First quarter of 2010, highlights:
– Completed a 5.6 million gallon expansion of our Port Allen terminal located adjacent to Baton Rouge, Louisiana, which will go into service during the second quarter of 2010.
– Experienced first full quarter results of our Cincinnati facility and our Grays Harbor, Washington facility.

Peter Harding, CEO, stated, “We are pleased with the overall results of Westway in the first quarter of 2010. During this period, we have seen the benefits of our investments in 2009 in greenfield expansions and acquisitions that are reflective of the vision and opportunities we expect for our company. We have grown in both footprint and performance. Evidencing these achievements are a 34% increase in Adjusted EBITDA and an increase of 22.5% in storage capacity, respectively, over the same period in 2009. As a whole, we are excited about the first quarter results, which we believe are demonstrative of management’s commitment to improving long-term performance and shareholder value.”

Bulk Liquid Storage

First quarter of 2010, revenues increased $4.9 million to $22.9 million, up 27% as compared to the pro forma results for the three months ended March 31, 2009. This improvement is primarily attributable to the acquisition of our Cincinnati Terminal in mid-October 2009, the expansion of our Houston facility during 2009, and the completion of our Gray’s Harbor Washington facility, which began operations in December 2009.
Adjusted Gross Profit increased $3.8 million to $14.0 million, up 37%.
Adjusted Gross Profit Margin increased from 56.7% to 61.1%.
The contribution to Adjusted EBITDA from bulk liquid storage increased $4.6 million to $12.0 million, up 63% compared to the prior year pro forma first quarter results.