< strong>MCCOY CORP. $6.37 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780-453-8451; www.mccoyglobal.com; Shares outstanding: 26.9 million; Market cap: $171.0 million; Dividend yield: 3.1%) operates through two divisions: Mobile Solutions and Energy Products and Services.
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Energy Products and Services sells hydraulic equipment, including power tongs, for drilling rigs. Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.
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Mobile Solutions builds heavy-duty trailers for U.S. and Canadian clients in the oil and gas, wind energy, infrastructure and construction industries.
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In the three months ended September 30, 2013, McCoy’s revenue fell 15.7%, to $40.8 million from $48.4 million a year earlier. Sales declined 3% at the Energy Products and Services division and 41% at Mobile Solutions.
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< h3>Strong balance sheet is a big plus
< p>Earnings fell 4.8%, to $4.0 million, or $0.15 a share, from $4.2 million, or $0.16.
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McCoy has cut costs at Mobile Solutions in response to its sales decline, including laying off 25% of this business’s workforce. The resulting savings helped offset the weaker sales.
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Meanwhile, McCoy’s balance sheet is sound, with cash of $26.7 million, or $0.99 a share. Its long-term debt of $8.6 million is a low 5.0% of its market cap.
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The stock trades at 13.3 times McCoy’s forecast 2013 earnings of $0.48 a share. It yields 3.1%.
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McCoy is a buy for aggressive investors.
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