MDC Partners Inc said consolidated revenue for the fourth quarter of 2011 was $254.3-million, an increase of 20.5 per cent compared to $211.0-million in the fourth quarter of 2010. EBITDA was $25.5-million compared to $38.3-million. Loss attributable to MDC Partners was ($57.7)-million compared to income of $11.5-million. Diluted loss per share from continuing operations attributable to MDC Partners common shareholders was ($1.95) compared with income of $0.39 per share in the same period of 2010. Free cash flow from operations was $8.6-million, compared with $20.9-million.
Morguard Real Estate Investment Trust announced that net income for the three months ended Dec. 31, 2011 was $48.4-million or $0.84 per unit, compared to $56.7-million or $1.00 per unit for the same period in 2010. Funds from operations was $21.4-million or $0.36 per unit ($0.36 per unit fully diluted) compared to $20.5-million or $0.36 per unit ($0.35 per unit fully diluted) for the same period in 2010. Morguard REIT announced an increase in the distribution paid to unitholders to $0.96 per unit per annum (from $0.90 currently), which will be effective for unitholders of record at the close of business on March 30, 2012.
TeraGo Inc. announced its financial and operating results for the year ended Dec. 31, 2011. It had record annual revenue of $44.9-million in 2011, up 19 per cent over 2010. Annual EBITDA was a record $12.2-million, an 82 per cent increase from 2010. It also had positive annual earnings of $0.2-million compared to last year's net loss of $5.8-million.
Whitecap Resources Inc. announced that it has entered into an arrangement agreement providing for its acquisition of the issued and outstanding common shares of Midway Energy Ltd. . Under the terms of the transaction, Midway shareholders shall receive, for each Midway common share held, at the election of the holder: $4.85 cash or 0.4802 of a Whitecap common share or a combination of cash and Whitecap Shares, subject in each case to a maximum.
TransAtlantic Petroleum Ltd. , which dropped 6 per cent on Monday, announced a non-binding letter of intent to sell its Oilfield Services Business for $164-million. The company expects to use the net proceeds from the sale to pay down outstanding indebtedness.
Rare Element Resources Ltd. reported 2011 gold drilling assay results, including the "best ever": Drill hole SUN-116 with 1.21 g/t over 176.8m including 4.5 g/t Au over 24.4m; Drill hole RES11-31 with 0.77 g/t over 71.3m.
Richmont Mines Inc. announced the resignation of Martin Rivard, its President and CEO. Rivard's resignation will be effective Aug. 31, 2012. The corporation has commenced a search for a new President and CEO and expects to have the position filled prior to Rivard's departure.
Honey Badger Exploration Inc. , which was almost 3 cents short of year highs yesterday, announced today that the 2011 exploration program identified favorable geology with associated anomalous soil assays of gold, potassium and arsenic on the Radisson property. These results have prompted the Company to move forward with a 2012 drill program.
Andre Agapov, President and CEO of Rusoro Mining Ltd. , which is trading near year lows, provided details on the recently completed positive feasibility study on the expansion of the Choco Mine to 20,000 tonnes per day.
Bellatrix Exploration , which fell nearly 3 per cent yesterday, said resource drilling drove 59 per cent reserve growth in 2011 and it also reported lower average finding costs.