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During the second quarter of fiscal 2012, Canaccord Financial Inc. - which has hit a new year low today - generated $119.5-million in revenue and recorded a net loss of $5.3-million, or $0.09 per common share. Revenues were down 20 per cent from the year earlier period while the net loss compared to net income of $10.3-million. Diluted loss per common share of $0.09 compared to diluted earnings per common share (EPS) of $0.12. Acquisition related expense items totalling $3.9-million, or $3.6-million after tax, were incurred during the quarter, including $1.4-million related to the acquisition of a 50 per cent interest in BGF Equities, and $1.5-million associated with due diligence activities for a corporate development opportunity in the UK that Canaccord chose not to pursue.

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Excluding acquisition-related expense items, a non-IFRS measure, Canaccord recorded a net loss of $1.7-million or $0.05 per common share. It also announced that the board of directors approved a quarterly dividend of $0.10 per common share payable on Dec. 15, 2011 with a record date of Dec. 2, 2011. The company also declared a cash dividend of $0.34375 per Series A Preferred Share payable on Jan. 3, 2012 with a record date of Dec. 16, 2011.



Connacher Oil and Gas Limited overnight reported operating and financial results for the third quarter ended Sept. 30, 2011. Revenue, net of royalties, totalled $232.8-million in the third quarter of 2011, up 47 per cent from $158.7-million a year earlier. It said the gain reflected a significant increase in bitumen production as well as better prices for refined products, partially offset by lower realized bitumen prices and lower production for conventional crude oil and natural gas due to the aforementioned sales. Net income was $3.6-million or $0.01 per share in the third quarter 2011, compared with $4.2-million or $0.01 per share a year earlier. In the latest quarter, net income benefited from the effectiveness of its hedging program. Cash flow was $15.8-million in the third quarter 2011, up 10 per cent from $14.4-million a year earlier. Adjusted EBIDTA was $37.3-million in the third quarter 2011, up 46 per cent from $25.6-million a year earlier. Connacher also reported on its strengthening liquidity position and updated its 2011 production guidance. Connacher expects its solid performance to continue in fourth quarter 2011.



Amorfix Life Science Ltd. , a product development company focused on diagnostics and therapeutics for misfolded protein diseases, announced today that it is collaborating with Helix BioPharma to develop novel therapeutics against cancers associated with misfolded prion protein. The company said these novel therapeutics will specifically target tumor cells and are expected to be more effective and safer than traditional cancer treatments.



Trading at year lows, Canlan Ice Sports Corp. , involved in the development, operations and ownership of multi-purpose recreation and entertainment facilities, today reported improved financial results for the third quarter ended Sept. 30, 2011. The company said revenues grew 5 per cent for the third quarter while expenses continued to stabilize, resulting in improved operating results. Net earnings were $0.1-million compared to a loss of $1.5-million for the comparable period in 2010. The company's Board of Directors also declared eligible dividends totaling $0.015 per common share that will be next paid on Jan. 16, 2012 to shareholders of record at the close of business Dec. 31, 2011.



Treated wood products maker Stella Jones Inc. announced today its financial results for its third quarter ended Sept. 30, 2011. The company said its profits grew 33.2 per cent to $16.6-million or $1.03 a share from $12.4-million or $0.78 per share in the previous year, as sales increased 12.7 per cent to $181.8-million from $161.3-million. The value of the loonie affected the conversion of U.S. dollar sales by about $10.2-million in the quarter, the company added.



Avnel Gold Mining announced today its financial results for the three months ended Sept. 30, 2011. The company said it posted a net loss of $280,000 during the quarter, erasing year-ago earnings of $2.2-million. This is despite the increase in revenues to $4.9-million from $3.9-million on higher gold sales and realised gold prices.



Takara Resources Inc. , which has been trading near a year low 4 cents, announced today it has reached a mutual agreement with GoldQuest Mining Corp. to terminate the previously announced proposed business combination transaction, in order that the parties can mutually investigate the potential for a more amenable transaction at a later date, one that may more suitably satisfy the shareholders of both companies. In the meantime, the company said it shall continue to conduct its business in the normal course.



IntelGenx Technologies Corp. was down more than 10 per cent despite announcing that the U.S. Food and Drug Administration (FDA) has approved its lead product, CPI-300, for patients with Depressive Disorder. IntelGenx is reportedly looking to market the formulation by the second quarter of next year and expects to seal a commercialization deal soon.



YM Biosciences Inc. was being bid higher early Friday after the drug development company reported a $11.3-million swing in net finance income during the three months ended Sept. 30 compared to the year-ago period. Out-licensing revenues were flat during the fiscal first quarter at about $300,000 -- and when coupled with a $2-million gain on foreign exchange offset by other expenses -- YM Bio reported a $900,000 net loss compared with a $11.3-million loss during the same three months in 2010.



Third-quarter revenues rose to $66-million at Algonquin Power & Utilities Corp following the company's acquisition of Liberty Utilities Co earlier this year and adjusted net earnings climbed to $21.4-million, or 18 per share. Algonquin reported a $1.2-million adjusted profit last year on $44.8-million in revenues. AQN was rising toward a year high $5.99 early Friday.

 
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