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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Capital Power Corp. (CPX-T) reported a net loss attributable to shareholders for the second quarter ended June 30 of $34-million, or 39 cents per share, compared with a profit of $20-million, or 17 cents per share, for the same period in 2014. Net cash flows from operating activities were $14-million in the quarter compared with $98-million last year. Funds from operations were $70-million in the second quarter, down 18 per cent from $85-million last year. "Financial results in the second quarter were slightly below our expectations primarily due to a 28-day unplanned outage at the Shepard Energy Centre relating to a heat recovery steam generator outage," said Brian Vaasjo, President and CEO of Capital Power. "Repair work on this defect has been completed and the Shepard facility returned to operations in late June." The company also said its board approved a 7.4-per-cent dividend increase, boosting its quarterly dividend to 36.5 cents per share from 34 cents for an annualized dividend rate of $1.46 per common share.
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Craig Wireless Systems Ltd. (CWG-X) said its subsidiary Woosh Wireless (NZ) Ltd. has entered into a binding contract to sell its fixed line and transitional capable wireless customer contracts and related equipment and other rights and licenses to M2 NZ Ltd.
The transition of customers from Woosh to M2 is expected to take up to three months to complete. The estimated value of the sale is expected to be about $1.1-million (Canadian).
"The sale of these assets will allow the Company to focus on its core strength of providing wireless broadband services to the New Zealand public. A transition plan is currently being reviewed for the business operations moving forward," the company said.
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Toronto-based Star Navigation Systems Group Ltd. (SNA-X) said it has signed a framework agreement with an undisclosed avionics system manufacturer to launch the world's first 'real time' Global Health Monitoring System for all types of aircraft, helicopters and train cars.
The concept combines field proven engine, transmission and vibration monitoring solutions for helicopters and fixed wing aircraft, with Star's STAR-TTT real time satellite-based data transmission system.
The end result will provide real time 24/7 tracking and health data, as well as voice streaming to ground operations, the company said.
"The coming together of these two technology fields opens new possibilities in the global transport market place. We will be offering a unique technology solution, meeting both aerospace and railway industry challenges," said Viraf Kapadia, CEO of Star. "It will open doors to a massive market that is currently poorly serviced in both the aviation sector for fixed and rotary wing (helicopters) and the global railway networks."
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TransAlta (TA-T) announced the acquisition of 71 megawatts (MW) of long-term contracted assets from an affiliate of Rockland Capital LLC for $75.8-million (U.S.), together with the assumption of certain tax equity obligations and $ 41.8-million of project debt. The assets acquired include 21 MW of solar projects located in Massachusetts and a 50 MW wind facility in Minnesota. The assets are contracted under long-term power purchase agreements ranging from 20 to 30 years. The acquisition is expected to close by the end of September.
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