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A Sirius Satellite Radio unit is shown installed in a vehicle in Washington.

© Jason Reed / Reuters/Reuters

Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Transcontinental Inc. (TCL.A-T; TCL.B-T) says it's divesting its media assets in Atlantic Canada.

The company said it has sold its publication portfolio in Nova Scotia, Prince Edward Island, Newfoundland and Labrador, and New Brunswick to SaltWire Network Inc., "an important independent local media group which publishes the daily newspaper The Chronicle Herald, among others."

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It said the transaction is effective immediately and includes the sale of 28 brands and web-related properties, four printing plants, commercial printing activities in Newfoundland and Labrador as well as distribution activities in Atlantic Canada.

The company said it still owns two plants in the region.

Approximately 650 TC Media employees in Atlantic Canada are part of the transaction and will receive an offer from SaltWire Network Inc., the company said in a release.


Aphria Inc. (APH-T) reported third-quarter net income of $5-million or 4 cents per share, as opposed to a net income of $3,720 or zero cents in the same quarter in the previous year.

Revenue was $5.1-million, up from $2.7-million a year earlier and down 2 per cent from $5.2-million a year earlier, which the company said was primarily due to the $8.50 per gram cap placed on the price of medical cannabis for veterans.

"The impact of the price cap on revenue was offset by increased revenue per gram for non-veterans, primarily a result of selling less wholesale product and the continued growth of our cannabis oils," the company said.

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Analysts were expecting revenue of $5.5-million and earnings of a penny per share.

Cash costs to produce was $2.23 per gram, up from $1.85 a year earlier.


Brick Brewing Co. Ltd. (BRB-T) reported revenue of $10.5-million in the fourth quarter, compared to $9-million in the fourth quarter of fiscal 2016.

EBITDA for the quarter was $1.8-million, compared to $1.6-million a year earlier.

Gross profit margin for the quarter was 32.2 per cent, an increase from 31.1 per cent in the prior year.

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Capital Power Corp. (CPX-T) is buying Decatur Power Holdings, LLC from an affiliate of LS Power Equity Partners III for $441-million (U.S).

The company owns the Decatur Energy Centre, a 795-megawatt (MW) natural gas-fired combined cycle power generation plant in Decatur, Alabama.

"The acquisition of Decatur Energy is a significant step in the execution of our growth strategy as it further strengthens our contracted cash flow profile and increases our geographical diversification," said Capital Power CEO Brian Vaasjo in a release.

Capital Power said it expects to finance the acquisition using a combination of debt and equity. It plans to raise $183-million in a bought-deal financing. It has an agreement with a syndicate of underwriters co-led by RBC Capital Markets and Scotiabank to issue 7.4 million subscription receipts at $24.75 each. It said net proceeds will be used to partially finance the acquisition.


Horizon North Logistics Inc. (HNL-T) says it has been awarded a three-year camp service contract in Nunavut.

Combined revenue over the term is expected to be about $62-million and will require approximately $7-million of capital, which the company said is already included in its 2017 capital budget.


Sirius XM Canada Holdings Inc. (XSR-T) reported second-quarter revenue of $89.9-million up from $84.4-million a year earlier.

"The year-over-year improvement for both the quarter and year-to-date reflects growth in the company's self-pay subscriber base," the company said.

Net income was $10.6-million, down 62 per cent compared to net income $28.2-million a year earlier.


Largo Resources Ltd. (LGO-T) has taken a $2-million six-month loan, which it says will help it address short-term cash requirements.

It said the loan is being taken "while the company continues to focus on restructuring its current capital structure."

The company also issued 400,000 common share purchase warrants to the lenders, exercisable to acquire one common share at 50 cents until Dec. 31, 2020.

"This short-term injection of capital at the parent level and our increasingly positive cash flow at the operating subsidiary level provides us with the flexibility to focus on completing our on-going capital restructuring," said CEO Mark Smith in a release.


Dominion Diamond Corp. (DDC-T; DDC-N) reported fourth-quarter sales of $130-million (U.S.) compared to $178.1-million a year earlier.

It reported income of $5.6-million or 7 cents per share compared to a loss $27.9-million or 41 cents a year earlier.

"During the fourth quarter, foreign currency exchange rate fluctuations resulted in a decrease of $7.1-million, or $0.09 per share, in the company's net income tax expense," the company said.

The company also said it hasn't set a timetable for the strategic review process launched last month, "nor has it made any decisions related to strategic alternatives at this time." The review began after it received an unsolicited takeover offer from Washington Corporations.

The expectation was for revenue of $130-million and a loss of 4 cents per share.


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About the Author

Brenda Bouw is a freelance writer and editor based in Vancouver. She has more than 20 years of experience as a business reporter, including at The Globe and Mail, The Canadian Press, the Financial Post and was executive producer at BNN (formerly ROBTv). Brenda was also part of the Globe and Mail reporting team that won the 2010 National Newspaper Award for business journalism. More


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