Okotoks-based Mullen Group slashes dividend 62.5%
Trucking and oilfield services company Mullen Group reported first quarter revenues of C$272 million, down 19.4% from the same time last year. Demand for oilfield services was called "extremely weak", declining 43% year/year. The company cut its annual dividend from $0.96 a share/year to just $0.36 a share. In order to reduce costs, the company has cut its head count by 658 employees, down 10% from last year and will cut Board members' retainer fees by 20%.