Used oil re-refiner Heritage-Crystal Clean, last Tuesday announced results for the fourth quarter of fiscal 2013 and for the full fiscal year, which ended December 28, 2013. Revenues for the quarter increased 18.5%, to $92.0 million, compared to $77.6 million in the fourth quarter of fiscal 2012. For fiscal 2013, revenues increased 12.1% to $283.1 million, compared to $252.5 million in fiscal 2012. This increase was due to organic growth and acquisitions in the Environmental Services segment and the expansion of the company's re-refining capacity in the Oil Business segment.

Net income was $2.674 million in the fourth quarter of fiscal 2013, compared to a loss of $0.268 million in the fourth quarter of fiscal 2012. Net income was $4.645 million for fiscal 2013, compared to $2.254 in fiscal 2012.

Heritage-Crystal Clean's Oil Business segment, which includes used oil collection and re-refining activities, during the fourth quarter of fiscal 2013, revenues increased 26.5%, to $42.0 million from $33.2 million in the fourth quarter of fiscal 2012, reflecting increased volume of sales at the company's used oil re-refinery in Indianapolis compared to the fourth quarter of fiscal 2012. During fiscal 2013, Oil Business revenues increased $12.5 million, or 11.0%.

The company's Environmental Services segment, which includes parts cleaning, containerized waste, vacuum services, and antifreeze recycling, during the fourth quarter, revenues increased $5.5 million, or 12.4% compared to the fourth quarter of fiscal 2012. During fiscal 2013, Environmental Services segment revenues increased $18.1 million, or 13.0% when compared to fiscal 2012.

As a result of completion of the first phase of Heritage-Crystal Clean's current expansion project, the annual nameplate capacity of the company's used oil re-refinery during the fourth quarter was approximately 60 million gallons. During the fourth quarter of fiscal 2013, Heritage-Crystal Clean produced base oil at a rate of 94% of the new nameplate capacity of the re-refinery.

The Company's Founder, President, and Chief Executive Officer, Joe Chalhoub, commented, " Although we faced unfavorable market conditions for Group II base oil, we were able to show improved profitability in our Oil Business segment during the second half of 2013. The improvement in our Oil Business was driven primarily by the increase in the annual capacity of our re-refinery from our original nameplate capacity of 50 million gallons to approximately 60 million gallons."

Separately, FUCHS PETROLUB SE reported that 2013 fourth quarter sales revenues rose to EUR 1,831.6 million with earnings also up again. In organic terms, sales revenues rose 4.0% in the financial year. Taking into account currency effects a growth of 0.7% was recorded. Earnings before interest and tax (EBIT) and profit after tax both recorded above-average growth. EBIT rose 6.6% to EUR 312.3 million, while profit after tax increased 5.6% to EUR 218.6 million.

Based on forecasts predicting higher growth of the global economy for 2014 compared to 2013, FUCHS anticipates further increases in both, sales revenues and earnings.

FUCHS' complete financial statements for 2013 will be published on March 20, 2014 and presented during the balance sheet press conference.