Business
Bri-Chem Announces 2022 First Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - May 16, 2022) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem...
About this update from Bri-chem Corp.
[{"type":"text","content":"Bri-Chem Announces 2022 First Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - May 16, 2022) - Bri-Chem Corp. (TSX: BRY) (\"Bri-Chem\" or \"Company\"), a North American oilfield chemical distribution and blending company, is pleased to announce its 2022 first quarter financial results.   Three months ended          March 31 Change (in '000s except per share amounts) 2022 2021 $ %  Financial performance         Sales $23,536 $11,490 $12,046 105% Adjusted EBITDA(1) 2,442 851 1,591 187% As a % of revenue 10% 7%     Adjusted operating earnings 3,045 559 2,486 445% Adjusted net earnings (1) 1,671 154 1,517 985% Net earnings  $7,772 $141 $7,631 5412%  Diluted per share         Adjusted EBITDA  $0.09 $0.03 $0.06 208% Adjusted net earnings   $0.06 $0.01 $0.05 532% Net earnings $0.29 $0.01 $0.28 2837%  Financial position         Total assets $58,375 $27,737 $30,638 110% Working capital 6,581 9,888 (3,307) (33%) Long-term debt 6,621 7,216 (595) (8%) Shareholders equity $19,157 $10,529 $8,628 82%   Key Q1 2022 highlights include:Consolidated sales for the three months ended March 31, 2022 were $23.5 million, an increase of 105% compared to the same period last year due to stronger performance in the fluids distribution divisions in Canada and the United States as the industry is facing a significant resurgence following the easing of global economic restrictions that were in place due to the coronavirus (\"COVID-19\") health pandemic, as well as continued supply constraints.Adjusted EBITDA for the first quarter 2022 was $2.4 million versus $851 thousand in Q1 2021, representing a 187% increase year over year. The increase is primarily related to increased sales over the prior year as well as an increase in consolidated gross margin as a percentage of sales. Adjusted operating earnings was $3 million for the three months ended March 31, 2022 compared to operating earnings of $559 thousand in the prior year comparable quarter, representing a 445% increase. Net earnings per diluted share for the three months ended March 31, 2022 was $0.29 per share compared to $0.01 per diluted share for same period last year. Net earnings increased in the first quarter of 2022 due to a significant resur...