Bri-Chem Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for Fiscal 2012
March 29, 2012 at 04:30 pm IST
Share
Bri-Chem Corp. reported consolidated earnings results for the fourth quarter and year ended December 31, 2011. Consolidated revenues increased 21.8% to a record $185,723,319 for the year ended December 31, 2011, compared to $152,495,386 from the prior year. Net earnings in 2011 increased by 33.4% to $9,462,267 or $0.61 diluted earnings per share compared to net earnings of $7,095,727 or $0.51 diluted earnings per share for 2010. Earnings before interest, taxes, amortization and share-based payments expense (EBITDAC) were $16,440,604 or $1.00 per share, an increase of $3,729,038 compared to 2010.
Net earnings in the fourth quarter were $2,431,287 or $0.16 diluted earnings per share compared to $2,082,088 during the same period last year. EBITDAC was $4,204,925 or $0.25 per share, an increase of $359,373 or 9.3% over the same period in 2010. Consolidated revenues were $48,169,674 in the fourth quarter of 2011, compared to $47,852,254 for the same period in 2010.
The company anticipates fiscal 2012 sales and earnings to continue to grow as the company is gaining market presence in the USA drilling fluids market as well as increasing manufacturing production of its large diameter seamless pipe mill.
Bri-Chem Corp. (Bri-Chem) is a Canada-based oilfield chemical distribution and blending company. The Company is engaged in the distribution and blending of oilfield drilling, completion, stimulation, and production of chemical fluids. The Company offers a range of drilling fluid products from approximately 25 strategically located warehouses throughout Canada and the United States. The Company operates through five segments: Fluids Distribution Canada, Fluids Distribution USA, Fluids Blending & Packaging Canada, Fluids Blending & Packaging USA, and Other. Its five divisions supplies, blends, and packages drilling fluid products in a wide variety of weights and clays, lost circulation materials, chemicals, and oil mud products. Its subsidiaries include Bri-Chem Supply Ltd., Sodium Solutions Inc., Solution Blend Service Ltd., Bri-Corp USA, Inc., Bri-Chem Supply Corp, LLC, Sun Coast Materials, LLC, and Bri-Chem Logistics, LLC.
Bri-Chem Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for Fiscal 2012