08:41 AM EDT, 05/10/2024 (MT Newswires) -- McCoy Global ( MCCRF ) , which supports the global energy industry, on Friday reported first-quarter net earnings of $975,000, or $0.04 per diluted share, up 85% from $528,000, or $0.02 per diluted share, a year earlier.

Revenue for the quarter ended March 31 was $16.5 million, down 2% from $16.9 million a year earlier.

Adjusted EBITDA for Q1 was $2.3 million, down 6% from $2.4 million a year ago.

The board declared a quarterly cash dividend of $0.02 per common share. The dividend will be paid on July 15 to shareholders of record as of the close of business on June 30.

Looking ahead, the company said it plans to accelerate market adoption of new and recently developed "smart" portfolio products; focus on revenue generation from key strategic customers; and focus on capital allocation priorities.

As at March 31, the company had $10.6 million in cash and cash equivalents.