Business
Bri-Chem Corp. announces solid Q4 and 2008 year end results
TSX Venture Exchange Symbol "BRY" EDMONTON, April 29 /CNW/ - Bri-Chem Corp. ("Bri-Chem") (TSX Ven...
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol "BRY"\n\n\nEDMONTON, April 29 /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 year ended December 31, 2008. During the year, Bri-Chem's revenue improved\nby 87% while net earnings increased 86.9% over last year. A complete copy of\nBri-Chem's report is available on the Internet at www.sedar.com.\n\n\nThe 2008 results reflect Bri-Chem's continued growth in market share over\nthe last year as consolidated revenues were $111,282,825 for the year ended\nDecember 31, 2008, an increase of 87%, when compared to $59,518,665 from last\nyear. Net earnings from operations for the year ended December 31, 2008 are\n$4,486,788 or $0.33 diluted earnings per share an increase of 86.9% when\ncompared to earnings of $2,400,520 or $0.19 diluted earnings per share from\nlast year. Earnings before interest, taxes, depreciation and amortization\n(EBITDA) are $9,753,585, an increase of $4,085,746 or 72.1% compared to last\nyear.\n\n\nDuring the three months ended December 31, 2008, EBITDA was $2,953,760\ncompared to $2,179,829 for the same period in 2007. Consolidated revenues were\n$46,239,576 in the fourth quarter of 2008, compared to $21,357,551, an\nincrease of $24,882,025 or 116.5%. Net earnings for the fourth quarter rose by\n189.2% to $1,234,886 or $0.09 diluted earnings per share as compared to\n$427,032 or $0.03 diluted earnings per share.\n\n\n"Q4 was an exceptional quarter for Bri-Chem as it capped off a very\nstrong finish to fiscal 2008." said Don Caron, Bri-Chem's Chairman. "Our\nrecord financial results this past year reflect Bri-Chem's stellar operational\nperformance and our ability to navigate through these tough economic times."\n\n\nBri-Chem completed an acquisition during the year by acquiring all the\nissued and outstanding shares of Weifang Steel Canada Ltd. ("Weifang"), a\nmaster wholesale distributor of steel tubular, casing and other steel products\nto the resource and construction industries. The acquisition of Weifang, in\nAugust 2008, contributed $27.9 million of sales for the four months since\nbeing acquired. The Weifang acquisition diversifies Bri-Chem's product\ndistribu...