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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.
Canaccord Genuity Group Inc. (CF-T) reported fourth quarter revenue of $200.9-million, down 13.6 per cent from a year earlier. That beat expectations of $186.5 million, according to Thomson Reuters.
Its net loss was $22.7 million compared to a net loss of $26.3-million a year ago. Its loss per share was 29 cents compared to a loss of 33 cents a year ago.
The quarter included restructuring costs of $13.1 million, a non-cash accounting charge of $8.1-million and the amortization of intangible assets acquired in connection with a business combination in the amount of $2.8-million.
Excluding significant items, the company said its loss per share of was six cents, compared to five cents a year earlier.
"The company is continuing its review of its operations and cost structure," it said in a statement. "Opportunities and strategies for reducing costs have been identified in respect of compensation expense, communications and technology costs, trading costs and promotion and travel expenses."
Canaccord also said it plans to do a private placement that would see employees subscribe "on market terms" for up to seven million common shares, together with a half of a share purchase warrant.
"The shares and the warrants would have significant resale restrictions to promote long term employee ownership," it said. "Proceeds from the proposed private placement would be used to fund the purchase by the company's independent employee benefit trusts of common shares in the market to cover future grants of restricted share units to employees."
CEO Dan Daviau said the program "encourages long-term share ownership by our employees, we promote alignment with our shareholders and stability across the organization."
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Canadian Western Bank (CWB-T) reported strong growth in pre-tax, pre-provision (PTPP) earnings in the second quarter and the "significant negative impact" of low oil prices on the credit performance of oil and gas production loans.
The bank said net income from continuing operations was $32.2-million, down 37 per cent compared to the same quarter in 2015.
It said the drop was primarily due to total pre-tax provisions for credit losses of $39.7-million, up from $7.4-million last year.
Earnings per share were down 38 per cent year-over-year to 40 cents.
PTPP earnings were up 8 per cent to $84.5-million, excluding provisions for credit losses and income taxes.
In its outlook, the company said it expects "significantly higher provisions for credit losses."
"As we disclosed on May 3, we now expect the annual provision to fall between 35 and 45 basis points as a percentage of average loans," the company said. "This compares to our prior expectations for the provision to be at the high end of a range between 18 and 23 basis points."
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Capstone Infrastructure Corp (CSE.PR.A-T) says president and CEO Michael Bernstein is leaving the company on June 24.
"The board of directors has asked Paul Malan, the chairman of Capstone's board of directors and Senior Partner of iCON Infrastructure LLP, to become executive chairman on an interim basis with effect from Michael Bernstein's departure," it said in a release.
It also announced other key senior appointments in a release.
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Ovivo Inc. (OVI.A-T) reported fourth quarter revenue of $91.6-million, up 14.3 per cent compared to the same quarter last year.
The water treatment company said the higher revenue was due to new equipment sales and a "favourable foreign exchange effect."
Its net earnings from continuing operations were $3-million or 7 cents per share, compared with a net loss of $700,000 or 2 cents per share a year ago.
"The results we're releasing today both for the fourth quarter and for the fiscal year reflect the actions we've taken over the past two years to improve our profitability. We're encouraged by this third straight quarter with a positive bottom line, driven by improved operating margins and meeting all our objectives for the year," stated CEO Marc Barbeau.
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NexGen Energy Ltd. (NXE-V) said CEF Holdings Ltd is making a "strategic investment" in the company.
NexGen says CEF is buying $60-million (U.S.) in unsecured convertible debentures.
"It is a pleasure to welcome CEF as a partner and strategic investor into NexGen," stated NexGen CEO Leigh Curyer in a release. "We have been working to secure the right partner for Arrow over the last 12 months in order to advance the project which is among the best undeveloped uranium assets."
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Pivot Technology Solutions Inc. (PTG-V) says its distribution, administrative services and licence agreements with Austin Ribbon & Computer Supplies, Inc. will end on Aug. 31.
"Once terminated, Pivot expects that the company's sales reported in respect of Austin Ribbon will decrease significantly over time," Pivot said in a release.
Austin Ribbon represented sales of $120.2 million for the year ended Dec. 31
"While short-term the termination of the agreements by Austin Ribbon will impact our top line, we are very well positioned to leverage the geographic footprint, capabilities, and networks of the wider Pivot organization, and penetrate the markets Austin Ribbon is active in," stated Pivot CEO Kevin Shank
Austin Ribbon's sales efforts were concentrated in the state of Texas, serving both public and private organizations.
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Sandvine Corp. (SVC-T) says its has received more than $3-million in orders from a major wireless operator group at the end of second quarter.
"The orders include expansion of Sandvine's solutions into a new group property, growth in licenses reflecting network capacity expansion across the group, and deployment of Sandvine's Policy Traffic Switch 32000 in the group's largest property," the company said.
It didn't name the customer.
"This is one of our most nimble and innovative customers. As they have experienced success we have grown with them, like a true partnership," statedTom Donnelly, chief operating officer of sales and global services.
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CRH Medical Corp. (CRH-T, CRHM-T) says it has acquired 51-per-cent ownership of Austin Gastroenterology Anesthesia Associates, LLC, which provides anesthesia services to two ambulatory surgical centers in Austin, Texas.
"The transaction represents CRH's first acquisition in Texas," the company said in a release.
AGAA is expected to generate total annual revenue of $11-million (U.S), the company said.
It didn't disclose the purchase price, but said it was funded through its Scotiabank credit facility and cash.
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Plaza Retail REIT (PLZ.UN-T) says Kevin Salsberg, executive vice president and chief investment officer, has resigned to take another publicly-traded Canadian real estate company.
It didn't name the company.
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WPT Industrial Real Estate Investment Trust (WIR.U-T) says the Alberta Investment Management Corp. has purchased 4.6 million trust units from Welsh Property Trust, LLC at a price of $11.75 each.
The unit represent about a 16.5 per cent stake in the REIT
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Maxim Power Corp. (MXG-T) says John Bobenic is no longer its CEO.
No reason was provided in a release on Thursday. The company said Bruce Chernoff, its chairman, will be acting as interim CEO until a successor is appointed.
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Bankers Petroleum Ltd. (BNK-T) says it began temporarily shutting-in production today in Albania after business interruption at the Petrolifera Italo Albanese Terminal port facility in Albania.
"The suspension of the export terminal over the past week has led to a shortage of available crude storage at the port facility as well as within the Patos-Marinza oilfield," it said in a release. "The company expects the suspension to be lifted in the coming days, allowing Bankers to resume operations."