• Version
• Download 4376
• File Size 107.90 KB
• File Count 1
• Create Date May 11, 2018
• Last Updated May 14, 2018

McCoy Global Inc. Announces First Quarter 2018 Results

Edmonton, Alberta – McCoy Global Inc. (“McCoy”, “McCoy Global” or “the Corporation”) (TSX:MCB) today
announced its operational and financial results for the three months ended March 31, 2018.

“During the first quarter of 2018 improving industry fundamentals contributed to an increase in customer orders,
revenue and backlog. We closed the quarter with a backlog of $10.1 million, the highest backlog we have
reported since mid-2015” said Jim Rakievich, President and CEO of McCoy Global. “Since 2015, significant efforts
have been made to restructure McCoy in parallel to declining market conditions. These disruptive actions have
taken substantial organizational resources and are now effectively complete.”

“Gross profit improved to 26% during the quarter. The increase in gross profit was offset by customer pricing
pressure, product mix and the transitionary impacts of moving our Edmonton production facility to Louisiana
during the quarter. Looking forward, the energy and efforts of McCoy’s team will shift from internal restructuring
activities to be fully focused on revenue growth and profitability,” continued Jim Rakievich. “McCoy continues to
have a strong platform for growth and during the quarter we secured our first orders for our new high torque
hydraulic power tong and next generation torque turn system. We remain focused on introducing new
technologies and identifying strategic acquisition opportunities that complement the Corporation’s technology
platforms and which will deliver both value and innovative solutions to customer challenges.”