MAJOR DRILLING $7.02 (Toronto symbol MDI; TSINetwork Rating: Speculative) (1-866- 264-3986; www.majordrilling.com; Shares outstanding: 79.2 million; Market cap: $557.3 million; Dividend yield: 2.9%) is a large contract-drilling firm that mainly serves the mining industry.
In the three months ended October 31, 2013, Major’s revenue fell 53.8%, to $92.3 million from $199.6 million a year earlier. Earnings also declined sharply, to a loss of $19.1 million, or $0.24 a share, from a profit of $22.3 million, or $0.28.
The latest earnings included $18.3 million of one-time charges, including a $12.1- million writedown of the company’s Chilean operations. Major has cut its staff by 45%, or 2,300 workers, in the past year.
Major’s results could remain weaker well into next year, but its longer-term outlook is positive. Despite the significant industry downturn, the company reported cash flow of $0.16 a share in the latest quarter. That will let it maintain its semi-annual dividend of $0.10, which gives the stock a 2.9% yield.
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