Business
Bri-Chem Corp. announces third quarter results
Bri-Chem Corp. announces third quarter results
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- EDMONTON, Nov. 30 /CNW/ -- Bri-Chem Corp. (\"Bri-Chem\") (TSX Venture Exchange: BRY) a leading Canadian wholesale distributor of industrial drilling fluids, steel products and services, today announced its financial results for the third quarter ended September 30, 2009. During the quarter, Bri-Chem's revenue declined 25.5% compared to the same three month period last year, however, consolidated revenues for the nine months ended is down only 1.0% overall as compared to the same period in 2008. A complete copy of Bri-Chem's report is available on the Internet at www.sedar.com.Consolidated revenues were $23,965,481 for the third quarter of 2009, a decrease of 25.5% when compared to $32,184,454 from the same period last year. Net loss from operations, including an impairment charge for the three months ended September 30, 2009 is ($6,582,873) or ($0.45) diluted loss per share compared to earnings of $1,883,421 from the same period last year. The net loss resulted from an impairment charge of goodwill and intangible assets of $6,884,132 recognized in the quarter. If the impairment loss is excluded, a net loss of $267,713 or ($0.02) diluted loss per share would have resulted compared to $0.14 diluted earnings per share in 2008. Earnings before interest, taxes, depreciation and amortization (EBITDA) are $356,025, a decrease of $3,202,623, or 90% compared to the same period last year.Net loss from operations after the impairment charge for the nine months ended September 30, 2009 is ($6,582,873) or ($0.45) diluted loss per share, a decrease of 300% when compared to net earnings of $3,251,902 during the same period last year. The net loss resulted from an impairment charge of goodwill and intangible assets of $6,884,132 recognized in the quarter. If the impairment loss is excluded, a net loss of $264,373 of ($0.02) diluted loss per share would have resulted for the nine month period compared to $0.25 diluted earnings per share in 2008. Earnings before interest, taxes, depreciation and amortization for the same period are $2,555,001, a decrease of $4,450,200 or 63.5% compared to the same period last year. Consolidated revenues were $64,421,050, a decrease of 1.0% when compared to $65,043,249 from the same period in 2008.The decline in Company revenues and operating performance resulted fr...