An Iamgold mining operation in Rouyn, Que.
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
AGT Food and Ingredients Inc. (AGT-T) reported revenue of $1.7-billion for the year ended Dec. 31, which beat analysts' expectations of $1.57-billion and compared to $1.36-billion a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization was $101-million in 2015, or $2.02 per share, up 6.1 per cent from a year earlier.
The pulses processor also said it would increase production capacity at its Minot Facility for increased fibre processing and granulated pulse flour production as well as the addition of production line four to increase overall production capacity.
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Iamgold Corp. (IMG-T) says it issued flow-through shares in the first quarter to fund the development of its Westwood mine and sold its investment holding of gold bullion.
"The sale of 135,148 ounces of gold bullion took place during the period starting February 16, 2016 through March 17, 2016 at an average price of $1,260 (U.S.) per ounce for proceeds of $170.3 million ($170.1 million after-tax)," the company stated.
It said that compares to the market value of $143.3 million ($1,060 per ounce) as of Dec. 31 and the book value of $97.4 million ($721 per ounce), representing an after-tax gain of $72.7 million.
"In recent years, the company has issued flow-through shares to fund exploration and development projects in Canada which qualify for this type of investment," the company stated. "The flow-through offering passes unused tax deductions to the purchasers of the shares, for which they are willing to pay a premium over current market prices."
The company said it issued 12 million flow-through shares in the first quarter at a weighted average price of $3.41 to raise $41 million.
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BTB Real Estate Investment Trust (BTB.UN-T) says net operating income increased 8.7 per cent to $41.3-million in 2015.
Total assets increased 7.9 per cent to $633.1 million. Adjusted funds from operations was $16.3-million, up from $14.4-million a year earlier, the company stated.
"In 2015 we sold four smaller properties the proceeds of which was used to pay down the acquisition line of credit. In 2016 we will continue to sell smaller properties to purchase larger and better producing properties and continue to reduce the outstanding amount of our line of credit for acquisitions, as we did in 2015 and at the beginning of 2016" stated CEO Michel Léonard.
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Inovalis Real Estate Investment Trust (INO.UN-T) says funds from operations (FFO) came in at $3.9-million or 22 cents per unit with payout ratio of 93.9 per cent in 2015.
That compared to FFO of $3.2-million or 21 cents per unit and payout ratio of 100.4 per cent for the same period in 2014.
Occupancy rate on the REIT's portfolio was 89 per cent and weighted average lease term was 6.3 years as at Dec. 31, the company said.
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Fiera Capital Corp. (FSZ-T) says it has created a joint venture with Toronto-based Aquila Infrastructure Management Inc. to form Fiera Infrastructure Inc.
It said the infrastructure platform, announced the same day the federal government is expected to announce a major infrastructure spending program, will have invested and committed capital of about $500-million "and will benefit from a strong pipeline of investment opportunities."
"The infrastructure sector's importance to the global investment community cannot be overstated," stated Fiera Capital CEO Jean-Guy Desjardins in a release. "This transaction is in line with Fiera Capital's strategy of expanding its current service offering in alternative strategies and enhances our ability to offer our clients the best possible investment opportunities in a wide array of asset classes."
It said the transaction will bring Fiera Capital's current infrastructure asset portfolio to $1.2-billion.
Aquila's portfolio includes hydroelectric projects, regulated utilities, wind and solar projects and transportation infrastructure.
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Clearwater Seafoods Inc. (CLR-T) reported record fourth quarter sales of $165.5-million, up 38 per cent from a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization (EBIDTA) and was $39-million, a 51-per-cent increase from the fourth quarter of 2014.
It said the growth in sales revenues and adjusted EBITDA were due to higher prices and higher average exchange rates and the acquisition of Macduff Shellfish in October 2015.
Excluding the acquisition of Macduff, growth in sales and adjusted EBITDA was 16 per cent and 34 per cent, respectively, the company said.
Annual sales were a record $504.9-million, which beat analysts' expectations of $498.4-million, according to Thomson Reuters.