Bri-Chem Corp. announces second quarter 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, steel products and services, today announced its financial results for\nthe second quarter ended June 30, 2009. During the quarter, Bri-Chem's revenue\nwas down nominally (5.1%) as compared to the same period last year while\nrecording a diluted loss of ($0.06) per share. A complete copy of Bri-Chem's\nreport is available on the Internet at www.sedar.com.\n\n\nConsolidated revenues were $10,118,467 for the second quarter of 2009, a\ndecrease of 5.1% when compared to $10,658,262 from the same period last year.\nNet loss from operations for the three months ended June 30, 2009 is $847,643\nor ($0.06) diluted loss per share compared to earnings of $103,706 from the\nsame period last year. Earnings before interest, taxes, depreciation and\namortization (EBITDA) is ($296,383), a decrease of $998,845 or 142.2% compared\nto the same period last year.\n\n\nNet earnings from operations for the six months ended June 30, 2009 are\n$12,340 or $0.00 diluted earnings per share a decrease of 99.0% when compared\nto $1,368,481 from the same period last year. Earnings before interest, taxes,\ndepreciation and amortization for the same period are $2,110,156 a decrease of\n$1,168,421 or 35.6% compared to the same period last year. Consolidated\nrevenues were $40,455,569, an increase of 23.1% when compared to $32,858,795\nfrom the same period in 2008.\n\n\nThe decline in Company revenues and operating performance is the result\nof the dramatic decrease in oil and natural gas drilling activity and the\nNorth American overstock of steel products. During the second quarter,\ndrilling activity, based on drilling operating days, was down 38.5% and 42.8%\nrespectively for the three and six months ended June 30, 2009 compared to the\nsame periods of 2008. Drilling rig utilization rates experienced a decline of\n8.0% with average rig utilization of 10.7% for the three months ended June 30,\n2009 compared to 18.7% for the same period of 2008. For the six months ended\nJune 30, 2009 average rig utilization was 23.9% a decline of 13.6% compared to\nthe same period in 2008.\n\n\nOutlook\n\n\nBri-Chem continued to have increased sales growth...

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