A person walks past the downtown Toronto flagship Hudson Bay Company store in Toronto on Monday, January 27, 2014.The Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Home Capital Group Inc. (HGC-T) is pushing back its first-quarter earnings disclosure by more than a week.
The alternative mortgage company said Tuesday that it would delay its first-quarter earnings release to May 11 in order for results to be "updated for events that have occurred since the close of the first quarter."
In recent weeks, Home Capital been reeling as its customers pulled more than $1.6-billion from high-interest savings accounts, draining the money that funds its mortgage business. That resulted in a pension fund extending a $2-billion credit life line last week, as the board simultaneously reviews "strategic alternatives," including a sale of the business.
Home Capital's investor call will be held on the morning of May 12.
--Jacqueline Nelson
**
Hudson's Bay Co. (HBC-T) says its chief financial officer Paul Beesley is resigning in early July "in order to return home to Canada to be closer to his family."
"Mr. Beesley will continue in his role over the next two months to ensure a smooth transition," the company said.
It's hired an executive search firm to find a replacement.
Mr. Beesley moved to New York to join HBC as CFO in May 2014.
**
Semafo Inc. (SMF-T) reported gold sales of $66.9-million (U.S.) in the first quarter compared to $74.6-million for the same period in 2016.
Its net loss was $2.4-million or a penny per share compared to net income of $16.2-million or 5 cents a year earlier.
Its adjusted operating loss of $1.9-million was mainly due to an increase in depreciation expense, compared to an adjusted operating income of $20.1-million for the same period in 2016, the company said.
Its adjusted net loss attributable to equity shareholders was $4.4-million or a penny per share compared to an adjusted net income of $11.0-million or 4 cents per share for the same period in 2016.
Analysts were expecting earnings of 2 cents and sales of $68-million.
**
Equitable Group Inc. (EQB-T) says the syndicate of lenders supporting its recently announced $2-billion backstop secured funding facility has been expanded to include all six of Canada's largest banks.
The syndicate now includes Bank of Montreal, CIBC, National Bank, The Royal Bank of Canada, Scotiabank and The Toronto-Dominion Bank, the company said.
"Bankers know the industry best and if all six of Canada's largest banks have the confidence to support Equitable Bank, it is evident that our customers, whether they be savers and depositors or borrowers should have similar confidence," said CEO Andrew Moor.
**
Torstar Corp. (TS.B-T) reported a net loss of $24.4-million or 30 cents per share in the first quarter, compared to a net loss of $53.5-million or 66 cents per share in the first quarter of 2016.
Revenue was $156.7-million in the first quarter of 2017, down $18.1-million from $174.8 million a year earlier.
The owner of the Toronto Star and other media operations said the first quarter of 2017 included $6.6-million of non-cash amortization and depreciation expense associated with its investment in VerticalScope and $4.9-million of restructuring charges and $3-million of impairment charges.
"Restructuring charges in the first quarter of 2017 are expected to result in annualized net savings of $5.3-million and a reduction of approximately 110 positions," the company said.
"Cost reduction will remain an important area of focus for us in the balance of 2017."
**
MacDonald, Dettwiler and Associates Ltd. (MDA-T) reported first-quarter revenues of $494.3-million compared to $562.4-million for the same period of last year.
Net earnings were $5.9-million or 15 cents per share, down from $40.7-million or $1.10 for the same period of last year.
"Net earnings were impacted by the inclusion and variability of certain large, non-operational items, particularly restructuring costs and incremental legal and other professional fees related to the acquisition of DigitalGlobe, Inc.," the company said.
Analysts were expecting earnings of $1.35 and revenue of $509-million.
**
Pengrowth Energy Corp. (PGF-T; PGH-N) reported first-quarter funds flow from operations (FF0) of $26.9-million or 5 cents per share, compared to FFO of $106.2-million or 20 cents per share for the same period in 2016.
"The decrease in funds flow year over year was primarily due to the absence of significant hedging gains realized in the first quarter of 2016 coupled with lower production volumes year over year and a realized hedging loss in the first quarter of 2017," the company said.
"We are delighted by the progress that we have made on reducing our debt and strengthening our balance sheet," said CEO Derek Evans.
**
Secure Energy Services Inc. (SES-T) is hiking its dividend by 6 per cent.
The company also reported first-quarter revenue of $450.6-million compared to $209.1-million a year earlier.
Its net earnings were $3.4-million or 2 cents compared to a loss of $10.7-million or 7 cents a year ago.
