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AutoCanada has responded to its challenges with an eye to cost management, a renegotiated credit line to give it more breathing room, and an intent to continue acquiring six to eight new dealerships a yearGetty Images/iStockphoto

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

AutoCanada Inc. (ACQ-T) said that it has reduced its dividend, from $0.25 to $0.10 per quarter.

The company also announced its first-quarter results, reporting adjusted earnings per share of 31 cents versus 22 cents a year earlier. The Street was forecasting EPS of 25 cents. Same-store revenue decreased by 3.1 per cent compared to same quarter in 2015

"The quarter provided an increase in net earnings and gross profit. Our EPS also improved and beat consensus. However, a reduction in the dividend seems prudent and allows us to focus on growth. The $16.5 million in annualized savings will help fund future acquisitions while strengthening our balance sheet and increasing liquidity," said Chris Burrows, Chief Financial Officer. "AutoCanada continues to have significant earnings potential and we have the ability to generate increased cash-flow as the economy improves."

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Athabasca Oil Corp. (ATH-T) has shut its Hangingstone Project and evacuated all personnel in response to the "elevated risk" from wildfires in the region.

It says the Fort McMurray fire has advanced to the south and south east of the city.

"The fire front is estimated to be within 5 kms of the Hangingstone site," the company said in a release on Thursday evening.

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Cardiome Pharma Corp. (CRME-Q, COM-T) says an affiliate has signed an exclusive license agreement with an affiliate of Allergan plc  to commercialize its XYDALBA™ (Dalbavancin) drug in some additional European nations, some countries in the Middle East and in Canada. The drug is used to treat bacterial skin infections.

"Cardiome will provide Allergan with a staggered upfront payment totalling $13-million (U.S.) and will provide Allergan additional milestone payments and royalties based upon commercial achievements and sales of XYDALBA™," the company said in a release.

Additional terms of the agreement were not disclosed.

Its stock was halted after markets closed Thursday.

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Sandstorm Gold Ltd. (SAND-N, SSL-T) reported first quarter revenue of  $13.4-million, down from $15.3-million for the same time last year.

Net income was $13.2-million, compared to $800,000 a year ago.

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Platinum Group Metals Ltd. (PTM-T, PLG-N)  says it plans to raise $33 million in a bought deal.

It said the deal is with a syndicate of underwriters led by BMO Capital Markets under which the underwriters who have agreed to buy 11 million shares at $3 each.

"The net proceeds of the offering will be used towards underground development and the ramp-up of production at the Project 1 "Maseve" Platinum Mine and for working capital purposes," the company said.

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Polaris Materials Corp. (PLS-T) said first quarter revenue fell 24 per cent to $7.9-million, compared with $10.5-million in 2015.

"Despite lower than expected volumes, revenue benefited from positive sales mix with a higher proportion of sales delivered to San Francisco plus the introduction of sales delivered into Long Beach, which both include freight charges as opposed to those sold ex-quarry," the company said.

Its net loss attributable to shareholders was $2.5-million or 3 cents per share compared to a net profit attributable to shareholders of $90,000 or nil per share a year ago.

"The results this quarter were principally attributable to the lower volumes and the significant effect of foreign exchange losses in the current quarter," the company said.

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Atlantic Power Corp. (AT-N, ATP-T) updated its 2016 guidance "primarily to reflect the impact of the recent refinancing on interest expense and debt repayment."

The company reduced its guidance for adjusted cash flows from operating activities to a range of $95-million to $115 -million from $110-million to $130-million

It also reduced guidance for adjusted free cash flow "to a range of $(20) to $0 million from $20 to $40 million."

It said the revised guidance is after an expected $96 million of principal repayments on term loan and project debt.

It also reported project income of $28.7 million in the first quarter, up from $21.5 million a year earlier.

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Canyon Services Group Inc. (FRC-T) said first-quarter revenue fell to $71.3-million down from $155.6 million a year earlier.

Analysts were looking for revenue of $78.1-million in the most recent quarter, according to Thomson Reuters.

Funds from operations were $409,000 compared to $15.6-million a year ago.

