Dear Pat: Please provide your thoughts on the growth prospects of Bri-Chem Corp. Many thanks for your continuing sound advice over the years. I can hardly believe how well the stocks that I hold have bounced back from the downturn. That proves your point that the good companies will recover first and more strongly. Cheers!
Bri-Chem Corp, $3.75, symbol BRY on Toronto (Shares outstanding: 13.7 million; Market cap: $51.6 million; www.brichem.com), is a wholesale distributor of drilling fluids, production chemicals and steel pipe and piping products. Bri-Chem’s clients are in the oil and gas industry.
The company continues to report rising revenue and improved earnings and cash flow. Its total debt is high at $37.7 million, or 73% of its market cap. However, it’s taking advantage of its improved results and rising share price to raise $6 million in a share issue. It will use the proceeds to pay down debt. Meanwhile, the additional shares may help this thinly traded stock gain some needed liquidity. Bri-Chem needs continued steady activity in the oil and gas industry to keep reporting improved results and paying down debt.
The stock is okay to hold, but only for aggressive investors.
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