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May 12 (Reuters) - Bri-Chem Corp
* Q1 consolidated revenue from north american oil and gas drilling fluids distribution, blending,packaging units decreased 43.5 pct to $14.8 million
* Net loss for three month period was $2.1 million compared to net earnings of $372,895 for same period of 2015
* Says "current industry forecasts are that remainder of 2016 capital expenditures will remained depressed"
* Steps continue to be implemented to "right-size" company's operations in all business segments in response to reduced customer demand
* Chem announces first quarter 2016 financial results Source text for Eikon: Further company coverage: