Business
McCoy Corporation announces first quarter 2013 results
EDMONTON, May 1, 2013 /CNW/ - McCoy Corporation ("McCoy" or "the Corporation") (TSX:MCB),...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\n\n\n\nEDMONTON, May 1, 2013 /CNW/ - McCoy Corporation (\"McCoy\" or \"the Corporation\") (TSX:MCB), a supplier of innovative\n products and services for the global energy industry, today announced\n its operational and financial results for the three months ended March\n 31, 2013.\n\n\n\"During the first quarter of 2013, we realized the first commercial sale\n of the second product in our \"we\" product line and implemented our\n global sales and service model, both of which are key components of our\n growth strategy,\" said Jim Rakievich, President and CEO of McCoy. \"We\n completed final field testing and sold our first weTORQ85, an iron\n roughneck with excellent range of motion and ease of maintenance.\n Additionally, McCoy Corporation established a company in Aberdeen as\n our first overseas technical service and sales location, and we plan to\n commence operations in Q2 2013.\"\n\n\nOperational Highlights\n\n\nSince January 1, 2013, McCoy:\n\n\nReported revenue of $42.0 million and an 18% increase in Energy Products\n and Services (EP&S) segment revenue for the first quarter of 2013\n compared to the same period in 2012\n\n\nReported net earnings of $2.1 million for the first quarter of 2013, or\n $0.08 per share, consistent with the same period in 2012\n\n\nReported adjusted EBITDA (previously referred to as \"EBITDAS\")(1) of $4.7 million in the first quarter of 2013, a 2.5% increase compared\n to the same period in 2012\n\n\nReported a backlog(2) and book-to-bill ratio(3) of $47.2 million and 0.74, respectively, as at and for the three months\n ended March 31, 2013\n\n\nRealized the first commercial sale of its iron roughneck (weTORQ85)\n after successfully completing final field testing\n\n\nProgressed the development of other products in its \"we\" product line,\n including an electric bucking unit (weBUCK), a hydraulic catwalk\n (weMOVE35), a casing running tool (weRUN350) and a casing handling tool\n system with flush mount spider, conventional spider and elevator\n configurations (weHOLD)\n\n\nEstablished its first international company in Aberdeen, McCoy Global UK\n Ltd., with operations planned to commence in the second quarter 2013\n\n\nInitiated the increase of dies and inserts manufacturing capacity at its\n facility in Louisiana\n\n\nRelocated its Houston service center to a larger facility in\n an...