Bri-Chem Corp. announces Q3 results

About this update from Bri-chem Corp.

[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, Dec. 1 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Venture\nExchange: BRY) a leading Canadian wholesale distributor of industrial drilling\nfluids, steel products and services, today announced its financial results for\nthe third quarter ended September 30, 2008. During the quarter, Bri-Chem's\nrevenue improved by 70.4% while net earnings increased 60.3% over the same\nperiod last year. A complete copy of Bri-Chem's report is available on the\nInternet at www.sedar.com\n\n\nThe third quarter 2008 results reflect Bri-Chem's continued growth in\nmarket size over the last year as consolidated revenues were $32,184,454 for\nthe third quarter of 2008, an increase of 70.4% when compared to $18,889,017\nfrom the same period last year. Net earnings from operations for the three\nmonths ended September 30, 2008 is $1,883,421 or $0.14 diluted earnings per\nshare an increase of 60.3% when compared to earnings of $1,174,774 from the\nsame period last year. Earnings before interest, taxes, depreciation and\namortization (EBITDA) is $3,521,248, an increase of $1,682,954 or 91.6%\ncompared to the same period last year.\n\n\nNet earnings from operations for the nine months ended September 30, 2008\nare $3,251,902 or $0.25 diluted earnings per share an increase of 64.8% when\ncompared to $1,973,488 from the same period last year. Earnings before\ninterest, taxes, depreciation and amortization for the same period are\n$6,799,825 an increase of $3,311,815 or 94.9% compared to the same period last\nyear. Consolidated revenues were $65,043,249, an increase of 70.4% when\ncompared to $38,161,114 from the same period in 2007.\n\n\nDuring the third quarter the Company acquired Weifang Steel Canada Ltd.\n("Weifang"), a master wholesale distributor of steel tubular, casing and other\nsteel products to the resource and construction industries. The acquisition of\nWeifang, in August 2008, contributed one month of sales activity for the\nquarter. The Weifang acquisition diversifies Bri-Chem's product distribution\nand is anticipated to provide strong revenue growth in the future.\n\n\nBri-Chem's operating performance remains strong, despite drilling\nactivity, based on drilling operating days, being down 8.9% for the nine\nmonths ended September 30, 2008 compared to the sam...

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