Bri-Chem Corp (BRYFF)

Bri-Chem Corporation was formed in 1985. It has established two primary segments of business through a combination of internal growth and acquisitions. The Company's Drilling Fluid Division is North America's wholesale supplier of drilling fluids for the oil and gas industry. It provides over 100 drilling fluid products, cementing, acidizing and stimulation additives from 29 strategically located warehouses in Canada and the United States; The Company's Steel Pipe Division is the first company to introduce and construct a Thermal Pipe Expansion (TPE) facility in North America for manufacturing, testing and supply of large diameter seamless steel pipe for the energy industry. The Company's North American oil and gas drilling fluids division recorded sales of $29,419,513 and $118,745,813 for the three and twelve months ended December 31, 2012, a decrease of 29.6% and 24.3% respectively compared to the same periods in 2011. In Canada, drilling rig utilization averaged 43.6% for the fourth quarter and 43.6% for the year ended December 31, 2012, a decrease of 17.1% and 8.7% respectively from last year when utilization rates averaged 60.7% and 52.3%. The Canadian fluids division generated sales of $24,916,134 and $99,641,313 for the three and twelve months ended December 31, 2012, compared to sales of $38,844,681 and $151,677,999 over the same comparable period in 2011. The steel pipe distribution division recorded sales of $3,959,550 and $25,830,959 respectively for the three and twelve months ended December 31, 2012, compared to revenues of $5,044,501 and $27,263,397 for the same periods in 2011.