MAJOR DRILLING $8.48 (Toronto symbol MDI; TSINetwork Rating: Speculative) (1-866-264-3986; www.majordrilling.com; Shares outstanding: 79.2 million; Market cap: $672.9 million; Dividend yield: 2.4%) is a large contract-drilling firm that mainly serves the mining industry.
In the three months ended January 31, 2014, Major’s revenue fell 41.7%, to $71.8 million from $123.3 million a year earlier. The company’s loss also widened to $12.8 million, or $0.16 a share, from $4.3 million, or $0.05. The latest earnings included a $3.3-million foreign exchange loss.
Many of Major’s large- and medium-sized mining customers, particularly gold companies, slowed their drilling activity in the latest quarter, and orders from junior miners dropped sharply.
As well, high costs and new mining taxes forced the cancellation of many projects in Australia, while political uncertainty slowed work in Mongolia and Argentina. Finally, Mexico and Chile had many projects delayed or cancelled, because they have a larger proportion of junior miners than most countries.
Major’s results could remain weaker well into this year, but its longer-term outlook is positive. Meanwhile, its balance sheet is strong, with cash of $62.4 million, or $0.79 a share, and low debt.
Despite the significant industry downturn, the company continues to report positive cash flow. This will let it maintain its semi-annual dividend of $0.10 a share, which gives the stock a 2.4% yield.
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