Business
BRI-CHEM CORP. ANNOUNCES SECOND QUARTER RESULTS
BRI-CHEM CORP. ANNOUNCES SECOND QUARTER RESULTS
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\n Aug. 30, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nTSX Venture Exchange Symbol "BRY"\n\nEDMONTON, Aug. 30 /CNW/ - Bri-Chem Corp. ("Bri-Chem" or the "Company") (TSX Venture Exchange: BRY) a leading Canadian wholesale distributor of oil & gas drilling fluids, steel pipe and piping products announced today its results for the second quarter ended June 30, 2010. As in the past, the oil and gas industry experiences lower drilling activity during the spring break up period, however, the second quarter of 2010 saw an 8.7% increase in drilling rig utilization rates compared to the second quarter of 2009. Despite the modest increase in drilling activity, Bri-Chem continued its strong improvement with a 119% increase in revenue over the comparable quarter in 2009.\nConsolidated revenues were $22,193,633 for the second quarter of 2010 as compared to $10,118,467, an increase of 119.3% over the second quarter of 2009. Net earnings increased by 104.9% to $41,921 or $0.00 diluted earnings per share as compared to a loss of $(847,643) or $(0.06) diluted loss per share from the same period last year. Earnings before interest, taxes, amortization, and stock-based compensation ("EBITDAC") was $712,391 or $0.05 per share for the three months ended June 30, 2010, an increase of $964,251 or 382.9% compared to the same period last year.\nConsolidated revenues for the six months ended June 30, 2010 were $66,158,459, an increase of 63.5% when compared to $40,455,569 from the same period in 2009. Net earnings from operations for the six months ended June 30, 2010 are $2,580,769 or $0.18 diluted earnings per share compared to $12,340 or $0.00 diluted earnings per share for the same period last year. EBITDAC was $4,938,783 or $0.36 per share, an increase of $2,739,805 or 124.6% compared to the same period last year.\nThe fluids division had sales of $14,484,918 and $47,606,990, increases of 110.9% and 106.4%...