Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cequence Energy Ltd. (CQE-T) has abruptly replaced its chief executive and dismissed two of its vice-presidents as part of a strategic change in direction and cost-cutting efforts due to low natural gas prices.
The company has promoted Todd Brown as CEO, replacing Paul Wanklyn immediately.
Brown has been the company's chief operating officer since August 2014 and Wanklyn has been CEO since September 2010.
Calgary-based Cequence has also dismissed vice-president of operations Michael Stewart and VP geophysics Stephen Stretch, effective immediately.
David Gillis remains chief financial officer but promoted to executive vice-president.
The company's board of directors says it believes the change in management is necessary as the company focuses on reducing costs rather than on growth, until commodity prices improve sufficiently.
Cequence also said that it aims to save about $2.7 million in administration and general expenses and other targeted savings throughout 2016. It also expects "minimal" capital spending until the outlook for commodity prices improve.
It had embarked on a strategic review in October but announced on Tuesday that it has evaluated all the proposals that emerged and isn't pursuing any of them, choosing instead to restructure the management team.
It announced that 2015 production revenue decreased to $80.9 million in 2015, from $1369.9 million in 2014. It had a loss $250 million last year, compared with $79.4 million of net income in 2014.
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Carmanah Technologies Corp. (CMH-T) recorded net income of $600,000 (U.S.) in the fourth quarter, compared to net income of $300,000 for the same period a year earlier.
Revenues were $21.3 million in the fourth quarter of 2015, up from revenues of $13.5 million over the same period in 2014.
Analysts' were looking for revenues of $19.7 million in the most recent quarter.
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Westport Innovations Inc. (WPT-T, WPRT-T) reported adjusted fourth-quarter revenues of $32.1-million (U.S.), which was in line with analysts' expectations of $32.4 million and is up from $27.4-million a year earlier.
"The increase in adjusted revenue for the fourth quarter of 2015 compared to the fourth quarter of 2014 was primarily related to the introduction into the market and first time sale of low pressure pump systems in China for $7-million," the company stated.
Its net loss was $23.3-million or 35 cents per share compared to a loss of $64.9-million or $1.02 per share a year earlier.
Westport said it reduced its combined operating expenses by $8.5-million to $26.4 million for the quarter ended Dec. 31.
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Helix BioPharma Corp. (HBP-T) says its CEO Dr. Zbigniew Markowski is stepping down "for personal and family reasons," effective immediately.
He is also leaving his position as chairman of Helix Polska, the company stated after markets closed on Tuesday.
"Stepping into both roles, effective immediately, will be Dr. Sven Rohmann," the company said.
Dr. Rohmann is the current chairman of the board of Helix.
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Neovasc Inc. (NVC-T, NVCN-Q) reported fourth-quarter revenues of $2.2-million (U.S.), which was below analysts' expectations of $3.3 million and down from $2.9 million a year earlier.
The company said its net loss for the quarter ended Dec. 31 was $7.4-million or 11 cents per share, compared with a loss of $6.7-million or 12 cents per share a year earlier.
Total expenses increased 13 per cent to $8.4-million.
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EXFO Inc. (EXFO-Q, EXF-T) said second-quarter sales came in at $53.6-million (U.S.) compared to $51-million in the second quarter of 2015. Analysts were looking for revenues of $54.6-million in the most recent quarter ended Feb. 29.
"Gross margin before depreciation and amortization amounted to 64.7 per cent of sales in the second quarter of fiscal 2016 compared to 61.7 per cent in the second quarter of 2015," the company said.
Net earnings were $4-million, or 7 cents per share, compared $900,000, or 2 cents per share, a year earlier.
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Canadian Energy Services & Technology Corp. (CEU-T) says it has an agreement with its syndicate of lenders to amend its senior credit facility to provide it with "increased financial flexibility."
One of the changes includes a a voluntary reduction in the senior facility commitment to $150 million from $200 million, the company said, "which is still anticipated to provide [the company] with more than sufficient liquidity."
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Wesdome Gold Mines Ltd. (WDO-T) reported fourth-quarter revenue of $23.6-million, up from $20.9-million a year earlier.
The company reported net income of $1.1 million or a penny per share, down from net income of $2.6 million or 2 cents per share a year earlier.
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Parkland Fuel Corp. (PKI-T) says it has settled its litigation with the Commissioner of Competition related to its acquisition of Pioneer Energy assets back in June.
"The Commissioner was challenging the Pioneer Acquisition on the basis that it was likely to result in a substantial lessening or prevention of competition in the retail supply of gasoline in 14 local markets in Ontario and Manitoba," the company stated.
It said a consent agreement between Parkland and the commissioner was filed on Tuesday. "As part of the settlement, no remedy was required in six of the original 14 contested markets," the company said.
In two of the contested markets in Manitoba, the company agreed not to increase certain prices for two years.
In five other markets, including Bancroft, Hanover, Innisfil and Tillsonburg, Ont., and Neepawa, Man., it has agreed to "divest either a fuel supply agreement with a dealer that it supplies or a corporate site in each market."
Added Parkland: "In each of these markets Parkland intends to divest or terminate a fuel supply agreement."
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Sierra Metals Inc. (SMT-T) reported fourth quarter revenues of $25-million, down from $40.9-million a year earlier.
Its net loss was $27.1-million for the quarter ended Dec. 31, compared to a profit of $3.4-million a year earlier.
Its net loss for the year was $33.3-million compared to net income of $9.3-million in 2014.
"The decrease in net income is mainly due to the $19-million impairment charge recognized on the Cusi Mine during 2015, as well as the decrease in revenues in 2015 compared to 2014," the company said.
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Firm Capital Mortgage Investment Corporation (FC-T) said its fourth-quarter profit rose 9 per cent to $5.4-million compared to a year earlier.
Profit for the year ended Dec. 31 was up 3 per cent to $20.1-million compared to 2014, the company stated.
Its basic weighted average profit per share for the quarter 26.5 cents, up 8 per cent from a year earlier.
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TIO Networks Corp. (TNC-X) says its second quarter revenue increased 7.3 per cent to $16.4-million.
That beat analysts' expectations of $15.4-million.
Quarterly net income increased to $1.66-million compared to a net loss of $252,230 a year earlier, the company said.
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UrtheCast Corp. (UR-T) reported revenues of $13.4-million in the fourth quarter, up from $11.9-million a year earlier.
Its net loss was $16.5-million or 17 cents per share, compared to net income of $6.2-million or 9 cents per share a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization was a loss of $7.7-million in the fourth quarter, compared to a profit of $7.4-million in 2014 "due to the recognition of $8-million in insurance payments," the company said.
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With a file from The Canadian Press