Business
Bri-Chem Corp announces year end results
Bri-Chem Corp announces year end results
About this update from Bri-chem Corp.
[{"type":"text","content":"\n\n\n\nEDMONTON, Apr. 26, 2010 (Canada NewsWire Group) -- /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 year ended December 31, 2009. Despite this challenging environment, Bri-Chem managed to grow market share in its Fluid segment and improved its financial flexibility by reducing its net debt by 18.1% year over year.The 2009 results reflect Bri-Chem's continued strength in the market place over the last year as consolidated revenues were $96,479,615 for the year ended December 31, 2009, a decrease of 13.3%, when compared to $111,282,825 from last year. Net loss from operations for the year ended December 31, 2009, including impairment charges of $6,884,132 for goodwill and intangible assets and a $3,080,560 inventory write down, is ($8,447,338) or ($0.58) diluted loss per share compared to earnings of $4,486,788 or $0.33 diluted earnings per share from last year. If the impairment charges and inventory write down net of taxes are excluded, the Company's net earnings were $138,191 or $0.01 diluted earnings per share compared to $0.33 diluted earnings per share in 2008. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $633,608, a decrease of $9,378,112 or 93% compared to EBITDA of $10,011,720 from last year.Net loss for the fourth quarter was ($1,876,804) or ($0.13) diluted loss per share as compared to $1,234,886 or $0.09 diluted earnings per share during the same period last year. The net loss resulted from a net realizable value inventory write down on steel products and drilling fluids of $2,738,292 and $147,259 respectively recorded in the fourth quarter. Without the net realizable value inventory write down, net earnings for the fourth quarter would have been $204,525 or $0.01 diluted earnings per share, a decrease of $1,030,361 or 83% compared to the same period in 2008. During the three months ended December 31, 2009, EBITDA was ($1,921,394) compared to $3,006,518 for the same period in 2008. Consolidated revenues were $32,058,565 in the fourth quarter of 2009, compared to $46,239,576 for the same period in 2008, a decrease of $14,181,111 or 30.7%.Net earnings of the Company declined as a result of weaker demand for fluid and ste...