A Pengrowth Energy Corp. pipeline in Alberta.Ewan Nicholson
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Equitable Group Inc. (EQB-T) increased its quarterly dividend and reported net income in the third quarter that was 7 per cent higher than a year earlier.
The company behind Equitable Bank said its net income was $37.9-million or $2.21 per share versus $35.2-million or $2.16 for the same quarter a year ago.
The company declared a dividend of 25 cents per share, starting with the January 2018 payment, which it says it a 14-per-cent increase over the dividend declared in November 2016 and 4.2 -per-cent increase over the dividend declared in August 2017.
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Enerflex Ltd. (EFX-T) reported a jump in third-quarter earnings and increased its dividend.
The company reported revenue of $315-million, a 20-per-cent increase compared to $262.4-million in the third quarter of 2016.
Net earnings were $25.2-million or 28 cents per share, slightly above expectations of 27 cents and compared to earnings of $17.6-million or 23 cents a year earlier.
It also increased its dividend by 12 per cent to 38 cents per year, which is paid quarterly.
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Great Canadian Gaming Corp. (GC-T) reported third-quarter revenues of $159.6-million, a 5-per-cent increase when compared to the same period last year.
Net earnings came in at $26.9-million or 43 cents per share, which was above expectations of 39 cents and versus 44 cents a year earlier.
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Atlantic Power Corp. (AT-N; ATP-T) reported a net loss of $32.9-million in the third quarter, an improvement from a loss of $82.4-million a year earlier.
"We have increased our 2017 guidance for project Adjusted EBITDA and our expectation for operating cash flow as a result of our strong year-to-date results and our outlook for the remainder of the year," said CEO James Moore.
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CanWel Building Materials Group Ltd. (CWX-T) reported third-quarter revenue of $317-million, up 15 per cent compared to $276-million in the same period in 2016.
"The increase in revenues was mainly attributable to the company's continuing focus on its product mix strategies and target customer base, continued strengthening of U.S. housing markets, as well as the results of its completed acquisitions," the company stated in a release.
"The increase in revenues and overall financial performance was achieved despite sales in the forestry segment being negatively affected by the recent wildfires throughout British Columbia ... ."
Net earnings came in at $11.6-million compared to $6.9-million during the same period in 2016.
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Pengrowth Energy Corp. (PGF-T) reported third-quarter funds flow used in operations of $300,000 compared to funds flow of $122.7-million for the same period in 2016.
"The decrease in funds flow year over year was primarily due to the decrease in production resulting from asset sales carried out in 2017 and lower realized commodity risk management gains, as a result of Pengrowth having substantially higher volumes hedged at materially higher prices in the same period in 2016 compared to 2017," the company stated.
Average daily production was 35,072 barrels of oil equivalent per day (boe pd) compared to average daily production of 55,137 boe per day in the third quarter of 2016. "The decrease in production year over year is attributed to the absence of volumes related to sold properties, natural declines, as well as lower volumes due to planned maintenance activities on existing properties," the company stated.
Its net loss was $144.7-million compared to a net loss of $52.9-million in the same period last year.
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Liquor Stores N.A. Ltd. (LIQ-T) reported sales of $204.4-million in the third quarter, down 2 per cent from $208.8-million a year ago. Analysts were expecting revenue of $204.9-million. The company said about two-thirds of the decline is related to the foreign exchange impact of translating U.S. dollars to Canadian dollars.
Its net loss was $2.8-million or 12 cents versus a profit of $4.6-million or 16 cents a year earlier. Its adjusted earnings were 14 cents per share for the most recent quarter.
"The results for the third quarter of 2017 highlight the need for the implementation of the new strategic direction that shareholders voted for at the annual meeting this past June," stated CEO Ken Barbet. "The focus of this strategy will be to recapture market share of the company in our core Alberta market and increase our profitability. Our immediate focus will be to improve our operating efficiency, including better leveraging of our operating costs and improving inventory turns to fund an accelerated renovation program for our core Alberta and B.C. markets."
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Extendicare Inc. (EXE-T) reported revenue of $273.2-million in the third quarter, up 2 per cent compared to $268.1-million the year before and below expectations of $278.2-million.
Earnings from continuing operations came in at $6.5-million or 7 cents per share down from $10-million or 12 cents a year earlier, "impacted by a one-time executive compensation charge and lower interest revenue from U.S. sale deferred consideration."
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Guardian Capital Group Ltd. (GCG-T) reported revenue of $36.3-million in the third quarter, up from $35.2-million a year ago.
Analysts were expecting revenue of $37.2-million in the most recent quarter.
Net earnings available to shareholders came in at $11.8-million or 61 cents per share compared to $17.4-million or 58 cents per share a year earlier.
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Dream Industrial REIT (DIR.UN-T) says it's buying a portfolio of four industrial distribution properties in U.S. industrial hubs in Memphis, Orlando and Charlotte.
