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Bri-Chem Announces 2024 Annual and Fourth Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - March 31, 2025) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or ...
About this update from Bri-chem Corp.
[{"type":"text","content":"Bri-Chem Announces 2024 Annual and Fourth Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - March 31, 2025) - Bri-Chem Corp. (TSX: BRY) (\"Bri-Chem\" or \"Company\"), a leading North American oilfield chemical distribution and blending company, is pleased to announce its 2024 annual and fourth quarter financial results.   Three months ended     Twelve months ended       December 31 Change December 31 Change (in '000s except per share amounts) 2024 2023 $ % 2024 2023 $ % Financial performance                 Sales $20,618 $26,775 $(6,157) (23%) $83,072 $106,035 $(22,964) (22%) Adjusted EBITDA(1) (1,174) 1,938 (3,112) (161%) (323) 6,576 (6,900) (105%) As a % of revenue (6%) 7%     0% 6%     Operating (loss) / earnings (1,525) 1,034 (2,559) (248%) (816) 4,731 (5,547) (117%) Adjusted net (loss) / earnings (1) (2,222) 552 (2,774) (503%) (5,121) 1,364 (6,485) (476%) Net (loss) / earnings $(1,589) $467 $(2,056) (440%) $(3,851) $909 $(4,761) (524%) Per diluted share                 Adjusted EBITDA (1) $(0.04) $0.07 $(0.11) (151%) $(0.01) $0.25 $(0.26) (105%) Adjusted net (loss) / earnings  (1) $(0.08) $0.02 $(0.10) (481%) $(0.19) $0.05 $(0.24) (467%) Net (loss) / earnings $(0.06) $0.02 $(0.08) (455%) $(0.14) $0.03 $(0.17) (497%) Financial position                 Total assets         $58,166 $68,372 $(10,206) (15%) Working capital         4,459 15,927 (11,468) (72%) Long-term debt         - 6,731 (6,731) (100%) Shareholders equity         $19,608 $22,542 $(2,935) (13%)  (1) Non-GAAP financial measure. Refer to \"Non-GAAP Financial Measures\" in this press release.Key Q4 2024 highlights include:Consolidated sales for the three months ended December 31, 2024 were $20.6 million, which is a 23% decrease from the prior year. The decrease is primarily due to decreased US drilling activity, driven by a lower average rig count.Consolidated gross margin for the three months ended December 31, 2024 decreased by $1.6 million compared to the same period last year. The gross margin dollar decrease is primarily related to the decrease in sales in the fluid distribution division. Adju...