Analysts were expecting earnings of a penny per share and revenue of $509.5-million.
"This positive impact to net earnings is a result of increased activity, new facilities and expansions and the corporation's continued focus on managing costs," the company said.
The board approved a 6.25-per-cent increase to its monthly dividend to 2.125 cents per common share from 2 cents.
"Secure has maintained a strong balance sheet throughout a period of oil and gas price volatility," said CEO Rene Amirault. "The increase to our monthly dividend reflects our confidence in the ability of our business model to generate meaningful cash flow while continuing to fund our organic capital and acquisition programs while maintaining a standard of excellence for our customers through our three integrated divisions."
**
Firm Capital Mortgage Investment Corp. (FC-T) reported first-quarter profit of $7-million up from $5-million for the same period in 2016.
It said the average profit per share for the three months ended March 31 was 31.1 cents or a 26-per-cent increase, compared to 24.6 cents per share reported for the same period in 2016.
It said "special income" in the quarter ended March 31 was $2.8-million versus $126,336 for the same period last year.
It said about $2.7-million of the special income "was recognized in the quarter from one of the corporations' non-conventional mortgage investments."
**
Pason Systems Inc. (PSI-T) reported revenue of $59-million in the first quarter of 2017, an increase of 29 per cent from the same period in 2016.
"A modest recovery in commodity prices and increased optimism has led to increased drilling activity in Canada and in the U.S. market," the company said. "This increase was partially offset by a strengthening Canadian dollar relative to the U.S. dollar and a decline in drilling activity in certain key international markets."
The company recorded net income of $7.2-million or 8 cents per share in the first quarter of 2017, compared to a net loss of $10.9-million or 13 cents per share recorded in the same period in 2016.
"The first quarter 2016 results include the restructuring costs," the company said.
**
Morguard North American Residential REIT (MRG.UN-T) reported adjusted net operating income of $29.4-million in the first quarter, an increase of 3.3 per cent compared to 2016.
Basic funds from operations (FFO) was $15.3-million, an increase of $1.3-million, or 9 per cent over the same period in 2016.
**
Stuart Olson Inc. (SOX-T) reported consolidated revenue of $220.1-million in the first quarter, compared to $245.5-million a year earlier.
The company reported a net loss of $200,000 or a penny per share, compared to net earnings of $700,000 or 3 cents in the first quarter of 2016, "reflecting the after-tax impact of lower adjusted EBITDA."
**
Lucara Diamond Corp. (LUC-T) reported first-quarter revenues of $26.1-million (U.S.) or $405 per carat versus $50.6-million and $649 per carat a year earlier.
Analysts were expecting revenue of $27-million.
Earnings per share for the quarter was nil versus 5 cents a year earlier.
**
goeasy Ltd. (GSY-T) reported revenue of $94.7-million for the first quarter, an increase of 15 per cent from $82.3-million in the first quarter of 2016.
Total same-store sales growth in the quarter was 17.9 per cent.
"The growth was driven by the expansion of easyfinancial and the related growth of its consumer loans receivable portfolio," the company said.
Net income for the quarter was $10.3-million, up $2.7-million or 35.1 per cent from the normalized net income of $7.6-million in the first quarter of 2016.
Earnings per share came in at 73 cents, up from 52 cents in the first quarter of 2016.
Analysts were expecting revenue of $92.2-million and earnings of 63 cents.
**
North American Energy Partners Inc. (NOA-T; NOA-N) reported first-quarter revenue of $92.8-million, compared to $78.5-million a year earlier.
Consolidated EBITDA for the quarter was $30.3-million, compared to $25.9-million a year earlier.
Net income was $9.6-million or 31 cents per share compared to $6.4-million or 19 cents a year earlier.
Analysts were expecting earnings of 22 cents and revenue of $86.4-million.
**
Russel Metals Inc. (RUS-T) reported first quarter net income of $30-million or 48 cents per share compared to net income of $8-million or 13 cents per share in the first quarter of 2016.
Revenues were $804-million compared to $662-million a year earlier.
"A stronger pricing environment led to higher gross margins and improved operating profits in all three of our operating segments," the company said.
Analysts were expecting revenue of $787.2-million and earnings of 36 cents.
**
Westshore Terminals Investment Corp. (WTE-T) reported first quarter revenue of $66.6-million compared to $82.2-million a year earlier.
Profit was $13.8-million or 19 cents per share compared to $31.9-million or 43 cents a year earlier.
Analysts were expecting revenue of $72.8-million and earnings of 35 cents.
**