The Company also recognized consolidated net income for the three months ended June 30, 2011 of $1.7 million, or $0.01 per share of common stock, compared to a loss of $1.3 million for the corresponding period of 2010, or ($0.09) per share of common stock.

For the six months ended June 30, 2011, the Company reported consolidated Adjusted EBITDA of $22.2 million compared to $21.7 million for the corresponding period of 2010, an increase of $538,000. The Company also recognized consolidated net income for the six months ended June 30, 2011 of $3.9 million, or $0.03 per share of common stock, compared to $2.9 million for the corresponding period of 2010, or $0.01 per share of common stock.

James Jenkins, Chief Executive Officer of the Company, stated, “We are very pleased with the overall improvement in our results and the solid contributions made by each of our operating companies. Our liquid feed business continued to achieve higher sales volume in the second quarter by providing our customers with products that meet their price points and business needs in a rapidly changing market environment.

“In our terminal business, global demand has generally remained strong, notably in Houston and the United Kingdom. We do recognize softness in certain markets due to various local issues, including volatility in oil industry pricing and renewable energy subsidies. This has led to localized disruptions in the demand for storage. We believe, however, that the overall state of the storage market remains healthy and that the disruptions in demand are expected to correct as the oil markets stabilize.   

“Our current expansion projects are progressing timely and on budget, and they are expected to produce revenue streams in the latter part of 2011. Three of the nine tanks under construction at our Amsterdam, Netherlands terminal have been completed, leased, and are producing revenue in the third quarter 2011. Our Houston terminals are continuing to experience strong customer demand–four of the tanks in this expansion project have already been pre-leased, although they are still under construction.”

Second Quarter 2011 Terminal Highlights:

– Our Terminal Company signed a Lease Conditions Agreement with Valero Refining Texas, L.P. in June 2011 that gives us the right, subject to certain conditions outlined in the agreement, to lease approximately 5.68 acres of land adjacent to our Houston 1 terminal for up to 30 years and to purchase three tanks totaling 3.2 million gallons of capacity as well as certain associated dock lines and dock assets. This additional acreage would provide the Terminal Company with the opportunity to construct up to 20 million gallons of additional storage capacity. 

– As part of our terminal business strategy to increase capacity and service offerings in key markets, we began several construction projects in 2010 and the first half of 2011 which will add 10.5 million gallons of capacity to our Houston terminals and 4.2 million gallons of capacity at our Amsterdam, Netherlands terminal. All of these projects are currently on budget and scheduled for completion in the latter half of 2011. 

– Our Terminal Company received the Safety Improvement Award from the International Liquid Terminals Association (ILTA) in June 2011. This award is reflective of the commitment, dedication, and collaborative effort of our employees to the continual improvement of our health, safety, environmental and security performance.