Business
Bri-Chem Announces 2023 Second Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - August 14, 2023) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem...
About this update from Bri-chem Corp.
[{"type":"text","content":"Bri-Chem Announces 2023 Second Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - August 14, 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 second quarter financial results.   Three months ended        Six months ended     (in '000s except per   June 30 Change    June 30 Change share amounts) 2023 2022 $ % 2023 2022 $ %  Financial performance                 Sales $25,229 $25,469 $(240) (1%) $52,430 $49,005 $3,425 7% Adjusted EBITDA(1) 1,972 1,782 190 11% 3,587 4,224 (637) (15%) As a % of revenue 8% 7%     7% 9%     Operating earnings 1,216 1,690 (474) (28%) 2,513 4,735 (2,223) (47%) Adjusted net earnings (1) 714 886 (172) (19%) 1,105 2,558 (1,453) (57%) Net earnings  $553 $341 $212 62% $818 $8,113 $(7,295) (90%)  Diluted per share                 Adjusted EBITDA (1) $0.07 $0.07 $- 0% $0.14 $0.16 $(0.02) (13%) Adjusted net earnings  (1) $0.03 $0.04 $(0.01) (27%) $0.04 $0.10 $(0.06) (62%) Net earnings $0.02 $0.01 $0.01 70% $0.03 $0.31 $(0.28) (91%)  Financial position                  Total assets          $72,588 $65,696 $6,892 10% Working capital          15,940 13,218 2,722 21% Long-term debt          6,827 5,100 1,727 34% Shareholders equity          $22,517 $20,280 $2,237 11%​  (1) Non-GAAP financial measure. Refer to \"Non-GAAP Financial Measures\" in this press release.Key Q2 2023 highlights include:Consolidated sales for the three months ended June 30, 2023 were consistent quarter over quarter as the Company maintained its market share in all relevant markets. Year to date sales is higher due to an increase in production chemical toll blending revenue and increased cementing work being conducted in the California region.Consolidated gross margin for the three months ended June 30, 2023 decreased by $162 thousand compared to the same period last year. The gross margin dollars decrease is primarily related to an unfavorable change in sales mix when compared...