COMPUTER MODELLING GROUP $22.10 (Toronto symbol CMG; TSINetwork Rating: Speculative) (403-531-1300; www.cmgroup.com; Shares outstanding: 37.8 million; Market cap: $835.4 million; Dividend yield: 2.9%) sells consulting services and software that help oil and gas producers use advanced recovery techniques to get more out of their existing wells. The company has customers in over 50 countries and offices in Calgary, Houston, London, Caracas and Dubai.
In the three months ended September 30, 2012, Computer Modelling’s revenue rose 34.1%, to $16.1 million from $12.0 million a year earlier.
Sales rising across all areas
Software licence sales increased by 34.7%, to $14.7 million from $10.9 million. Consulting and professional services revenue gained 28.9%, to $1.4 million from $1.1 million.
Earnings rose 24.2%, to $5.4 million, or $0.14 a share, from $4.3 million, or $0.12 a share.
Computer Modelling holds cash of $50.7 million, or $1.34 a share, and has no debt. It spent $3.0 million, or a high 18.8% of its revenue, on research in the latest quarter. The shares yield 2.9%.
The company makes mostly recurring revenue from software licences and maintenance contracts for its products. That gives it long-term stability.
Computer Modelling is already a leader in complex heavy oil and oil sands simulations. It should profit further as producers continue to develop other unconventional sources, like shale oil and gas and coalbed methane.
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