Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news in the post- and pre-market.
Park Lawn Corp. (PLC-X) says it's acquiring the outstanding membership interests of CMS Mid-Atlantic — which operates, manages and provides financial services for seven cemeteries in New Jersey and New York — for about US$50 million in cash. The purchase price will be funded from PLC's existing credit facility, the company said.
"CMS Mid-Atlantic's assets in the metropolitan New Jersey / New York area, one of North America'smost ethnically and culturally diverse markets, share many favourable characteristics with our platform in Toronto," stated Andrew Clark, chairman and CEO of PLC.
Equitable Group Inc. (EQB-T) increased its dividend 4 per cent and reported fourth-quarter net income of $40.4-million, down from $41.7-million from the same quarter in 2016. Diluted earnings per share came in at $2.36 compared to $2.56 a year ago. Analysts were expecting diluted earnings of $2.38.
"Of note, Equitable took various actions in the second quarter of 2017 to successfully manage through funding market disruptions," the company stated. "The cost of these actions reduced fourth quarter and annual 2017 earnings by 32 cents and $1.11 per share, respectively, and held annual ROE [return on equity] below the company's five-year average of 17.2 per cent."
The company's board declared a quarterly dividend of 26 cents per common share, payable April 5 to common shareholders of record at the close of business on March 15, which is a 4-per-cent increase from the November dividend and up 13 per cent from dividends declared in February 2017, the company said.
Kinaxis (KXS-T) reported fourth-quarter revenue of US$34.4-million up 14 per cent from US$30.3-million a year earlier and in line with expectations of US$34.7-million.
Profit was US$5.5-mllion or 21 cents per share versus US$1.7-milion or 7 cents a year earlier. Analysts were expecting earnings of 15 cents.
Ballard Power Systems (BLDP-Q; BLDP-T) reported fourth-quarter revenue of US$40.3-million, a 31-per-cent improvement from a year earlier.
Its net loss was US$2.9-million or 2 cents per share, versus a loss of US$1.1-million or a penny per share a year ago. Its adjusted net loss was US$900,000 or a penny per share versus a loss of US$900,000 or zero cents.
Analysts were expecting a loss of a penny per share and revenue of US$38.9-million.
Torc Oil & Gas Ltd. (TOG-T) reported a net loss of $9.4-million or 5 cents per share in the fourth quarter, versus a loss of $6.3-million or 3 cents a year ago. Adjusted funds flow was $60-million or 31 cents per share versus $44.4-million or 24 cents a year ago.
GDI Integrated Facility Services Inc. (GDI-T) reported fourth-quarter revenue of $247.6-million, an increase of 8.2 per cent over the fourth quarter of 2016. Analysts were expecting revenue of $248.9-million.
Net income was $3.4 million or 17 cents per share compared to net income of $8.5-million or 40 cents per share for the fourth quarter of 2016. Expectations were for earnings of 22 cents per share.
First Majestic Silver (AG-N; FR-T) said fourth-quarter revenues totaled US$61.2-million, which was 8 per cent below the fourth quarter of 2016
Its net loss was US$56.1-million or 34 cents per share versus a profit of US$1.8-million or a penny per share a year earlier. Adjusted EPS was a loss of 4 cents versus a loss of a penny a year before.
Pengrowth Energy Corp. (PGF-T; PGH-N) reported a net loss of $210.4-million in the fourth quarter compared to a net loss of $92.4-million in the fourth quarter of 2016.
Funds flow from operations amounted to $13.5-million or 2 cents per share compared to funds flow of $111.7-million or 20 cents for the same period in 2016. "The decrease in funds flow was primarily driven by divested properties which resulted in lower volumes year over year combined with realized commodity risk management losses," the company said.
Extendicare Inc. (EXE-T) reported fourth-quarter revenue of $281.4-million up from $276.9-million a year earlier. Analysts were expecting revenue of $285.1-million in the most recent quarter. Earnings from continuing operations came in at $10.3-million or 12 cents per share compared to $13.3-million or 15 cents per share.
ECN Capital Corp. (ECN-T) reported adjusted net Income applicable to common shareholders of $10.6-million or 3 cents per share in the fourth quarter versus $35.9-million or 9 cents per share for the same period a year earlier. Its net loss was $10.5-million versus a loss of $18.7-million for the same period last year.
ECN Capital also announced its plans to make a substantial issuer bid, where it will offer to purchase for cancellation up to $115-million of its outstanding common shares through a modified-Dutch auction between $3.49 and $3.90 per share. "We intend to fund the proposed bid with a combination of cash drawn on the company's existing credit facility and available cash on hand," the company stated.
"This decision reflects our solid financial position, strong ongoing earnings and confidence in ECN's fundamental value," stated CEO Steven Hudson.
Quarterhill Inc. (QTRH-T; QTRH-Q) reported revenue of $22.6-million in the fourth quarter, compared to $30.2-million in the same period last year. Its net loss was $12.4-million or 10 cents per share, compared to net income of $8.6-million or 7 cents in the same period last year.
Analysts were expecting revenue to come in at $23.9-million and a loss of 3 cents per share in the most recent quarter.
Cascades Inc. (CAS-T) reported sales of $1.1-billion in the fourth quarter, up 11 per cent from $979-million a year earlier.
Net earnings were $57-million or 60 cents per share compared to net earnings of $4-million or 4 cents in the year-earlier period. Adjusted earnings came in at 14 cents, which was below expectations of 23 cents and compared to 16 cents a year earlier.
Calfrac Well Services Ltd. (CFW-T) reported fourth-quarter revenue of $485.5-million, an increase of 152 per cent from $192.8-million in the fourth quarter in 2016, "resulting primarily from higher activity and a larger scale of operations in North America." Analysts were expecting revenue of $435.2-million.
Net income attributable to shareholders was $38-million or 26 cents per share, compared to a net loss of $61.5-million or 51 cents for the same quarter in 2016.
Sundial will use the proceeds to add to its current funding for the construction of a new 545,000-square-foot cultivation facility in Olds, Alta.
CryptoGlobal Corp. (CPTO-X) says it's buying Blockchain Dynamics Inc., a trading and services platform for cryptocurrencies.
"This strategic acquisition strengthens the company's vision to build a leading Canadian fintech company that includes custodial, proprietary trading, exchange, insights and content — underpinned by a diversified cryptocurrency mining operation," CryptoGlobal president James Millership said in a release.
On closing of the acquisition, all of the outstanding common shares of Blockchain Dynamics will be exchanged for 20.2 million common shares of CryptoGlobal. The transaction value of approximately $28-million has been completed at $1.40 per share, the company said.
CryptoGlobal also announced a $15-million financing with a "strategic investor" subject to the company meeting certain due diligence requirements.
The net proceeds will be used to "build out CryptoGlobal's growing mining operations and to accelerate the growth of Blockchain Dynamics."
CryptoGlobal also terminated the previously announced brokered private placement offering of special warrants for to raise $10-million.
Fiera Capital Corp. (FSZ-T) says it plans to acquire Clearwater Capital Partners, LLC, a Hong Kong-based credit and special situations investment firm with US$1.4-billion in assets under management.
"The transaction establishes Fiera Capital's Asia-Pacific footprint and provides a rare opportunity to gain entry to the Asian private credit market," said Vincent Duhamel, global president and chief operating officer of Fiera Capital. "Combining Clearwater's deep investment experience in Asia with Fiera Capital's global distribution capabilities enhances our ability to meet the growing demand from clients for a full spectrum of investments in credit and special situations."
Fiera says it will pay US$21-million in cash and shares for the company.