NEW ORLEANS, Nov. 10, 2011 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway" or the "Company") announced today that its subsidiary Westway Terminal Company LLC is in the process of further expanding both of its Houston, Texas bulk liquid storage terminals—Houston 1 and Houston 2.
At our Houston 1 facility, we will be constructing six new 1 million gallon tanks, three new dock lines as well as the associated inbound and outbound marine and land traffic infrastructure. This project is Phase 7 of the Houston 1 expansion program which will maximize utilization of our land bank and improve the economic efficiencies of this site. The Houston 1 facility has been at or near 100% utilization, with demand for storage exceeding the phased expansion program that we have undertaken.
Concurrently with the work at Houston 1, we will be constructing four new 630 thousand gallon tanks at the Houston 2 facility-- which will be Phase 6 in this expansion program. The Houston 2 facility is near 100% utilization, as the demand for non-fuel product storage continues to be strong in this market.
Concurrent construction management at the Houston 1 and Houston 2 facilities will expedite our time-to-market. Upon completion of these expansions at Houston 1 and Houston 2, Westway will have achieved capacity in this important geographic storage hub totaling approximately 113 million gallons.
Commenting on these projects, Gene McClain, President of Westway Terminal Company LLC, stated that, "These expansions will allow Westway to satisfy the growing demand for storage in the robust Houston market. Our continued infill of storage capacity at Houston 1 and Houston 2 will help Westway maintain its position as the leading non-hazardous storage provider in the region."
James B. Jenkins, Chief Executive Officer of Westway Group, Inc., commented that, "Westway is continuing to make significant strategic capital investments in the expansion of our terminal operations, which will better serve our growing customer base and contribute to the Company's long-term core earning capacity. We are proud of the many accomplishments of our Westway team, their dedication to profitable growth of our Company, and the building of a global Westway brand."
2011 Third Quarter Results Conference Call
The Company plans to release its results for the three and nine months ended September 30, 2011 after the market closes on Monday, November 14, 2011. The Company has scheduled a conference call following this earnings release on Tuesday, November 15, 2011, at 10:00 a.m., Central Time, 11:00 a.m., Eastern Time. During the call, the Company's Chief Executive Officer, James Jenkins, and Chief Financial Officer, Thomas Masilla, will discuss Westway's financial results. Financial information referenced during the conference call will be posted to the "Investor Relations" section of the Company's website, http://www.westway.com.
To participate in the conference call, dial (877) 312-9404 or (408) 774-4004 (international) and provide conference identification code 25262240. The Company intends to have a playback available for seven days following the conference call, which may be accessed by calling (855) 859-2056 or (404) 537-3406 and providing conference identification code 25262240. Thereafter, a playback will be available on the Company's website at http://www.westway.com for three months following the conference call.
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. Important factors that might cause or contribute to such a discrepancy include possible delays in construction or changes in plans due to adverse weather conditions, permitting issues, disputes with contractors, environmental issues, or labor disputes, as well as those described in our Form 10-Q filed August 15, 2011, our Form 10-K filed on March 31, 2011, 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.
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