertise.
|Liberator Medical Holdings, Inc.
Liberator is recognized for offering a simple, reliable way to purchase medical supplies needed on a regular, ongoing, repeat-order basis, with the convenience of direct billing to Medicare and private insurance. Approximately 85% of its revenue comes from supplying products to meet the rapidly growing requirements of general medical supplies, personal mobility aids, diabetes, urological, ostomy and mastectomy patients. Liberator communicates with patients and their doctors on a regular basis regarding prescriptions and supplies. Customers may purchase by phone, mail or internet, with repeat orders confirmed with the customer and shipped when needed.
Mimvi is a pure-play search engine and recommendation technology company for Mobile Apps. It's (patent pending) proprietary search and “intelligent” recommendation algorithms enable the search and discovery of Mobile Apps, Mobile Content and Mobile Products across multiple devices and platforms, including: the Iphone,k Google Android, BlackBerry and Web Apps.
|Panache Beverages, Inc.
Panache Beverage, Inc. is an alcoholic beverage company specializing in the development and global sales and marketing of spirits brands. The Panache
portfolio contains three brands, Wodka Vodka, Alchemia Vodka and Alibi Bourbon.
Panache holds a “build and exit” mentality – its expertise lies in the strategic development and early growth of its brands establishing the Company's assets as viable acquisition candidates for the major global spirits companies including Diageo, Bacardi, Future Brands, Pernod Ricard and Moet Hennessey. The goal is to sell brands individually as they mature while continuing to pipeline new brands in to the Panache portfolio.
|Stratex Oil & Gas, Inc.
Stratex is an independent energy company focused on the exploration, acquisition, and production of crude oil in the Bakken and Three Forks formations in North Dakota and Montana. It's oil and natural gas operations are primarily concentrated in two Rocky Mountain basins, the Williston Basin of North Dakota and Montana, and the Green River Basin of Wyoming. Stratex's corporate strategy is to internally identify prospects, acquire lands encompassing those prospects, and evaluate those prospects using subsurface geology, geophysical data, and exploratory drilling. Using this strategy, Stratex has developed an oil portfolio of proven reserves, as well as development and exploratory drilling opportunities on high potential oil prospects.
Stratex's core operating areas are the Williston Basin in North Dakota and Montana, and the and the Denver-Julesburg Basin in Colorado. In the Williston Basin, Stratex focuses on oil production from multiple zones including the Bakken Shale and Three Forks Sanish Formations. In the Denver-Julesberg Basin Stratex focuses on the Niobrara Formations.
Stratex engages geologists, petroleum engineers, and geophysicists with years of relevant industry experience in the basins where the Company operates. Stratex strives to retain operations on its lands wherever possible in order to control the timing of the development of its leasehold.
|Water Technologies Intl., Inc.
Water Technologies International, Inc., (WTII) is in the business of designing, manufacturing and distributing Atmospheric Water Generators (AWGs) and related products through its subsidiaries Aqua Pure International, Inc. and GR8 Water, Inc. The Company has patent pending products in water generation, air filtration, water filtration and dehumidification. WTII sells and distributes home, office and commercial AWGs units that produce drinking water, ranging from seven gallons to several thousands of gallons per day by extracting water from the air.
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