A stronger balance sheet has prepared this supplier to the oil-and-gas industry for a rebound in the market.
MCCOY GLOBAL (Toronto symbol MCB; www.mccoyglobal.com; No dividends paid) sells power tongs and other hydraulic gear for oil and gas drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in a drill hole.) The company has international sales and service centres in Singapore, Dubai and Scotland.
In the three months ended September 30, 2016, McCoy’s revenue fell 66.7%, to $7.1 million from $21.4 million a year earlier. Low oil and gas prices have prompted customers to reduce drilling and to cut back on equipment purchases.
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In the quarter, the company lost $3.1 million, or $0.11 a share, compared to a loss of $2.0 million, or $0.07 a share, a year earlier.
With the slowdown in drilling activity, especially in North America, McCoy has undertaken a number of costcutting measures. These include reducing its workforce, consolidating and closing plants and shutting down its sales and service facility in Houston.
The company holds a high cash balance of $20.0 million, or $0.72 a share; it has no debt. McCoy needs higher oil and gas prices to push up drilling, but it is well-positioned to profit when activity rebounds.
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