Business
Bri-Chem Announces 2024 Second Quarter Financial Results
Edmonton, Alberta--(Newsfile Corp. - August 14, 2024) - Bri-Chem Corp. (TSX: BRY) ("Bri-Chem" or...
About this update from Bri-chem Corp.
[{"type":"text","content":"Bri-Chem Announces 2024 Second Quarter Financial ResultsEdmonton, Alberta--(Newsfile Corp. - August 14, 2024) - 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 second quarter financial results. Three months endedSix months ended June 30ChangeJune 30Change (in '000s except per share amounts)20242023$%20242023$%  Financial performance Sales$19,106$25,229$(6,123)(24%)$40,477$52,430$(11,953)(23%) Adjusted EBITDA(1)7071,972(1,265)(64%)2643,587(3,324)(93%) As a % of revenue4%8%  1%7%   Operating earnings6201,216(596)(49%)4762,513(2,037)(81%) Adjusted net (loss) / earnings (1)(584)714(1,298)(182%)(2,351)1,105(3,456)(313%) Net (loss) / earnings$(488)$553$(1,041)(188%)$(1,994)$818$(2,812)(344%) Per diluted share            Adjusted EBITDA (1)$0.03$0.07$(0.04)(54%)$0.01$0.14$(0.13)(96%)    Adjusted net (loss) / earnings (1)$(0.02)$0.03$(0.05)(186%)$(0.09)$0.04$(0.13)(313%)    Net (loss) / earnings$(0.02)$0.02$(0.04)(192%)$(0.08)$0.03$(0.11)(357%) Financial position         Total assets    $59,191$72,588$(13,397)(18%) Working capital    14,14315,940(1,797)(11%) Long-term debt    6,6166,827(211)(3%) Shareholders equity    $21,596$22,517$(921)(4%)  (1) Non-GAAP financial measure. Refer to \"Non-GAAP Financial Measures\" in this press release.Key Q2 2024 highlights include:Consolidated sales for the three months ended June 30, 2024 were $19.1 million, which is a 24% decrease from the prior year. The decrease is due to decreased US drilling activities, driven by a lower average rig count and cementing activities.Consolidated gross margin for the three months ended June 30, 2024 decreased by $976 thousand compared to the same period last year. The gross margin dollar decrease is primarily related to the decrease in sales in the fluids distribution division. Adjusted EBITDA for the second quarter 2024 decreased by $1.3 million when compared to the same period in the prior year and operating earnings decreased by $596 thousan...