Business
McCoy Corporation Announces Third Quarter 2013 Results
EDMONTON , Nov. 7, 2013 /CNW/ - McCoy Corporation ("McCoy" or "the Corporation") (TSX:MC...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\nEDMONTON, Nov. 7, 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 September 30, 2013.\n\n\n\"McCoy continues to generate strong results in its EP&S segment driven\n by healthy offshore and international market demand and an increase in\n life-cycle revenues generated from the sale of service, consumables and\n replacement parts,\" said Jim Rakievich, President and CEO of McCoy.\n \"During the third quarter of 2013, we continued to execute on our\n international growth strategy by opening our first international\n technical sales and service center in Aberdeen, Scotland. Increasing\n our global presence in regions where our customers need us the most\n will optimize customer responsiveness and increase life-cycle revenue\n opportunities.\"\n\n\nOperational Highlights\n\n\nSince June 1, 2013, McCoy:\n\n\n\nReported revenue of $40.8 million, which includes $32.3 million in\n revenue from the Energy Products and Services (EP&S) segment for the\n third quarter of 2013 compared to $33.4 million in the same period in\n 2012\n\n\nReported net earnings of $4.0 million for the third quarter of 2013, a\n 5% decrease compared to the same period in 2012\n\n\nReported adjusted EBITDA(1) of $7.7 million in the third quarter of 2013, a 4% increase compared to\n the same period in 2012\n\n\nReported a backlog(2) of $47.5 million for the three months ended September 30, 2013, a\n decrease of $8.5 million, or 15%, from June 30, 2013\n\n\nReported a book-to-bill ratio(3) of 0.81 for the three months ended September 30, 2013, compared to 1.17\n for the three months ended June 30, 2013\n\n\nCommenced operations at its first international technical sales and\n service center in Aberdeen, Scotland\n\n\nContinued the Drilling & Completion division's transition onto McCoy's\n Enterprise Resource Planning (ERP) system, with project completion\n scheduled for the end of 2013\n\n\nCompleted the expansion of the dies and inserts manufacturing facility\n in Louisiana\n\n\nAnnounced that Kenny Watt has been promoted to McCoy's Vice President,\n Global Sales and Service\n\n\nAnnounced that Ron Roling has been promoted to McCoy's Vice Pre...