Morguard Real Estate Investment Trust , which closed down more than 1 per cent on Wednesday to move away from near a year high $16.19, announced that the Trust has acquired a 50 per cent interest in two office complexes in Calgary and Edmonton, Alberta at an aggregate purchase price of $80.7-million. The acquisition was funded through the issuance of $40.6-million in first mortgage debt carrying a weighted average interest rate of 3.8 per cent and the balance through drawings on the Trust's lines of credit.
Compass Petroleum Ltd. announced that it has released its financial and operating results for the three month period ended Sept. 30, 2011. Profit for the period was $4,960 (including a gain of $4.3-million on the disposition of the Alberta oil and natural gas assets of Compass Petroleum Partnership) which compared with a loss of $1.86-million for the previous corresponding period.
Other highlights of the company's activities in the first quarter of fiscal 2012 were as follows; Drilled and cased fourteen (net 13.1) Viking horizontal wells in the Dodsland area of west central Saskatchewan and completed eleven (net 9.6) of those wells using multistage fracturing technology; Increased average production to 1,087 barrels of oil equivalent per day, up 26 per cent from first quarter of fiscal 2011, oil weighting increased from 60 per cent in the first quarter of fiscal 2011 to 80 per cent in the first quarter of fiscal 2012; Generated funds from operations of $2.971-million in the quarter, up 151 per cent from $1.184-million in the first quarter of fiscal 2011; ended the quarter with no bank debt and positive adjusted working capital of $13.581-million.
Agricultural equipment manufacturer Buhler Industries said net earnings for the year came in at $11.9-million, up 45.1 per cent from $8.2-million in the previous year resulting from the increase in sales. Earning per share came in at $0.48 compared to $0.33 in the prior year. Sales for the year were a record $284.7-million, up 35.8 per cent from the prior year. It said this increase was due to the recovery of the overseas market, as well as the demand for the sprayer line introduced in 2010 and the seeding and tillage lines introduced in 2011 and finally Westeel grain bins introduced in 2011.
It said: "Sales for 2012 are expected to be higher than 2011. Sales of tractors and sprayers are expected to increase both domestically and overseas. New products introduced in 2011 will contribute to sales growth in 2012. Seeding and tillage equipment sales are projected to grow as the result of the 2011 acquisition of Ezee-On. In addition, the Company will continue to increase its grain bin business in the U.S. after forming a partnership with Westeel in 2011."
AeroMechanical Services Ltd. , a provider of proprietary technological products and services, announced late Wednesday that Richard Hayden has resigned as president of the company effective Dec. 31, 2011 and will transition to a role within the company focused on strategic business development. Mr. Hayden will remain a director of AeroMechanical, the company added.
NEMI Northern Energy and Mining Inc. announced that it will spend about $52.6-million to buy back most of its outstanding shares and debt securities. The company said over 38 million shares were tendered to NEMI's substantial issuer bid, which offered $1.06 each for a total of 38 million shares.
Oil and gas exploration company ArPetrol Ltd. , which closed yesterday's session near a year low $0.055, announced today that its board of directors has approved the adoption of a shareholder rights plan. The company said the plan is effective as of Dec. 29, 2011. The company's shareholders, however, will still be asked to confirm and ratify the plan at the next meeting of shareholders and in any event not later than June 20, 2012.
Sure Energy Inc. announced today that its Board of Directors has approved a $38-million capital budget for 2012. The company said the capital program will be financed with cash flow and existing credit facilities and will focus on exploration and development activities at the Company's three core areas of Redwater, Alberta, Virginia Hills, Alberta and Hatton, Saskatchewan.
Epicore BioNetworks Inc , a leading producer of environmental biotechnology and animal nutrition products, said Wednesday night a sales revenue increase of 9 per cent over the prior year first quarter to $1.11-million set a Company first-quarter record. But net income of $0.06-million was lower than fiscal 2011 because of lower gross margin and higher operating expenses. It achieved basic and diluted earnings per share of $0.003, down from $0.004 in prior year first quarter.
Cantronic Systems Inc. , which closed Wednesday close to a year low 7 cents, today announced its financial results for the third quarter of fiscal year 2012, ended Oct. 31, 2011. Selected highlights of the quarter: Revenue of $4.3-million from continuing operations, an increase of 27 per cent compared to $3.4-million for the corresponding quarter of the previous fiscal year; Net loss after minority interest was $906,000 or $0.009 per basic and diluted share, net income was $97,000 or $0.001 per basic and diluted share in the corresponding quarter of the previous fiscal year.
It said the loss for the quarter was mainly due to one-time "non-cash" costs related to its disposal of equity interest and associated foreign currency translation loss. Net income for the nine months ended Oct. 31, 2011 increased by $1,334,857 (or 116 per cent) to $180,085 (from a loss of $1,154,772), compared with the same period last year.
Northcore Technologies Inc. , a provider enterprise level software products and services, announced today that its technology platform had been successfully deployed for the Irish Government Health Services Executive's (HSE) initial online acquisition pilot. The company said this event was the culmination of a focused effort on the part of both the HSE and Northcore teams. The HSE is the largest purchaser in the state, spending in the region of 4 billion euros annually on a diverse range of goods, services and works projects.
Lonestar West Inc. today announced the continuation of a strong business performance for the first quarter of fiscal 2012. Gross revenues were $3,812,418 in comparison to $1,602,157 in the previous year's comparable quarter, an increase of 137 per cent. EBITDAC increased 146.2 per cent in the current quarter to $574,892 ($0.041 per share) in relation to the previous year's comparable quarter of $233,463 ($0.018 per share). Earnings for the three-month period ended Sept. 30, 2011, increased $318,207 compared to the net loss of $11,951 for the comparable quarter. It said factors for the improvement in performance include the improvement of utilization rates of the HVAC and Vacuum units as well as a significant increase in revenues derived from lease operators.Report Typo/Error