Peter Allen, CEO of DragonWave
Canadian telecom equipment maker DragonWave Inc. , a provider of high-capacity packet microwave solutions that drive next-generation IP networks, was down 5 per cent and moving nearer to a year low $2.86 as it reported a fourth straight quarterly loss on Thursday, although revenue was up from the previous quarter. Net and comprehensive loss applicable to shareholders in the second quarter was $2.2-million or $0.06 per diluted share, compared with income of $1.2 million or $0.03 per diluted share in the second quarter of the prior fiscal year. It said the results reflect a reduction in the expected earn-out payment associated with the Axerra acquisition which, when combined with the reduction of the related intangibles, generated a net one-time gain of $6.2-million or $0.17 per diluted share at the net and comprehensive loss level. Analysts had on average expected DragonWave to lose 21 cents a share on revenue of $12.8-million, according to Thomson Reuters I/B/E/S.
Sandvine Corp. , provider of intelligent network policy control solutions for fixed and mobile operators, dropped closer to a year low of $1.35 after reporting today that revenue grew to a record $25.6-million in its third quarter of 2011, as DSL and wireless markets continue to fuel Sandvine's revenue growth. Revenue was up by 7 per cent compared to the previous quarter. The company also recorded a GAAP net income of $522,000.
LeoNovus Inc. , developer of high performance browser-based internet platform, went up as much as 29 per cent to 37.5 cents after announcing its partnership with Hong Kong-based KingHorn Enterprises Ltd. for the distribution of LeoNovusTV into China. Dave Fisher, vice-president of sales for LeoNovus, said "Our new partnership with KingHorn will help LeoNovus expand into a very large market. KingHorn Enterprises is a very experienced company with a solid reputation."
Champion Minerals Inc. edged higher early Thursday after reporting the latest assay results from its Moire Lake Project. Tom Larsen, Champion's president and CEO said, "The latest results from our 2011 drill program at Moire Lake further confirm the high grade and continuity of the iron formations present on the property which is strategically located in the Labrador Trough. The combined thickness and assay results from Moire Lake are significant and we expect the new resource estimate will identify a sizeable increase in the historical resource."
Theratechnologies Inc. rose as much as 3 per cent early Thursday after announcing that it has discovered a new growth-hormone releasing factor peptide with similar potency and efficacy to tesamorelin, the pharmaceutical company's lead compound. The new peptide may be suitable for the treatment of a broader range of medical indications and methods of administration than tesamorelin. It is undertaking pre-clinical feasibility studies to further explore the new molecule's potential, the company also said.
Marathon Gold Corp. moved further away from a year low $1.00 in touching $1.25 early Thursday after announcing continued success with the intersection of the best interval to date of high grade mineralization at the Leprechaun gold deposit. The company said these high grade intervals "will have a very positive impact on the new resource which is expected to be released in the 4th quarter of 2011."
Galway Resources Ltd. announced today assay results from an additional five diamond drill holes at its Vetas gold project. The company said the results from Vetas thus far have exceeded expectations. Recent improvements to existing energy infrastructure, coupled with the addition of a third rig, should allow for much improved drill productivity, the company also said.
PanTerra Resource Corp. edged up after announcing that its lender, the Canadian Western Bank, has completed a review of the company's credit facilities, resulting in an increase in the facilities from $1-million to $3.75-million. The additional credit facility further strengthens the company's financial position, which will provide increased flexibility as the company advances with its development projects and facilities upgrade in Central Alberta.
Sprott Power Corp. , a developer, owner and operator of renewable energy projects, today announced the acquisition of the rights to a 100-megawatt wind energy development project near Fort MacLeod, Alberta. The company said this project is in addition to the 40-MW wind energy development project it acquired during the second quarter of 2011, bringing its total development capacity in Alberta to 140 MW.
Pacific Coal Resources Ltd. announced today an operational update on its producing mines, La Caypa and Cerro Largo - La Divisa. From production at both La Caypa and Cerro Largo, exports totaled 448,691 tonnes and the average achieved sale price was US$102.51/tonne FOB, representing revenues of approximately $46-million (U.S.) for the third quarter of 2011. The company said the increase in export volumes compared to the previous quarter was due to incremental production coming from both La Caypa and Cerro Largo assets, as well as efficiencies achieved in the logistics chain by the incorporation of the new truck fleet.
Semafo Inc. today announced production of 61,500 ounces of gold in the third quarter 2011, including 45,100 ounces at its Mana Mine in Burkina Faso. It said gold sales for the quarter totalled 59,600 ounces at an average realized gold price of $1,717 per ounce, generating the corporation's best ever revenues of $102.3-million. This compares to revenues of $86.2-million for the corresponding period in 2010, representing a 19 per cent increase year over year. "Mana continued its solid performance in the third quarter, contributing 45,100 ounces of gold to our production total," said Benoit Desormeaux, Executive Vice-President and Chief Operating Officer. "Our efforts to grow production and achieve cost efficiencies are ongoing as evidenced in our recent announcements regarding our plan to increase plant capacity from 8,000 tonnes per day to 14,000 tonnes per day as well as the recent signature of an agreement to connect the Mana Mine to the national power grid." Management remains confident that the corporation will attain its 2011 production guidance.
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