First results for newly named McCoy Global

McCoy Global has announced its operational and financial results for the second quarter of 2014, following the company’s name change.

Comments

Commenting on the results, President and CEO, Jim Rakievich, said: "McCoy executed on two key initiatives toward becoming a pure-play global technology solutions provider by divesting of Mobile Solutions and officially changing our name to reflect our growing global presence.

"We also continued to make progress on the international expansion and new product development elements of our growth strategy."

Highlights

• Reported revenue of US$ 27.9 million, compared to US$ 29.0 million in 2013.
• Reported net earnings of US$ 8.3 million, compared to US$ 3.1 million in 2013.
• Reported adjusted EBITDA of US$ 3.9 million, compared to US$ 4.6 million in 2013.
• Reported a backlog of US$ 44.6 million as at 30 June 2014, a US$ 0.1 million increase from 31 March 2014.
• Divested the Mobile Solutions segment, completing another step in becoming a pure-play global technology solutions provider.
• Completed its global re-branding efforts by announcing that it had changed its name to McCoy Global Inc.
• Made significant progress towards the commercialization of the weBUCK™, which is undergoing final product testing.
• Achieved an important milestone in the weHOLD™ product testing phase by successfully passing all load bearing requirements.
• Continued developing operations at its first two international technical sales and service centers in Aberdeen, Scotland and Singapore.
• Appointed Chris Seaver as McCoy's Chairman of the Board.

Image courtesy of McCoy Global.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/11082014/mccoy-global-q2-2014-results-1242/