Business
Bri-Chem Announces 2023 First Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - May 15, 2023) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" o...
About this update from Bri-chem Corp.
[{"type":"text","content":"Bri-Chem Announces 2023 First Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - May 15, 2023) - Bri-Chem Corp. (TSX: BRY) (\"Bri-Chem\" or \"Company\"), a leading North American oilfield chemical distribution and blending company, is pleased to announce its 2023 first quarter financial results.   Three months endedMarch 31       Change (in '000s except per share amounts) 2023 2022 $ % Financial performance         Sales $27,201 $23,536 $3,665 16% Adjusted EBITDA(1) 1,615 2,442 (826) (34%) As a % of revenue 6% 10%     Operating earnings 1,296 3,045 (1,749) (57%) Adjusted net earnings (1) 391 1,671 (1,281) (77%) Net earnings  $265 $7,772 $(7,507) (97%) Diluted per share         Adjusted EBITDA (1) $0.06 $0.09 $(0.03) (33%) Adjusted net earnings  (1) $0.01 $0.06 $(0.05) (79%) Net earnings $0.01 $0.29 $(0.28) (95%) Financial position         Total assets $75,651 $58,375 $17,276 30% Working capital 15,676 6,581 9,096 138% Long-term debt 6,869 6,621 248 4% Shareholders equity $22,610 $19,157 $3,454 18%  (1) Non-GAAP financial measure. Refer to \"Non-GAAP Financial Measures\" in this press release.Key Q1 2023 highlights include:Consolidated sales for the three months ended March 31, 2023 were $27.2 million, an increase of 16% compared to the same period last year due to management's efforts to maintain or increase its market share in the fluids distribution division in the United States as the industry is facing renewed competition due to the considerable demand for petroleum products in the post COVID era. Consolidated gross margin for the three months ended March 31, 2023 decreased by $1.3 million compared to the same period last year. The decrease in gross margin dollars primary is related to the $893k asset impairment reversal realized in Q1 2022 which raised consolidated margins by approximately 5.1% in Q1 2022.Adjusted EBITDA for the first quarter 2023 was $1.6 million compared to $2.4 million in Q1 2022, representing a 34% decrease year over year as a percentage of revenue and operating earnings was $1.3 million for the three months ended March 31, 2023 compared to operating earnings of $3.0 million the prior year comparable quarter, representing a 57% decrease. The decrease is mainly due to a $893k impairment rev...