Student Transportation has 11,500 vehicles in Ontario and a number of U.S. states.Ian Sorensen/The Globe and Mail
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Student Transportation Inc. (STB-T; STB-Q) reported second-quarter revenue of $193.9-million (U.S.) up from $177.2-million for the second quarter a year earlier and ahead of analysts' expectations of $186.4-million.
Net income was $22.7-million or 21 cents per diluted share, compared to $6-million or 6 cents per share a year earlier.
Excluding the non-cash benefit of the new U.S. Tax Cuts and Jobs Act of 2017 legislative reform changes, net income for the second quarter would have been $8.8-million, or 9 cents per common share, the company said.
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Partners Real Estate Investment Trust (PAR.UN-T) says its chief financial officer Paul Harrs has resigned. The REIT also said it has done a reorganization of all divisions and corporate operations "with the aim of maintaining tenant service levels while reducing administrative and property costs." It says the changes will save about $800,000 a year once implemented.
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RYU Apparel Inc. (RYU-T) says it plans to raise $4-million in a non-brokered private placement.
The apparel company says it's planning a financing of 33.3 million shares at 12 cents each. The company is offering the financing to "key strategic groups," including a proposed $2-million investment from the Jeremy Bieber Group, which will act as a global chief influencer role for the company.
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Sherritt International Corp. (S-T) reported fourth-quarter net earnings of $537.8-million or $1.85 per share versus a loss of $106.7-million or 37 cents a year earlier.
Excluding the gain from the restructuring of the Ambatovy JV, Sherritt said its adjusted net loss from operations was $50.2-million 17 cents per share, which was below expectations of a loss of 6 cents and compared to an adjusted net loss of $81.3-million or 28 cents per share for the same period of 2016.
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Covalon Technologies Ltd. (COV-X) reported first-quarter revenue of $6.4-million up from $5.6-million for the same period of the prior year.
Net income for the quarter was $523,345 or 2 cents per share compared to net income of $543,110 or 3 cents a year earlier.
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Neptune Technologies & Bioressources Inc. (NEPT-Q; NEPT-T) says it has an agreement with Tetra Bio-Pharma Inc. (TBP-X) for the co-development, commercialization and marketing of purified cannabinoid oil-based products to address pain and inflammation relief applications for the natural health products and pet veterinary markets.
"The products that will be co-developed will be supported by research as well as our unique formulation and delivery system knowledge, which are key components of our mission to deliver differentiated science-based, value-added products," said Neptune CEO Jim Hamilton in a release.
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The Trudeau cabinet has ordered a formal national security review of the $1.5-billion sale of Canadian infrastructure firm Aecon Group Inc. (ARE-T) to the giant Chinese state-owned construction and engineering enterprise.
Aecon released a statement Monday morning saying that the Toronto-based firm and China Communications Construction Co. (CCCC) have extended the closing of the transaction until March 30 to allow for a formal national security review to take place.
Aecon said in its Monday statement that the "federal Cabinet has, under section 25.3 of the Investment Canada Act, ordered a continuation of the national security review of the proposed acquisition of Aecon by CCCI [CCCC International Holding Ltd.]."
Federal Innovation Minister Navdeep Bains, who oversees Investment Canada, has refused to answer pointed questions in the House of Commons on whether the proposed takeover is going through a preliminary screening for a formal national security review.
--Robert Fife and Stephen Chase
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