A leading supplier to oil drillers, McCoy Global is cutting costs in order to weather the down market. Part of the plan is to consolidate operations and lay off workers as it remains debt free.
MCCOY GLOBAL (Toronto symbol MCB; www.mccoyglobal.com) sold its heavy-duty truck-trailer unit in 2014 and is now focused on its Energy Products and Services segment. It sells hydraulic gear, including power tongs, for drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.)
McCoy has international sales and service centres in Singapore, Dubai and Aberdeen, Scotland.
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In the three months ended December 31, 2015, McCoy’s revenue fell 57.2%, to $11.6 million from $27.2 million a year earlier. Low oil and gas prices prompted clients to cut back on equipment purchases.
The company lost $10.8 million, or $0.39 a share, compared to a profit of $1.8 million, or $0.06 a share. The latest quarter included one-time after-tax charges that totalled $5.9 million.
Drilling activity has slowed, particularly in North America. In response, McCoy has undertaken a number of cost-cutting measures. These include cutting its workforce by 41% and consolidating its U.S. production facilities in Louisiana.
McCoy’s stock has dropped on investor concern that low oil and gas prices will continue to slow exploration and development.
The company holds cash of $25.7 million, or $0.93 a share, and has no debt. The company’s long-term outlook remains positive.
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