Vertex Energy, Inc., a refiner and marketer of high-quality specialty hydrocarbon products, announced last Wednesday its financial results for the fourth quarter and year ended December 31, 2016.

Revenues for the fourth quarter of 2016 were $31.1 million, a 49% improvement from a year ago. Gross profit was $5.3 million, a 1,301% increase from a year ago. Gross profit margin was 17%, up from 2% during the same period a year ago.

For the full-year, revenue was $98.1 million, compared to $146.9 million a year ago. Gross profit for the year was $16.3 million, compared to $10.7 million for 2015. Gross profit margin was 17%, compared to 7% for 2015.

Benjamin P. Cowart, Chairman and CEO of Vertex Energy, Inc., commented, "During 2016, we took steps to stabilize our business and create a business model with the ability to manage spreads in any crude oil environment. Some of those steps included selling our Nevada facility, using some of the cash proceeds to reduce debt, and leading the initiative in charging for oil - a positive for the company and industry. With the improvements made at our facilities during 2016, we anticipate increased volume through our facilities during 2017."

Mr. Cowart added: "On February 1st of this year, we took another major step to clean up our balance sheet through our entry into a $30 million Senior Secured debt funding agreement with Encina Business Credit, LLC (EBC). With this funding, we were able to complete the acquisition of a strategic collection company in Louisiana. We remain committed to increasing our collection operations and working on our finished products strategy. We embrace 2017 with unwavering dedication and confidence in the company's future."

Divisional financial highlights for the fourth quarter ended December 31, 2016
- Black Oil division, which includes the company's Thermal Chemical Extraction Process (TCEP), and its Marrero and Heartland business units, is a collector, aggregator, logistics manager, and re-refiner of used motor oil - posted revenue of $23.8 million, compared to $17 million a year ago, gross profit of $4.6 million and a 2,037% improvement from the same period a year ago.

Refining and Marketing, which produces three distinct products from distressed hydrocarbon streams posted revenue of $3.2 million, compared to $2.7 million a year ago and gross profit which decreased 34%, compared to the same period a year ago.

Vertex Recovery, which is responsible for the proper recycling management of used oil and used oil-related products posted revenue of $4.1 million, an increase of 249% from the same period a year ago and gross profit which increased 94% from a year ago.

Vertex Energy's business divisions include aggregation and transportation of refinery feedstocks such as used motor oil and other petroleum and chemical co-products to produce and commercialize a broad range of high purity intermediate and finished products such as fuel oils, marine grade distillates and high purity base oils used for lubrication. Vertex Energy employs a regional model with strategic hubs located in key geographic areas in the United States. Vertex Energy is headquartered in Houston, Texas and has processing operations located in Houston and Port Arthur, Texas, Marrero, Louisiana, and Columbus, Ohio.