TSX:BRY - Post Discussion
Post by
Betteryear2 on Aug 13, 2021 5:11pm
Second Quarter Financial Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
TSX Symbol "BRY"
EDMONTON, AB, Aug. 13, 2021 /CNW/ - Bri-Chem Corp. ("Bri-Chem" or "Company") (TSX: BRY), a North American oilfield chemical distribution and blending company, is pleased to announce its 2021 second quarter financial results.
Key Q2 2021 highlights include:
- Consolidated sales for the three months ended June 30, 2021 were $13.9 million, an increase of 104% compared to the comparable period last year due to stronger performance in the fluids distribution divisions in Canada and the United States as the demand for oil increased following further worldwide easements of health and travel restrictions due to the COVID-19 pandemic.
- Adjusted EBITDA for the second quarter was $703 thousand versus negative $424 thousand over Q2 2020, representing a 266% increase year over year. The increase is primarily related to increased sales over the prior year. Management's undertakings of cost saving initiatives and obtaining government assistance programs have further improved the EBITDA over the prior year.
- Adjusted operating earnings was $388 thousand for the three months ended June 30, 2021 compared to a loss of $30 thousand in the prior year comparable quarter, representing a 1394% increase;
- Net earnings per diluted share for the three months ended June 30, 2021 was $0.00 per share compared to net loss of ($0.05) per diluted share for same period last year;
- Working capital, as at June 30, 2021, was $9.6 million compared to $15.6 million at June 30, 2020, a decrease of 38%. The decrease predominantly relates to supporting operating losses, a reduction in inventory levels and the subsequent collection of accounts receivable balances.
https://www.newswire.ca/news-releases/bri-chem-announces-2021-second-quarter-financial-results-828321701.html
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