Canadian oilfield services company Flint Energy Services is likely to beat an existing year high of $19.99 on news that U.S. engineering company URS Corp will buy it for $1.25-billion (CAN) in cash. Flint shareholders will get $25 a share, a 68 per cent premium over the stock's closing price Friday. URS will also assume $225 million in Flint debt as part of the proposed deal. Flint last traded around the $25 mark in mid-2008.
Chorus Aviation Inc. announced fourth quarter net income of $22.7-million or $0.18 per share, and adjusted net income of $19.6-million or $0.16 per share. Other fourth-quarter 2011 highlights were: operating revenue of $407.7-million, up from $392.7-million a year earlier; free cash flow of $29.4-million, or $0.24 per share; operating income of $25.3-million, up $7.2-million or 40.1 per cent over fourth quarter 2010.
International Forest Products Ltd. , commonly known as Interfor, reported a net loss of $6.5-million or $0.12 per share in the fourth quarter of 2011. Included in the company's accounts in the quarter was the effect of unrecognized tax assets of $3.9-million or $0.07 per share. Excluding the tax allowance and other one-time items, Interfor recorded a net loss of $2.5-million or $0.04 per share compared to a net loss of $0.5-million or $0.01 per share in the preceding quarter and net earnings of $0.5-million or $0.01 per share in the fourth quarter of 2010.
Also included was a provision for share-based compensation of $0.9-million or $0.02 per share compared to a recovery of $0.9-million or $0.02 per share in the third quarter. Sales revenue in the fourth quarter was $190.0-million, down $10.2-million or 5 per cent versus the third quarter, reflecting lower sales volumes and market prices.
Tanzania Minerals Corp. provided an operational update with respect to exploration at its Mrangi and Mrangi South gold properties in the Lake Victoria Goldfields area of Tanzania. Fourteen diamond drillholes, approximately 200 metres depth each, for a total of 2,673 metres, and 58 reverse circulation for a total depth of 8,598 metres have been drilled to date. Preliminary gold exploration on four licences in the Kagera Region has also been initiated.
Hunter Bay Minerals plc announced that it has signed a 5000 metre diamond drill contract for the Sela Creek project, Suriname. Drilling is due to commence on or before March 31 and will use a man portable drill rig capable of drilling to downhole depths of 100 metres in HQ and 300 metres in NQ.