Business
McCoy Global Inc. announces second quarter 2014 results
EDMONTON , Aug. 7, 2014 /CNW/ - McCoy Global Inc. ("McCoy" or "the Company") (TSX:MCB;...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\nEDMONTON, Aug. 7, 2014 /CNW/ - McCoy Global Inc. (\"McCoy\" or \"the Company\") (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, 2014.\n\n\n\"McCoy executed on two key initiatives toward becoming a pure-play\n global technology solutions provider by divesting of Mobile Solutions\n and officially changing our name to reflect our growing global\n presence,\" said Jim Rakievich, President and CEO. \"We also continued to\n make progress on the international expansion and new product\n development elements of our growth strategy.\"\n\n\nOperational Highlights\n\n\nSince April 1, 2014, McCoy:\n\n\n\nReported revenue of $27.9 million, compared to $29.0 million in 2013\n\n\nReported net earnings of $8.3 million, compared to $3.1 million in 2013.\n 2014 net earnings included a one-time gain on the sale of Mobile\n Solutions; earnings from continuing operations were $2.3 million,\n compared to $2.4 million in 2013.\n\n\nReported adjusted EBITDA1 of $3.9 million, compared to $4.6 million in 2013\n\n\nReported a backlog2 of $44.6 million as at June 30, 2014, a $0.1 million increase from\n March 31, 2014\n\n\nReported a book-to-bill ratio3 of 1.0 for the three months ended June 30, 2014, compared to 1.1 for\n the three months ended March 31, 2014\n\n\nDivested the Mobile Solutions segment, completing another step in\n becoming a pure-play global technology solutions provider\n\n\nCompleted its global re-branding efforts by announcing that it had\n changed its name to McCoy Global Inc.\n\n\nMade significant progress towards the commercialization of the weBUCK™,\n which is undergoing final product testing\n\n\nAchieved an important milestone in the weHOLD™ product testing phase by\n successfully passing all load bearing requirements\n\n\nContinued developing operations at its first two international technical\n sales and service centers in Aberdeen, Scotland and Singapore\n\n\nAppointed Chris Seaver as McCoy's Chairman of the Board\n\n\n\nQuarterly Financial Highlights\n\n\nRevenue for the three months ended June 30, 2014 was $27.9 million, a\n $1.1 million decrease from the comparative quarter in 2013. Revenue\n recognition was impacted by delays in the shipment of a portion ...