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Inside the Market's roundup of some of the Canadian small caps making news and on the move today
Avigilon Corp. shares are up almost 30 per cent today after reporting better-than-expected earnings Tuesday evening and receiving an upgrade from RBC Dominion Securities this morning.
Avigilon posted third-quarter revenue of $71-million, exceeding the consensus estimate of $69-million. EPS of 24 cents easily surpassed the Street of 15 cents.
RBC Dominion Securities analyst Steve Arthur upgraded his rating to "outperform" from "sector perform" and raised his price target to $24 (Canadian) from $23. (Read more on Mr. Arthur's action in Today's Analyst Upgrades and Downgrades.
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Transforce Inc. said it has received Competition Bureau approval for its offer to buy Contrans Group Inc.
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Whitecap Resources Inc. reported cash flow per share of 52 cents, below the Street consensus of 54 cents, on lower realized pricing and higher operating expenses. Production of 34,940 barrels of oil equivalent was close to expectations. The company also released a capital budget of $360-million for 2015.
Nevertheless, with the help of a rise in crude oil prices today, shares were up 7 per cent on the TSX at midday.
AltaCorp Capital Research analyst Jeremy McCrea reiterated an "outperform" rating after reviewing the results, while trimming his price target to $17.50 (Canadian) from $18. "With management's track record in growing cash flow per share 16 per cent into 2014 and an expected 25 per cent for 2015 (not to mention ability to construct creative M&A transactions throughout 2014), well economics that show payback between 10-17 months, a low leverage profile at 1.2x for 2015, the company has a number of key performance attributes that should make it an above average performer," he commented.
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TSO(3) Inc. reported third-quarter sales of $98,545, up from $42,854 in the third quarter in 2013. It reported a net loss per share of 2 cents, versus a loss of 3 cents a year earlier, and in line with Street estimates.
Desjardins Securities analyst Chase Bethel reiterated a "buy" rating and $2 (Canadian) target after reviewing the results. "Our view is that a regulatory derisking event is near, and we see TSO3's sterilization technology as being well positioned relative to existing product offerings," he said.
Shares in the company were up about 7 per cent in midday trading.
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Valencia Ventures Inc. has announced that John Rak has stepped down as president, CEO and a director of the company to pursue other endeavours. Josh Van Deurzen will replace Mr. Rak in all three roles. Mr. Van Deurzen is a corporate and securities lawyer who has provided business and legal consulting to various public and private companies in the resource-based sectors.
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TAG Oil Ltd. announced that development, appraisal and step-out drilling, and field optimization work has resumed at the company's Taranaki oil and gas fields. Located in the main production fairway of the Taranaki Basin on the North Island, New Zealand, TAG is pursuing significant reserve growth through developing and exploiting its lightly explored discovery acreage in the shallow and high impact deep formations.
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Coventry Resources Inc. has entered into agreements that provide it the right to acquire 80 per cent of the Caribou Dome copper project in Alaska through the acquisition of unlisted Australian company Aldevco Pty Ltd.
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Tahoe Resources Inc. announced the completion of new mineral resource and mineral reserve estimates for its Escobal mine in southeastern Guatemala. Measured and indicated mineral resources total 433.9 million ounces of silver at an average grade of 346 grams per tonne. That's an 18 per cent increase in measured and indicated silver ounces when compared to a January 2012 mineral resource estimate.
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Calfrac Well Services Ltd. announced third-quarter net income per share of 51 cents, up from 11 cents a year ago, as revenues rose to $697-million from $388-million.
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ATS Automation Tooling Systems Inc. reported revenues from continuing operations of $207-million in its second quarter, up 34 per cent from a year ago. Adjusted earnings per share from continuing operations was 19 cents, up from 14 cents a year earlier.
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North American Palladium Ltd. reported quarterly revenue of $46.4-million, up 39 per cent from a year earlier. Adjusted EBITDA was $8.3-million in the third quarter of 2014, compared to $3.2-million in the third quarter of last year.
The Street reacted negatively to the results, with shares down 10 per cent at midday.
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Norsat International Inc. reported third-quarter revenues of $8.1-million, down from $8.8-million a year ago. Earnings per share was 2 cents, up from 1 cent a year earlier.
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InnVest Real Estate Investment Trust reported third-quarter revenues of $148.4-million, down from $161.1-million a year earlier. Funds from operations was relatively unchanged.
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Intertape Polymer Group Inc. reported third-quarter revenues rose 4.6 per cent from a year earlier to $209.1-million. Adjusted net earnings totalled $14.3 million, or 23 cents a share, compared to $17.5-million, or 28 cents a share, a year earlier.
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Orbite Aluminae Inc. saw breakeven per share earnings in its third quarter, down from a 1-cent profit a year earlier. Shares were up nearly 7 per cent at midday.
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Corby Spirit and Wine Ltd. declared a special dividend of $0.62 per share payable on Jan. 9, 2015 on its voting class A common shares and non-voting class B common shares. The special dividend will result in a cash distribution of approximately $17.7-million to shareholders and will be sourced from Corby's current surplus cash position. This payment represents cash the board considers to be in excess of its requirements to fund future growth opportunities, the company said.
The board announced an amendment to its dividend policy whereby the annual amount of the dividend will now be based on the greater of 85 per cent of net earnings per share in the preceding fiscal year ended June 30 and $0.60 per share. Prior to this announcement the annual amount of dividends was based on the greater of 75 per cent of net earnings per share in the preceding fiscal year ended June 30 and $0.60 per share.
The company also reported earnings of 17 cents per share, down $2.7-million a year ago.
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Wi-Lan Inc. announced that a wholly-owned subsidiary of the company, Touchscreen Technology LLC, has reached an agreement to license, utilizing WiLAN's established partnership model, technology related to touch keypads used in consumer electronic devices.
Under the partnership model, WiLAN and its partner share in the proceeds of a successful licensing program. All terms of the agreement are confidential.
Darcy Keith