Thursday's small-cap stocks to watch

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Our roundup of Canadian small-caps making news and on the move today. This post will be updated through the morning.

Aecon Group Inc. reported weaker-than-expected fourth quarter results, with revenue of $722-million below the consensus estimate of $877-million. EPS came in at 39 cents per share, below the consensus call of 54 cents. But EBITDA margin of 10.5 per cent beat the implied consensus of 8.8 per cent.

Aecon also announced a quarterly dividend increase to 10 cents (Canadian) from 9 cents.

"From a trading perspective, we expect a mixed reaction in the market as the the lower-than-expected results are somewhat offset by the surprisingly strong EBITDA margins reported despite the lower volumes. In our view, this supports a more positive outlook given the further margin improvement expected by management in 2015. We also believe that the solid backlog provides better revenue visibility beyond 2015," commented Benoit Poirier, analyst with Desjardins Securities. He has a "buy" rating and $17 (Canadian) price target. However, the stock was downgraded to "neutral" from "buy" at Dundee Securities with a price target of $13 a share.

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DragonWave Inc., a global supplier of packet microwave radio systems for mobile and access networks, announced updated revenue expectations of approximately $44-million for its fourth quarter of fiscal year 2015, ended February 28, 2015. Revenue is lower than expected because of the uneven timing of installation services revenue, shipments that did not make the Q4 cut off, and delays in equipment orders, which are now expected to be received in fiscal year 2016, the company said..

Revenue for the full fiscal year 2015 is expected to be approximately $158-million, which represents growth of approximately 75 per cent over fiscal year 2014.

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Sprott Inc. reported assets under manager of $7.0-billion as of Dec. 31, 2014, unchanged from a year earlier. Net income was 8 cents per share, swinging from a loss of 39 cents a year earlier.

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TransGlobe Energy Corp. reported a net loss of 77 cents per diluted share, compared to a profit of 9 cents a year earlier, as oil revenue fell to $92.4 million from $161.0-million.

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Savanna Energy Services Corp. announced a 16 per cent rise in fourth-quarter revenue to $204.9-million. But it reported a net loss per diluted share of $2.57, reversing from a profit of 5 cents a share a year earlier.

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Canadian Western Bank announced first quarter financial performance ended Jan. 31, including 4 per cent quarterly loan growth and relatively stable net interest margin.

Compared to the same quarter last year, common shareholders' net income of $54.2-million was up 3 per cent. Diluted earnings per common share of $0.67 and adjusted cash earnings per common share of $0.69 both increased 3 per cent. Total revenues of $159.9-million were up 4 per cent, primarily reflecting the positive impact of strong 12 per cent loan growth, partially offset by lower net interest margin and non-interest income. The Street was expecting revenue of $162.1-million.

It also declared a quarterly dividend that is 11 per cent higher than a year ago.

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Endeavour Silver Corp. reported an adjusted fourth-quarter net loss of 11 cents per share, compared to an adjusted loss of 12 cents a year earlier. Revenue decreased 28 per cent to $48.6-million on 2,000,253 silver ounces sold and 13,635 gold ounces sold.

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Trilogy Energy Corp. reported fourth-quarter losses of 43 cents per diluted share, compared with a profit of 29 cents a year earlier. Petroleum and natural gas sales fell 16 per cent to $129.5-million.

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Black Diamond Group Ltd. said its fourth-quarter revenue fell 17 per cent from a year earlier to $88.8-million, with EBITDA felling 27 per cent. The company reported a loss per diluted share of 8 cents, compared with a profit of 32 cents a year ago. The results were in line with an operational update the company gave on Dec. 18 of last year.

"We expect first quarter 2015 EBITDA to be generally in line with fourth quarter 2014 EBITDA," the workforce accommodation provider said in its outlook. "We are confident that with the current run rate of Black Diamond's business, current contract coverage, and a diverse range of marketable assets, that we will be able to meet all of our financial obligations while continuing to pay the dividend."

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Enerdynamic Hybrid Technologies Corp. has completed a brokered private placement of 6.5 per cent secured convertible debentures to raise a total of $3-million. The company said the net proceeds of the offering twill be applied towards the completion of its acquisition of 40 Megawatts of Feed in Tariff issued by the Ontario Government under the FIT 3.0 program.

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01 Communique Laboratory Inc. reported a loss for the first quarter of fiscal 2015 of $391,799, down slightly compared with 2014. The company's adjusted loss, which excludes non-cash expenses for stock-based compensation and depreciation, was $344,917, compared with $350,066. The company said it completed the quarter with $851,466 of cash and cash equivalents. The company said it is continuing its patent infringement lawsuit against Citrix Systems Inc. and its GoToMyPC product.

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Patient Home Monitoring Corp. said it has executed a letter of intent to acquire a Colorado-based medical equipment and services company for about $22-million. This is the latest in a string of proposed acquisitions by Patient Home Monitoring, which has issued letters of intent or term sheets for 12 companies with combined annual revenues of more than $141-million. "This is a significant acquisition for PHM and a major step toward our 2015 goal of achieving $100-million in annual revenue," said Michael Dalsin, chairman of the board for PHM. "We are poised to acquire a dominant business in the Colorado market with significant revenue, EBITDA, and perhaps most importantly, a large and untapped patient database."

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Northland Power Inc.  said it has closed its previously announced public offering having raised $231-million. The company also closed its private placement of common shares representing $50-million in gross proceeds to a subsidiary of Northland Power Holdings Inc., a company controlled by James Temerty, Northland's chairman. Part of the proceeds will fund Northland's investments in the Nordsee One project off Germany's north coast, and the Grand Bend wind project in Ontario.

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Pan Orient Energy Corp. announced a normal course issuer bid for the acquisition of up to 10 per cent of the public float. "Pan Orient believes that volatility in commodity prices and the resulting impact on its common shares provide opportunities to Pan Orient to purchase common shares at attractive prices," the company said.