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Blake Goldring is the Chairman & CEO of AGF Management.The Globe and Mail

Our roundup of Canadian small-caps making news and on the move today.

AGF Management Ltd. reported fiscal first-quarter earnings per share from continuing operations of 16 cents, 2 cents better than the consensus estimate. Revenue from continuing operations fell to $111.7-million from $116.9-million a year earlier, matching Street forecasts.

The company's total assets under management increased to $36.7-billion as of Feb. 28, 2015, compared to $36.1-billion as at February 28, 2014. "The trend of lower retail redemption levels continued into the first quarter of 2015 as net redemptions were 18.6 per cent lower than during the first quarter of 2014, decreasing from net redemptions of $0.6-billion for the three months ended February 28, 2014 to $0.5-billion in the same period in 2015," the company said.

AGF Management also declared a dividend of $0.08 per share on both the Class B Non-Voting shares and the Class A Voting common shares of the company. This dividend will be payable on April 17, 2015 to shareholders of record on April 9, 2015.

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LGX Oil + Gas Inc. said its fourth-quarter petroleum and natural gas sales fell 15 per cent to $3.8-million, while its net loss per share widened to 47 cents from 9 cents.

The serious financial pressures the company is facing was evident in its 2015 outlook and guidance: "With cash flows impacted by oil prices at five year lows, LGX is working proactively to ensure it has the ability to meet its financial obligations under its credit facilities and satisfy the 2015 drilling commitments under its lease of lands on the Blood Reserve. The company is currently evaluating measures, including but not limited to: asset sales, accessing third party capital, joint ventures and drilling commitment extension. At current commodity prices, the company expects that it may approach non-compliance with the existing financial covenants under its credit facilities in the near future and will continue proactive discussions with its lender regarding the facility and the covenants."

"After anticipated reductions and savings on operating expenses and G&A and without giving effect to any production additions from drilling in 2015, LGX expects to average 725 Boe per day of production in 2015 and generate slightly positive funds flow from operations at current strip pricing for 2015," the company said.

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Exfo Inc. reported fiscal second-quarter 2015 revenues of $51-million, nearly flat from a year earlier and below the consensus of $54.4-million and prior guidance of $52-million to $57-million. EPS was 4 cents.

"We believe that prior guidance and consensus estimates had baked in a $1 million forex gain. Consequently, on an apples-to-apples basis, adjusted EPS would have been $0.00 relative to the consensus of $0.01 and in line with prior guidance of -$0.01 to $0.03," said BMO Nesbitt Burns analyst Thanos Moschopoulos. "Q3/15 guidance calls for revenue of $56-61 million and adj. EPS of $0.00-0.04, below consensus of $60 million and $0.06."

Mr. Moschopoulos overall called the results slightly negative. "The revenue miss in the quarter was perhaps understandable given FX movements, and management continues to control costs (with opex flat/down in recent quarters, helped in part by currency). However, Q3/15 guidance suggests that it will take a little more time for a revenue uptick to materialize. EXFO wouldn't need all that much in the way of revenue growth to drive strong earnings growth, and we'll note that the stock's valuation is inexpensive; but the ongoing uncertainty on timing keeps us on the sidelines."

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Tricon Capital Group Inc., an asset manager and principal investor focused on the residential real estate industry, announced that it has agreed to acquire a portfolio of approximately 1,400 U.S. single-family rental homes situated in North Carolina, South Carolina, and Texas. The Company will finance the acquisition with cash and available debt. Terms were not disclosed.

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Excellon Resources Inc. posted a loss of $0.05 per share in the fourth quarter, two cents worse than the Street expected. Its revenues fell to $4.2-million from $7.5-million a year earlier.

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Red Eagle Mining Corp. announced a $65-million (U.S.) construction financing with Orion Mine Finance that includes a private placement of common shares and a secured $60-million credit facility.

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Connacher Oil and Gas Ltd. said its fourth-quarter loss per share widened to 22 cents from 9 cents a year earlier. Revenues net of royalties rose to $96.6-million from $93.2-million.

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Armtec Infrastructure Inc. said its fourth-quarter revenues rose to $129.6-million from $107.9-million.

Its loss from operations for the fourth quarter was $43.6-million as compared to earnings from operations of $2.9-million for the 2013 comparative period. As a result of the decline in the company's market enterprise value during 2014, Armtec reviewed the carrying value of its assets as required under IFRS and as a result recorded a non-cash impairment charge of approximately $46.9 million during the fourth quarter. Excluding the non-cash impairment charge, earnings from operations in the fourth quarter of 2014 were $3.3 million.

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InterRent Real Estate Investment Trust announced the appointment of Brad Cutsey as president effective April 6.

Mr. Cutsey is presently a managing director and group head of Real Estate Investment Banking at Dundee Securities Ltd.

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EXFO Inc. announced the renewal of its share repurchase program, which is authorized to buy back up to 10 per cent of the public float on the open market, amounting to 1.4-million subordinate voting shares. The company has already acquired about 450,000 shares under its normal course issuer bid. "EXFO believes that the repurchase of some of its subordinate voting shares is an appropriate and desirable use of its available cash," the company said.

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Canadian Apartment Properties Real Estate Investment Trust said it has closed its previously announced equity financing, having raised $154.7-million in gross proceeds. "The proceeds of this offering will help to once again strengthen our balance sheet, enabling us to capitalize on future investments aimed at enhancing unitholder value," said Thomas Schwartz, CAPREIT's CEO.

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Trez Capital Mortgage Investment Corp. reported its year-end financial results, posting earnings per share of 61 cents. Total dividends declared in the fiscal year amounted to 70 cents per share.

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Iamgold Corp. said that three of its directors, including its current chairman, will retire and will not stand for re-election. Bill Pugliese, founder and chairman of Iamgold, is leaving the company after 25 years. "Bill Pugliese is a consummate gold bull who had a vision of building the Sadiola mine in Mali over 25 years ago," said Steve Letwin, Iamgold's CEO. "At that time, no one dreamed that mine would have produced over seven million ounces of gold and would still be operating today." Board members Guy Dufresne and John Shaw are also retiring. The company said the board intends to appoint existing director Don Charter as the new chairman following the annual meeting scheduled for May 11.

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