EDMONTON - McCoy Corp. (TSX:MCB) will continue looking into expanding globally in the year ahead after conducting a strategic review and posting a narrower fourth-quarter loss, the company said Friday.
"McCoy continues to drive its commitment toward geographic revenue diversification," the Edmonton-based company said in a news release.
"Market opportunities exist throughout the world and it is in the best interest of the corporation and our customers to increase our participation in the energy industry globally," it said.
McCoy also plans to pursue the commercialization of wind energy trailers to further diversify its markets.
The company currently provides well-servicing trailers for the export market, mostly in Europe, China and Australia.
Following the strategic review, the company simplified its structure into two segments: Energy Products and Services to deal with drilling, coatings and hydraulics, while its Mobile sector will include its trailers and parts and service business.
Meanwhile, McCoy said it lost $11.2 million or 42 cents a share in the three months ended Dec. 31, less than the loss of $12.1-million or 44 cents a share in the same year-earlier period.
Revenues, however, fell 50 per cent to $20.5 million from $41.2 million.
The narrowed loss for the final quarter wasn't able to help improve full-year results. McCoy lost $13.2 million or 50 cents a share for all of 2009 compared with $5.6 million or 20 cents in fiscal 2008. Total revenues slipped 42 per cent to $97.5 million.
The loss for all of 2009 included a non-cash goodwill impairment charge of $12.7 million versus a $5.6-million charge the comparable year.
McCoy attributed weak revenues to lower commodity prices, "excessive natural gas inventory and lowered consumer demand for oil, due to a worldwide recession."
McCoy shares were unchanged at $1.50 at midday Friday on the Toronto Stock Exchange.