NEW ORLEANS, Mar. 30, 2012 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq: WWAY) today reported an increase in consolidated Adjusted EBITDA for the year of 2011 to $48.4 million, up $3.3 million or 7% from the 2010 results. The Company also recognized consolidated net income for the year of 2011 of $5.1 million compared to $5.7 million for 2010.

Consolidated income before income tax provision and equity in loss of unconsolidated subsidiary in 2011 totaled $13.2 million compared to $9.8 million in 2010. The Company recorded a tax expense in 2011 of $7.5 million compared to $3.7 million in 2010. The change in our income tax provision was primarily due to an increase in U.S pre-tax income and an increase in U.S. tax on foreign earnings.

The following is a discussion of results for 2011 compared to results for 2010:

• Consolidated net revenue increased $64.8 million or 19% to $407.4 million as compared to $342.7 million in the year of 2010.

• Consolidated Adjusted EBITDA increased $3.3 million to $48.4 million in 2011, which was primarily due to higher liquid feed sales and dollar gross profit as the total tonnage increased 212,000 tons or 13% compared to 2010.

• Consolidated net income for 2011 included a non-cash goodwill impairment charge of $3.1 million reflecting changes in future income expectations from three terminal sites-one in the U.S. and two in Europe.

• In the liquid feed supplements business, 2011 net revenue totaled $318.4 million, an increase of $64.4 million or 25%, over the year of 2010. Volume for the year of 2011 increased 13% to 1.8 million tons compared to 1.6 million tons for the same period in 2010.

• In the bulk liquid storage business, 2011 net revenue totaled $89.0 million, an increase of $395,000 over the year of 2010. Our total bulk liquid storage capacity (net of disposals and not including construction in progress) increased to 363 million gallons at the end of the fourth quarter 2011 as a result of recent expansions in Houston 2 and Amsterdam.

Fourth Quarter 2011 Highlights:

At our Amsterdam, Netherlands terminal, four new tanks totaling 1.9 million gallons were placed in service since January 1, 2012, representing completion of a nine-tank expansion project started during 2011.

The consolidated results for the fourth quarter of 2011 are compared to the results for the same period in 2010:

• Consolidated net revenue increased $20.9 million or 22% to $117.2 million as compared to $96.3 million in the fourth quarter of 2010.

• Consolidated Adjusted EBITDA was $13.7 million compared to $14.8 million, a decrease of $1.1 million or 8%.

• Consolidated net income (loss) reflected a loss of $1.8 million as compared to income of $1.9 million for the fourth quarter of 2010. Consolidated net income included a charge of $3.1 million for goodwill impairment as well as an increase in taxes as explained above.

• In the liquid feed supplements business, net revenue totaled $94.9 million, an increase of $21.7 million or 30%, over the fourth quarter of 2010. Volume for the fourth quarter of 2011 increased 12% to 528,000 tons compared to 471,000 tons for the same period in 2010.

• In the bulk liquid storage business, net revenue totaled $22.3 million, a decrease of $768,000 or 3%, from the fourth quarter of 2010. Our total bulk liquid storage capacity (net of disposals and not including construction in progress) increased to 363 million gallons at the end of the fourth quarter 2011 as a result of recent expansion in Houston 2 and Amsterdam.

Net income differs from Adjusted EBITDA primarily due to certain non-cash expenses, which have been excluded from Adjusted EBITDA (see the reconciliation below). Adjusted EBITDA is presented in this release because it is an important supplemental measure of our performance used by management in the evaluation of the performance of the Company. EBITDA-based measures are frequently used by securities analysts, investors and other interested parties in the evaluation of businesses.

Note 1- Adjusted EBITDA, as used herein, is defined as net income plus interest expense net of interest income, income tax provision, depreciation and amortization, founder warrant expense, goodwill impairment, stock compensation expense, and net loss on disposal of plant, property, and equipment. Adjusted EBITDA is not a U.S. generally accepted accounting principle ("GAAP") measure of performance or liquidity. Other companies may calculate Adjusted EBITDA differently. Our Adjusted EBITDA numbers, as well as other information in this press release, should be read in conjunction with our 10-K filed today.

Forward-Looking Statements.  This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "will," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions.  We have based our forward-looking statements on our current expectations and projections about future events.  Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.  Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our Form 10-K filed today, and other SEC filings.

About Westway Group, Inc.  Westway Group, Inc. ("Westway") is a leading provider of bulk liquid storage and related value-added services and a leading manufacturer and distributor of liquid animal feed supplements.

CONTACT: Thomas A. Masilla, Jr., Chief Financial Officer of Westway Group, Inc., +1-504-636-4245