"The acquisition continues the Trust's strategic expansion into the United States and is consistent with the Trust's previously announced plan to acquire high-quality assets in attractive markets that provide attractive returns," the company stated.
The total purchase price is about $103.3-million (U.S.).
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Diversified Royalty Corp. (DIV-T) reported net income of $3.1-million in the third quarter compared to a net loss of $300,000 in the prior year.
The company said the increase was primarily due to a non-cash impairment loss of $1.4-million and additional income tax expense of $3.7-million.
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True North Commercial REIT (TNT.UN-T) reported revenue of $14-million in the third quarter versus $10.1-million a year earlier.
Funds from operations per unit came in at 15 cents, similar to last year.
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IBI Group Inc. (IBG-T) reported revenue of $89.8-million in the third quarter, roughly in line with expectations of $90.2-million and compared with $88.2-million in the same period in 2016.
Net income came in at $5.5-million compared with a net loss of $4.7-million for the same period in 2016.
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Fairfax Financial Holdings Limited (FFH-T) is boosting its stake in Torstar Corp. (TS.B-T).
Fairfax says it bought about 9.4 million shares or about 13.3 per cent of the issued and outstanding Class B shares, at a price of $1.25 each. The stock closed at $1.30 on Thursday.
Fairfax said it now owns about 40.6 per cent of the company.
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AutoCanada Inc (ACQ-T) reported third-quarter revenue of $834.6-million, which beat expectations of $806-million and is up 10.8 per cent compared with the third quarter of 2016.
Net earnings came in at $12.1-million or 44 cents per share versus a loss of $32.6-million or $1.19.
Adjusted EPS was 50 cents, slightly above expectations of 49 cents and versus 38 cents a year earlier.
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Supremex Inc., (SXP-T), a manufacturer of envelopes and packaging, reported third-quarter revenue of $43.4-million compared with $36.5-million for the same quarter last year, "primarily from the contribution of recent business acquisitions."
Net earnings came in at $3.2-million or 11 cents per share, which was in line with expectations and compared with $2.8-million or 10 cents per share a year earlier.
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K-Bro Linen Inc. (KBL-T) reported revenue of $43.6-million in the third quarter, which was up from $41.6-million a year earlier.
Net earnings after tax were $3.4 million or 36 cents per share, above expectations of 34 cents and compared to $3.4-million and 43 cents a year earlier.
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Jamieson Wellness Inc. (JWEL-T) says third-quarter revenue increased 45 per cent year-over-year to $80.1-million, which was in line with expectations of $79.7-million.
Net income was $1.1-million compared to net income of $8.3-million in the third quarter of 2016.
The company said net income for the third quarter of 2017 included $2.6-million of public offering costs and other expenses while net income in the third quarter of 2016 included a $7.5-million gain associated with a reduction in preferred share obligations.
The company reiterated its outlook for 2017 "pro forma adjusted EBITDA" of $62-million and narrowed its outlook range for 2017 pro forma revenue to $303-million to $307-million, including an estimated $2-million impact it said is due to the translation of foreign denominated revenues into Canadian dollars.
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Sherritt International Corp. (S-T) says it has signed a "definitive agreement" to restructure its Ambatovy Joint Venture with Sumitomo Corporation and Korea Resources Corporation.
The agreement will result in the transfer by Sherritt of a 28-per-cent interest in the JV and the elimination of related debt from Sherritt's balance sheet, which the company said is consistent with the previously announced agreement in principle.
"The signing of a definitive agreement to restructure our Ambatovy joint venture partnership represents a significant milestone," said CEO David Pathe "This agreement addresses our '40 for 12' issue and eliminates the uncertainty caused by the Ambatovy non-recourse debt, while ensuring that we retain an ownership stake in the world's largest finished nickel laterite mine. Closing of the transaction will represent the culmination of numerous discussions with our partners, bondholders, and other lenders over the past three years to preserve liquidity, de-lever our balance sheet, extend the maturities of our outstanding public debt, and defer Ambatovy debt repayment."
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Boralex Inc. (BLX-T) said it generated revenues from energy sales of $74-million in the third quarter, up 38 per cent compared with the same period in 2016.
Its net loss was $26-million or 22 cents per share, which was better than expectations of a loss of 26 cents per share and compared to a loss of $10-million or 16 cents a year earlier.
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Fiera Capital (FSZ-T) reported third-quarter revenue of $107.1-million, which was in line with expectations and up 31 per cent compared to $81.9-million for the same period last year.
"The year-over-year increase in revenues is mainly due to the acquisition of Charlemagne Capital Ltd. as well as the inclusion of the Private Alternative Investment strategies, combined with organic growth, mostly from institutional and private wealth clientele," the company said.
Net earnings attributable to shareholders came in at $4.6-million or 5 cents per share versus $400,000 or a penny per share for the same quarter last year. Adjusted earnings were 27 cents versus 25 cents last year.
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