MAJOR DRILLING $7.07 (Toronto symbol MDI; TSINetwork Rating: Speculative)(1-866- 264-3986; www.majordrilling.com; Shares outstanding: 80.1 million; Market cap: $566.6 million; Dividend yield: 0.6%) reports that its revenue fell 2.8% in the three months ended January 31, 2015, to $69.8 million from $71.8 million a year earlier. The company lost $0.24 a share, compared to a year-ago loss of $0.16 a share.
In the latest quarter, Major’s profit margins fell sharply because it performed less highpriced specialized exploration drilling and more production-related drilling.
To conserve cash until commodity prices start to rebound and its customers increase their drilling, Major is cutting its semi-annual dividend to $0.02 a share from $0.10. That gives the stock a 0.6% yield.
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