Bri-Chem Corp. announces Q2 results

About this update from Bri-chem Corp.

[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, Aug. 26 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture\nExchange: BRY) a leading Canadian wholesale distributor of industrial drilling\nfluids, products and services, today announced its financial results for the\nsecond quarter ended June 30, 2008. During the quarter, Bri-Chem's revenue\nimproved by 74% while net earnings increased 202% over the same period last\nyear. A complete copy of Bri-Chem's report is available on the Internet at\nwww.sedar.com.\n\n\nThe second quarter 2008 results reflect Bri-Chem's continued growth in\nmarket size over the last year as consolidated revenues were $10,658,262 for\nthe second quarter of 2008, an increase of 74% when compared to $6,135,841\nfrom the same period last year. Net earnings from operations for the three\nmonths ended June 30, 2008 is $103,706 or $0.01 diluted earnings per share an\nincrease of 202% when compared to a loss of $101,791 from the same period last\nyear. Earnings before interest, taxes, depreciation and amortization (EBITDA)\nis $702,462, an increase of $365,743 or 109% compared to the same period last\nyear.\n\n\nNet earnings from operations for the six months ended June 30, 2008 are\n$1,368,481 or $0.11 diluted earnings per share an increase of 71.3% when\ncompared to $798,714 from the same period last year. Earnings before interest,\ntaxes, depreciation and amortization for the same period are $3,278,577 an\nincrease of $1,628,861 or 99% compared to the same period last year.\nConsolidated revenues were $32,858,795, an increase of 70.4% when compared to\n$19,272,097 from the same period in 2007.\n\n\nBri-Chem's operating performance remains strong for this time of the\nyear, despite drilling activity, based on drilling operating days, being down\n13.9% in the first half of 2008 compared to the same period of 2007 and\ndrilling rig utilization rates declining to 56% from 61%. The overall increase\nin financial performance is due to Bri-Chem's strong customer relationships,\nstrategic geographic locations, particularly in southeastern Saskatchewan and\nincreased market share through the acquisition of Millennium in July 2007.\nBri-Chem's continued market penetration in core geographic regions of Northern\nBritish Columbia and the increased activity in southeastern Saskatchewan have\nalso...

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