Business
McCoy Corporation announces second quarter 2013 results
EDMONTON , Aug. 8, 2013 /CNW/ - McCoy Corporation ("McCoy" or "the Corporation") (TSX:...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\nEDMONTON, Aug. 8, 2013 /CNW/ - McCoy Corporation (\"McCoy\" or \"the Corporation\") (TSX:MCB; OTCQX: MCCRF), a supplier of\n innovative products and services for the global energy industry, today\n announced its operational and financial results for the three months\n ended June 30, 2013, as well as the commercial launch of the weVERIFY\n remote calibration tool.\n\n\n\"During the second quarter of 2013, we continued to implement our global\n sales and service model by establishing our second overseas technical\n service and sales location in Singapore.\" said Jim Rakievich, President\n and CEO of McCoy. \"We also commercialized the third product in our \"we\"\n product line, the weVERIFY, demonstrating McCoy's strategy to enhance\n and diversify our product portfolio, particularly in a market where the\n precision of equipment and data collection is becoming more important.\"\n\n\nThe weVERIFY remote calibration tool can be used horizontally or\n vertically to verify and calibrate equipment that applies torque to\n make up tubular connections, such as power tongs, mechanical roughnecks\n and bucking units. The weVERIFY consists of a Torque Calibration Bar,\n an LCD monitor and software that transmits real-time data to the\n technician. The software is compatible with McCoy's WINCATT® system,\n which allows McCoy's service technicians to perform online/remote\n calibration for its customers.\n\n\nOperational Highlights\n\n\nSince April 1, 2013, McCoy:\n\n\nReported revenue of $42.4 million, which includes a 24% increase in\n Energy Products and Services (EP&S) segment revenue for the second\n quarter of 2013 compared to the same period in 2012\n\n\nReported net earnings of $3.1 million for the second quarter of 2013, a\n 43% increase compared to the same period in 2012\n\n\nReported adjusted EBITDA(1) of $5.9 million in the second quarter of 2013, a 30% increase compared\n to the same period in 2012\n\n\nReported a backlog(2) of $56.0 million for the three months ended June 30, 2013, an increase\n of $8.8 million, or 19%, from March 31, 2013\n\n\nReported a book-to-bill ratio(3) of 1.17 for the three months ended June 30, 2013, compared to 0.74 for\n the three months ended March 31, 2013\n\n\nEstablished its second international technical sales and service center.\n Based in Singapore, McCoy Global Singapore Pte. ...