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Advantage Oil & Gas Ltd. (AAV-T, AAV-N) reported funds from operations (FFO) for the first quarter of $30.2-million or 17 cents per share.

"Funds from operations were supported by increased production, lower costs and a realized hedging gain of $14.7-million," the company said in a release.

The latest results compared to FFO of $29.9-million or 18 cents per share a year ago.

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Cara Operations Ltd (CAO-T) reported first-quarter sales of $450.2-million, up 5 per cent from a year ago.

Operating EBITDA increased to $27.5-million for the 13 weeks ended March 27, from $24.9-million in 2015, the company said.

Net earnings increased to $14.3-million after deducting $1.1-million in one-time transaction costs primarily related to its purchase of St-Hubert in the quarter. That compared to $6.2-million in 2015.

"Management is satisfied with the net earnings and operating EBITDA improvements achieved in the first quarter, despite challenging economic conditions in many markets," the company said. "The continued system sales increases and cost reductions have resulted in increases in operating EBITDA and improved contribution margins in all segments."

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Enerplus Corporation (ERF-N, ERF-T) reported first-quarter funds flow of $41.7-million or 20 cents per share, down from $109-million or 53 cents a year earlier.

Its net loss was $173.7 million or 84 cents per share, compared to a loss of $293.2-million or $1.42 per share a year earlier.

"Our first quarter earnings benefited from a combined gain of $152.2-million on property divestments and the repurchase of a portion of our outstanding senior notes. These gains were offset by non-cash charges of $304-million related to asset impairment and a valuation allowance taken on our deferred tax asset as a result of the decline in 12-month trailing average commodity prices," the company said.

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Supremex Inc. (SXP-T) reported an 18.9-per-cent increase in first-quarter revenues.

The envelope and packaging company said revenue $41.3-million in the quarter, compared with $34.7-million a year earlier.

" This increase is mainly attributable to Supremex' expanding footprint in the U.S., with a large contribution from Classic Envelope Inc. (acquired in October 2015) and organic growth from existing U.S. operations," the company said.

Net earnings reached $3.2-million or 11 cents per share  compared with $3.8-million or 13 cents per share a year ago.

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Western Forest Products Inc. (WEF-T) reported adjusted earnings before interest, taxes, depreciation and amortization of $35.7-million in the first quarter of 2016, compared to adjusted EBITDA of $29.6 million reported in both the same period last year.

"Improved log and lumber pricing, higher lumber production and increased lumber sales volumes delivered a 21-per-cent increase in adjusted EBITDA," the company said.

Revenue was $269.8-million, up from $248.6-million in the same period last year. Analysts were expecting revenue of $288-million in the most recent quarter

"The positive pricing environment combined with higher sales volumes enabled Western to achieve its highest quarterly lumber revenue result since 2007," the company said.

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Northview Apartment Real Estate Investment Trust (NVU.UN-T ) says it believes its 14 buildings in Fort McMurray have not been damaged by the wildfires, "although this could change as the situation evolves."

It also reported first-quarter revenue of $86.3-million, up 77 per cent from $48.8-million a year earlier.

Basic funds from operations for the three months ended March 31, was $30-million, an increase of 81 per cent from a year ago.

FFO per unit was 49 cents in the quarter, excluding insurance proceeds received in the quarter, compared to 52 cents a year earlier.

"The first quarter results are in line with our expectations. The stability of our Northern, Ontario, and Atlantic markets continue to mitigate the on-going operating pressures in our Western Canada markets. Our focus for the last six months has been the integration of the portfolios acquired last fall and the execution of our 2016 strategic initiatives," stated CEO Todd Cook.

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Sierra Wireless, Inc. (SWIR-Q, SW-T) reported first quarter revenue of $142.8-million (U.S.), a decrease of 5.1 per cent compared to $150.4-million in the first quarter of 2015.

Analysts were expecting revenues of $139.9-million in the quarter.

Net earnings were $700,000 or 2 cents per share, compared to a net loss of $9.7-million, or 30 cents per diluted share a year ago.

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