Connacher Oil and Gas Ltd this morning said board members of exploration and production company have decided "not to pursue (a) unsolicited, non-binding and conditional proposal received from a third party to acquire all of the outstanding shares of the company." According to the company, the board determined that the proposal from the unnamed suitor, announced Dec. 8, was not compelling. Connacher shares have more than doubled since late November, topping out at $1.00 each during Friday's session after sliding to 33 cents as recently as Nov. 25.
Whistler Blackcomb Holdings Inc. , which lost nearly 2 per cent on Monday, reported financial results for the fiscal 2011 fourth quarter and the period from Nov. 9, 2010 to Sept. 30, 2011. The corporation earned $15-million or $0.40 per common share (basic and diluted). It said this does not include losses incurred by the Partnerships in the period from Oct. 1, 2010 to Nov. 8, 2010. In that period, the Partnerships incurred a net loss of $8.5-million or a net loss before interest, taxes and depreciation and amortization of $7-million. On Nov. 9, 2010, the corporation completed its initial public offering and in connection with the offering, the corporation acquired a 75 per cent interest in each of Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership. The Partnerships carry on the four season mountain resort business and operations at the Resort Municipality of Whistler.
Hanfeng Evergreen Inc. , which closed down nearly 2 per cent on Monday, reported its financial results for the first quarter ended Sept. 30, 2011. The company reported a net loss of $2-million compared to net income of $3.1-million during the same quarter in fiscal 2011. Income per share was negative $0.03 for the first quarter of fiscal 2012, compared to IPS of $0.05 for the same quarter during fiscal 2011. Sales for the quarter decreased to $11.7-million from $42.6-million.
It said the decrease in sales is due primarily to the reduced volume of production as a result of the planned maintenance turnaround at the Heilongjiang facility as well as the planned and seasonal maintenance at the Jiangsu facility, partially offset by increased sales at its Shanxi joint venture plant in China and new joint venture facility in Indonesia. In addition, the company began producing and stockpiling inventory to support the 200,000 MT signed sales contract with Beidahuang, scheduled for delivery commencing in January 2012.
Orvana Minerals Corp. , which dropped 4.5 per cent and equalled a year low of $1.01 on Monday, announced operating results for the year ended Sept. 30, 2011. The net loss for the year was $20,653 (U.S., $0.17 loss per share). It said the 2011 fiscal year's loss was primarily due the net loss on settlement and revaluation of derivative contracts at Sept. 30, 2011 of $9,528 (U.S., net of tax), stock-based consideration expense of $5,214 (U.S.) reflecting the fair value of shares issued to the company's majority shareholder and lower revenues as new mines were started. The net income for the fourth quarter ended Sept. 30, 2011 was $11,071 (U.S., $0.09 earnings per share). The gain on the revaluation of derivative contracts in the fourth quarter of fiscal 2011 contributed $11,997 (U.S., net of tax) to net income.
GuestLogix Inc. , which closed just above a year low 39 cents yesterday, announced today that Southwest Airlines has signed a multi-year renewal agreement for the continued use of GuestLogix' Buy-on-Board technology platform across its entire fleet. The provider of onboard retail and payment technology to airlines and the passenger travel industry said Southwest will use its onboard retail technology on more than 3,000 daily flights across the United States. Patrick O'Neill, SVP and General Manager, GuestLogix USA said: "This agreement highlights GuestLogix' continued market leadership and innovation and the important role the company's powerful retail technology solution plays in our customers' onboard sales programs."
Wajax Corporation , distributor and service support provider of equipment, industrial components and power systems, announced the appointment of Mark Foote as President and Chief Executive Officer effective March 5, 2012. The company said Foote had served as President and CEO of Zellers since 2008. Previously, Mr. Foote was the President and Chief Merchandising Officer at Loblaw Companies where he oversaw procurement and merchandising functions for all lines of business, marketing, supply chain and information technology.
Endeavour Silver Corp. announced that exploration drilling east of the Lucero-Karina-Fernanda-Daniela mine area at Endeavour's Guanajuato Mines project in Guanajuato State, Mexico has discovered two new high grade silver-gold veins. Barry Devlin, Vice President Exploration, said: "As a result of our new discoveries this year, Endeavour anticipates there will be a substantial increase in reserves and resources at Guanajuato at year-end."
Petrobank Energy and Resources Ltd. announced today its 2012 strategic objectives and capital plan. The company said that in 2012, it will focus on the Kerrobert project to increase production and bring the project to commerciality. Its 2012 capital expenditures are expected to be approximately $34-million, with approximately half the capital plan considered to be discretionary.
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