Areeb Siddiqi works on the mechanical load tester for solar panels at Celestica's company headquarters in Toronto on May 27, 2013.JENNIFER ROBERTS/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.
Capital Power Corp. (CPX-T) is increasing its quarterly dividend by 7 per cent to 41.75 cents per common from 39 cents.
It starts with its dividend payable on Oct. 31.
The company also reported second-quarter net income of $109-million or $1.03 per share, compared with $23-million, or 19 cents a year earlier.
It said normalized earnings, after adjusting for non-recurring items and fair value adjustments, were $26-million or 27 cents per share compared with $29-million or 30 cents per share in the second quarter of 2016.
Analysts were expecting normalized EPS of 31 cents.
**
InterRent Real Estate Investment Trust (IIP.UN-T) reported net operating income for the second quarter of $16-million, an increase of $1.3 million over the same period a year ago.
Funds from operations (FFO) increased by $1.1-million, or 15.5 per cent to $8.3-million or 10 cents per unit compared to a year earlier.
Gross rental revenue for the quarter was $26.4-million, an increase of $1.2 million, or 4.7 per cent, compared to a year earlier.
Analysts were expecting revenue of $25.9-million and FFO per unit of 10 cents.
**
Celestica Inc. (CLS-N; CLS-T) reported second-quarter revenue of $1.6 billion (U.S.), up 5 per cent compared to $1.5-billion in the second quarter of 2016.
Adjusted, non-IFRS EPS was 32 cents, which the company said was at the mid point of its guidance, versus 29 cents a year earlier.
The results were in line with expectations: Analysts were expecting adjusted EPS of 32 cents and revenue of $1.5-billion.
"Celestica delivered strong revenue in the second quarter representing another consecutive quarter of year-over-year revenue growth," said Rob Mionis, Celestica's CEO.
The company said expects third-quarter revenue to be in the range of $1.5-billion to $1.6-billion and non-IFRS adjusted EPS to be in the range of 28 cents to 34 cents.
"We expect a negative $0.06 to $0.12 per share (pre-tax) aggregate impact on net earnings on an IFRS basis for employee stock-based compensation expense, amortization of intangible assets (excluding computer software) and restructuring charges," the company said.
**
Home Capital Group Inc. (HCG-T) says it has received additional proceeds from previously announced asset sales and fully repaid the outstanding balance under its $2-billion credit facility provided by a wholly owned subsidiary of Berkshire Hathaway Inc.
"The full payout of all amounts owing on the Berkshire credit facility is an important next step that highlights the strength of our current liquidity position as we focus on delivering future success," said interim CEO Robert Blowes in a release.
As of July 25, the company said its aggregate available liquidity and credit capacity stood at approximately $3.59-billion, including an undrawn amount of $2 billion under the Company's credit facility agreement with Berkshire.
**
Mainstreet Health Investments Inc. (HLP.U-T) is selling two transitional care facilities located in Wichita, Kansas and Fort Worth, Texas to Mainstreet Property Group, LLC for a total sale price of approximately $47-million (U.S).
The company said it has entered into lease agreements with an affiliate of Mainstreet Property Group to operate the properties until the transaction closes.
"This transaction provides these properties with an operator that will serve the communities well, and demonstrates our continued commitment to working with our partners," said CEO Scott White.
**
LSC Lithium Corporation (LSC-X) says its CEO Wayne Richardson has resigned "to focus on the continued growth and advancement" of a partner company Enirgi Group Corp.
"Enirgi Group's technology is a key element of the strategic relationship agreement between LSC and Enirgi Group," the company said.
Mr. Richardson will remain chairman of LSC, the ocmpany said.
Carlos Galli, LSC's chief operating officer, will act as the interim CEO until a replacement is found.
**
First National Financial Corp. (FN-T) reported second-quarter revenue of $292.2-million up from $253.9-million in the 2016 second quarter.
Net income was $68.8-million or $1.13 per common share compared to net income of $41.2-million or 67 cents per common share a year earlier.
Analysts were expecting revenue of $162.2-million and earnings of $1.09, according to S&P Capital IQ.
**
Carmanah Technologies Corp. (CMH-T) amended its previously announced commitment letter from the Canadian Imperial Bank of Commerce related to a "multifaceted" credit facility. The new total is $25.5-million (U.S.), the company said.
"We are pleased to announce these changes to our credit facilities as we continue to grow our business both organically and by way of strategic acquisition," said CEO John Simmons in a release
**
Pure Industrial Real Estate Trust (AAR.UN-T) says it's buying a total of $365-million of income-producing properties located within primary Canadian markets.
It said the acquisitions represent three separate transactions, including eight distribution and logistics facilities.
The trust also announced that it's raising $200-million in a bought deal financing. The proceeds will be used to fund a portion of the purchase price of the acquisitions. It said the rest of the deal will be paid using cash on hand and its unsecured operating line.
"The trust may subsequently place new mortgage financing on certain of the properties following closing," it said.
**
Yellow Pages Ltd. (Y-T) says chief executive Julien Billot has left the company.
The company says the board has named chief financial officer Ken Taylor as interim chief executive and has started a search for a permanent successor.
The company also says it expects to hit its 2017 targets for total revenue, adjusted EBITDA and free cash flow.
However, it expects to fall short of its target for digital revenue growth.
Yellow Pages says digital revenue has improved but it now expects to fall short of a target of four per cent growth.
The company is scheduled to report its second-quarter results on Aug. 10.
-The Canadian Press
**
Canfor Pulp Products Inc. (CFX-T) is planning capital projects at its Northwood Northern Bleached Softwood Kraft Pulp mill located in Prince George, B.C. and its Bleached Chemi-Thermo Mechanical Pulp mill in Taylor, BC.
The company said the Northwood project will install a new 32-megawatt condensing turbo-generator for an estimated cost of $65 million. The Taylor project will upgrade the refining line for an estimated cost of $40-million. It said the Taylor project will be partially funded through BC Hydro's conservation program incentives.
"These projects will yield a significant improvement in overall mill energy efficiency and will result in a reduction in total fuel consumption," the company said.
**
Tembec Inc. (TMB-T), which in the midst of a proposed takeover from Florida's Rayonier Advanced Materials Inc., reported third-quarter consolidated sales of $419-million, as compared to $376-million in the same quarter a year ago.
Net earnings were $17-million or 17 per share compared to net earnings of $9-million or 9 cents per share a year earlier.
Analysts were expecting revenue of about $414-million and earnings per share of 23 cents.