/NOT FOR DISTRIBUTION TO
TSX Symbol "BRY"
Three months ended | Six months ended | |||||||||||||
June 30 | Change | June 30 | Change | |||||||||||
(in '000s except per share amounts) | 2021 | 2020 | $ | % | 2021 | 2020 | $ | % | ||||||
Financial performance | ||||||||||||||
Sales | $ | 13,910 | $ | 6,819 | $ | 7,091 | 104% | $ | 25,400 | $ | 28,234 | $ | (2,834) | (10%) |
Adjusted EBITDA(1) | 703 | (424) | 1,127 | 266% | 1,554 | (41) | 1,595 | (3891%) | ||||||
As a % of revenue | 5% | (6%) | 6% | 0% | ||||||||||
Adjusted operating earnings | 388 | (30) | 418 | 1394% | 947 | 940 | 7 | 1% | ||||||
Adjusted net earnings / (loss) (1) | 44 | (1,173) | 1,217 | 104% | 199 | (1,643) | 1,842 | 112% | ||||||
Net earnings / (loss) | $ | 44 | $ | (1,276) | $ | 1,320 | 103% | $ | 185 | $ | (1,746) | $ | 1,931 | 111% |
Diluted per share | ||||||||||||||
Adjusted EBITDA | $ | 0.03 | $ | (0.02) | $ | 0.04 | 250% | $ | 0.06 | $ | (0.00) | $ | 0.06 | 3529% |
Adjusted net (loss) / earnings | $ | 0.01 | $ | (0.00) | $ | 0.02 | 1269% | $ | 0.01 | $ | (0.07) | $ | 0.08 | 111% |
Net earnings / (loss) | $ | 0.00 | $ | (0.05) | $ | 0.05 | 103% | $ | 0.01 | $ | (0.07) | $ | 0.08 | 110% |
Financial position | ||||||||||||||
Total assets | $ | 31,460 | $ | 46,284 | $ | (14,824) | (32%) | |||||||
Working capital | 9,649 | 15,637 | (5,988) | (38%) | ||||||||||
Long-term debt | 7,032 | 7,983 | (951) | (12%) | ||||||||||
Shareholders equity | $ | 10,245 | $ | 16,593 | $ | (6,348) | (38%) |
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 inCanada andthe 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 endedJune 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 atJune 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.
Summary for the 3 and 6 months ended
Adjusted operating earnings for the three months ended
OUTLOOK
In tandem with the easing of health and travel restrictions, demand and commodity pricing for crude oil has steadily increased in the North American market during the second quarter of 2021. It is expected this trend will continue, particularly in the Canadian market where the traditional activity level highs realized in the first quarter are likely to be matched in the third quarter and exceeded in the fourth quarter of 2021 (Source: PSAC). In
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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, prevailing and anticipated industry conditions, access to debt and equity financing on acceptable terms, levels and volatility of commodity prices, market forces, ability to obtain equipment from suppliers, ability to obtain and retain skilled personnel, 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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