Cogeco Inc. today announced its financial results for the first quarter of fiscal 2012, ended Nov. 30, 2011. The company said profit for the period increased by 20.4 per cent to reach $47.9-million compared to $39.8-million in the first quarter of the prior year. A quarterly dividend of $0.18 per share was paid to the holders of subordinate and multiple voting shares, an increase of $0.06 per share or 50 per cent, from $0.12 per share in the first quarter of fiscal 2011.
Three heavily traded stocks on the TSXV yesterday that may be worth watching: Lakeside Steel rose more than 20 per cent with around 24 million shares traded on news that JMC Steel Group, Inc. has agreed to acquire all of the issued and outstanding common shares of Lakeside. CardioComm hit a decade high 59 cents before succumbing to some profit-taking with 17 million shares traded. Most recent good news involved it receiving confirmation from the Canadian Medical Devices Conformity Assessment System that it had cleared an ISO audit performed by DQS Medizinprodukte GmbH. And Hudson River Minerals soared 189 per cent and closed in on year highs with around 16 million shares traded as it received the assay results from the recent drill program on its Forge Lake gold property.
Fortuna Silver Mines Inc. FVI-T today announced today 2011 production figures from the San Jose Mine. The company said silver production was 2.5 million ounces, an 31 per cent increase over 2010. Gold production was also higher at 7,000 ounces by 174 per cent from the previous year. 2012 forecast silver production was 3.7 million ounces. Gold production was 17,400 ounces or 4.6 million Ag Eq ounces plus base metal credits.
Tembec's first fiscal quarter results for the period ended Dec. 24, 2011, will be released today. Meanwhile, Richelieu Hardware will present its financial results for the fourth quarter today.
Catalyst Paper Corporation announced that it has gained additional support for its proposed recapitalization transaction and now has the support of holders of approximately 69.8 per cent of the company's 11 per cent senior secured notes due 2016 and holders of approximately 40.1 per cent of the company's 7.37 per cent senior notes due 2014. The Senior Notes were issued under the company's former name, Norske Skog Canada Limited.
SGX Resources Inc. , which was just 8 cents below year high 87 cents at yesterday's close, announced today the discovery of significant gold mineralization on its Sothman Township, ON property. The company said geophysical anomaly drilling for vein-style gold targets intersected what is now known as the Edelson Zone with drill holes number SL-11-14 and number SL-11-16.
Buchans Minerals Corporation , which was just 2 cents above year low 5 cents at yesterday's close, announced that it has signed a definitive agreement to sell the Buchans property, Tulks North property and Tulks Hill joint venture interest, to SG Spirit Gold Inc. . The Buchans Property is inclusive of the Lundberg deposit, Daniels Pond deposit, and the company's 49 per cent interest in the Tulks Hill deposit, all of which are located near Buchans, Newfoundland.