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TSX Symbol "BRY"
Three months ended | |||||||
Change | |||||||
(in '000s except per share amounts) | 2020 | 2019 | $ | % | |||
Financial performance | |||||||
Sales | $ | 21,415 | $ | 25,898 | $ | (4,483) | (17%) |
Adjusted EBITDA(1) | 383 | 1,602 | (1,219) | (76%) | |||
As a % of revenue | 2% | 6% | |||||
Adjusted operating earnings | 294 | 990 | (696) | (70%) | |||
Adjusted net (loss) / earnings (1) | (470) | 379 | (849) | (224%) | |||
Net (loss) / earnings | $ | (470) | $ | 359 | $ | (829) | 57% |
Diluted per share | |||||||
Adjusted EBITDA | $ | 0.02 | $ | 0.07 | $ | (0.05) | (76%) |
Adjusted net (loss) / earnings | (0.02) | $ | 0.02 | $ | (0.04) | nm | |
Net (loss) / earnings | $ | (0.02) | $ | 0.02 | $ | (0.04) | nm |
Financial position | |||||||
Total assets | $ | 46,284 | $ | 66,743 | $ | (20,459) | (31%) |
Working capital | 15,637 | 17,413 | (1,776) | (10%) | |||
Long-term debt | 7,983 | 8,596 | (613) | (7%) | |||
Shareholders equity | $ | 16,593 | $ | 20,361 | $ | (3,768) | (19%) |
Key Q1 2020 highlights include:
- Consolidated sales for the three months ended
March 31, 2020 were$21.4 million , a decrease of 17% compared to the comparable period last year due to weaker performance in the fluids distribution divisions inCanada andthe United States as the industry is facing significant challenges as Global oil prices declined rapidly in the latter part of the first quarter of 2020 stemming from failed negotiations between OPEC+ countries and reduced demand driven by the novel coronavirus ("COVID-19") health pandemic, including government responses thereto. - Adjusted EBITDA for the first quarter was
$383 thousand versus$1.6 million over Q1 2019, representing a 76% decrease year over year. The decrease related to weaker performance in all divisions with the exception of theUSA Fluids Blending and Packaging Division; - Adjusted operating income was
$294 thousand for the three months endedMarch 31, 2020 compared to income of$990 thousand in the prior year comparable quarter, representing a 70% decrease; - Net loss per diluted share for the three months ended
March 31, 2020 was$0.02 per share compared to net income of$0.02 per diluted share for same period last year; - Working capital, as at
March 31, 2020 , was$15.6 million compared to$17.4 million atDecember 31, 2019 , a decrease of 10%. Management continues to ensure that prudent cash management practices are followed by reducing inventory to levels more appropriate to the current environment, ensuring that collecting accounts receivable remains a priority while continuing to retire the accounts payable to our vendors. Over the short to medium term, the Company will continue to look at reducing inventory levels given the level of activity negatively impacted by global demand, international oil price wars and the COVID-19 pandemic.
Summary for the months ended
Adjusted operating earnings for the three months ended
OUTLOOK
The unprecedented world outbreak of COVID-19 has forced many businesses and, as a result, economies to pause which has significantly reduced global oil demand. In addition, the failure of
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Forward Looking Statements
Certain statements contained in this press release constitute forward-looking information or forward-looking statements (collectively, "forward-looking statements"). These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking statements and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Although the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company can give no assurance that they will prove to be correct. By their nature, such forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed herein. These risks and uncertainties, include, but are not limited to general economic conditions, industry conditions, access to capital markets, volatility of commodity prices, market forces, competition from other industry participants and regulatory conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release or otherwise. Except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
SOURCE
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