more on Q2 resultsBack to the demolition derby of the oil and gas service industry, where the company's steel safety cage has not been fully tested yet. The company seems to think the worst is yet to come ; I have noticed in the past that McCoy tends to lag other companies in their results
"As we look ahead into the second half of 2020 and into the first half of 2021, we expect these to be the most challenging quarters of this negative cycle. The continued lag in global oil consumption, coupled with capital spending cuts across the industry will indeed create another hurdle in the recovery."
"Revenue for the three months ended was supported by backlog that was derived through late 2019 and into early 2020. Backlog of $8.3 million , down 45%"
Cash flow positive in this quarter so the company unlike most other OGS companies is not bleeding
cash .
Cash of $10.3 million including 0.% million in restricted cash leaves them with a margin of safety. Market cap of just under $13 million at 47 cents .
If anybodyelse has thoughts , would love to read them.