Business
McCoy Corporation announces fourth quarter and annual results for 2012
EDMONTON, March 15, 2013 /CNW/ - McCoy Corporation ("McCoy" or "the Company") (TSX:MCB), ...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\n\n\n\nEDMONTON, March 15, 2013 /CNW/ - McCoy Corporation (\"McCoy\" or \"the Company\") (TSX:MCB), a supplier of innovative products\n and services for the global energy industry, today announced its\n operational and financial results for the three months and year ended\n December 31, 2012.\n\n\n\"McCoy achieved record revenue in 2012, driven by the Energy Products\n and Services (EP&S) segment, which experienced 37% revenue growth over\n 2011,\" said Jim Rakievich, President and CEO of McCoy. \"In 2012, McCoy\n demonstrated its ability to develop and bring innovative drilling and\n completions products to market by successfully commercializing the\n weCATT torque sub, and prepared for future growth by improving\n manufacturing efficiencies and strengthening our executive team to\n execute on our international growth strategy.\"\n\n\nOperational Highlights\n\n\nSince January 1, 2012, the Corporation has:\n\n\nAchieved record overall annual revenue of $179.4 million and a 37%\n increase in revenue in the EP&S segment for the year compared to 2011;\n\n\nReported net earnings of $11.8 million in 2012, or $0.44 per share, a 1%\n decrease from 2011;\n\n\nAchieved record EBITDAS(1) of $22.9 million in 2012, a 6% increase from 2011;\n\n\nSecured $53 million in new credit facilities to assist McCoy with\n achieving its 5 year growth strategy;\n\n\nCommercialized the weCATT torque sub, the first new product under the\n \"we\" product line and is receiving very positive customer feedback;\n\n\nProgressed in the development of products in its \"we\" product line,\n including an iron roughneck (weTORQ85), an electric bucking unit\n (weBUCK), a hydraulic catwalk (weMOVE35) and a casing running tool\n (weRUN350);\n\n\nAnnounced the next project in its \"we\" development pipeline, the weHOLD,\n a casing handling tool system with flush mount spider, conventional\n spider and elevator configurations;\n\n\nAdded manufacturing capacity by retrofitting a part of its Edmonton,\n Alberta plant for weCATT and WinCatt manufacture, added 14,000 square\n feet of manufacturing space at its bucking unit plant in Broussard,\n Louisiana, and completed the relocation of Rig Parts manufacturing to a\n new dedicated facility in Lafayette, Louisiana; and\n\n\nStrengthened its executive team by appointing Mr. Jim Nowotny as Senior\n Vice President,...