AutoCanada is still in acquisition mode amid a transformation of the dealership business in Canada from mainly single-owner stores to owners holding large groups of dealerships.Getty 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) says it has reached an agreement to sell its Newmarket Infiniti Nissan dealership in Newmarket, Ont., including the land on which the property it's located.
AutoCanada said proceeds from the sale, which came about as "an unsolicited opportunity, will be used reduce its revolving credit facility by about $11.5 million.
"Additionally, the company will proceed to sell excess lands previously acquired to facilitate construction of a separate facility for Newmarket Infiniti," the company said late Tuesday.
The announcement came days after AutoCanada said is holding its quarterly dividend at 25 cents a share, but plans to cut capital spending and trim costs by $15-million.
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Lucara Diamond Corp. (LUC-T) reported revenues of $224 million (U.S.) for 2015, slightly above analysts' expectation of $218.2 million, according to Thomson Reuters.
It said earnings before interest, taxes, depreciation and amortization was $134 million, down from $173.4 million in 2014.
Full-year earnings came in at 21 cents per share up from 13 cents in 2014, the company said.
"2015 was a year of strong operational delivery with the timely completion of our plant optimization project and large diamond recovery, culminating in the recovery of the second and sixth largest gem quality diamonds ever to be unearthed," stated CEO William Lamb.
He said the diamond market weakened in 2015 "and we retain a cautious outlook on diamond prices for 2016."
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Altus Group Ltd. (AIF-T) reported a 10-per-cent increase in gross revenues in the fourth quarter, to $111.0 million, which beat analysts' expectations of $105 million.
That compares to $100.9 million in the fourth quarter of 2014, the company said.
The commercial real estate data and software company also reported adjusted earnings per share of 31 cents, "consistent with the fourth quarter of 2014."
That's a slight beat from analysts' expectations of 30 cents, according to Thomson Reuters.
"We made great progress in 2015 as we continued to execute on our key objectives," stated CEO Robert Courteau.
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First National Financial Corp. (FN-T) reported a 26-per-cent increase in fourth quarter revenues to $250 million.
It cited "steady growth in interest income on securitized mortgages, higher placement fees, a reversal of losses on account of financial instruments incurred in the 2014 quarter and revenue from the company's underwriting and fulfillment services business," as reasons for the rise.
Revenues for 2015 increased by 14 per cent to $915.3 million.
Fourth-quarter net income was $41.1 million or 66 cents per share, compared to $17.9 million or 27 cents per share for the same period a year earlier, the company said.
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Calfrac Well Services Ltd. (CFW-T) is suspending its dividend immediately, citing "challenging market conditions in the oilfield services industry."
The company also reported fourth quarter revenues of $286.2 million in 2015, a decrease of 62 per cent from the same period in 2014, but above analysts' expectations of $267.1 million.
Its net loss attributable to shareholders was $141.5 million or $1.45 per share, compared to net income of $26.5 million or 28 cents per share in the same period last year.
The loss is steeper than the 38 cents per share loss analysts expected.
The company said the wider loss was "primarily due to significantly lower activity and pricing combined with pre-tax write offs of $114.5 million of property, plant and equipment and $14.3 million of inventory."
In its release on Wednesday, the company said its "long-term strategy has not changed, in the short-to-medium term the company remains focused on one thing: surviving through what is shaping up to be the worst industry downturn in decades."
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Cipher Pharmaceuticals Inc. (CPHR-Q, CPH-T) says fourth-quarter revenues increased 30 per cent to $9.7-million, driven in part by new products acquired with Innocutis, as well as strong growth of Canadian products.
Net income was $2-million or 8 cents per share, including the recognition of a deferred tax asset, which contributed $6.2-million to net income in the quarter, the company said.
That compared to et income of $3.2-million, or 12 cents per share a year earlier.
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Pivot Technology Solutions, Inc. (PTG-X) says it and a group of investors are terminating an arrangement agreement announced in January and all related transactions, and will increase the dividend.
"Based on various factors, including feedback from our shareholders, the board and the founder group determined that it was in the company's best interest not to proceed with the transaction," stated Doug Stuve, chairman of the special committee of the board for Pivot in a release. "The board concluded that the process around the transaction and the concerns with respect to the certainty of its completion had the potential to distract the efforts of the company's management to continue to execute on its business plan. This decision allows management to focus its efforts in that regard."
The dividend will increase to a penny per quarter, up from three-quarters of a cent, starting in the second quarter.
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5N Plus Inc. (VNP-T) says 2015 revenues were $311-million, which is lower than analysts' expectations of $321.7-million, according to Thomson Reuters
The specialty metal and chemical products company said the latest annual revenues were down from $508.2-million in fiscal year 2014.
Fourth-quarter revenues were $59.4-million, down from $114.8-million for the fourth quarter of 2014 and below analysts' expectations of $70-million.
The company incurred a net loss of $97.2-million in 2015 and $42.6-million in the fourth quarter of 2015. This compares to net earnings of $10.7-million in 2014 and a net loss of $2.5-million in the fourth quarter of 2014, it said in a release.
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Lake Shore Gold Corp. (LSG-T, LSG-N), which is being taken over by Tahoe Resources Inc (THO-T) reported fourth-quarter net loss of $4.5 million or a penny per share compared to a loss of $1.5 million a year earlier.
The company said revenue were $61.7 million in the quarter, down from $56 million a year earlier and below analysts' expectations of $66 million.