Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Indigo Books & Music Inc. (IDG-T) reported third-quarter revenue of $433.3-million, up 8.2 per cent compared to the same quarter last year and ahead of expectations of $411.8-million.
"Total comparable sales, which include both online sales and comparable store sales, increased by 7.9 per cent, fueled by continued momentum in online operations and impressive in-store performance," the company stated "Revenue growth was driven by double-digit growth in all areas of the general merchandise business. The core book business remains healthy, showing growth over last year."
Net earnings came in at $42.6-million or $1.56 per diluted share, which beat expectations of $1.44 and compared to net earnings of $40-million or $1.48 last year. "This increase in net earnings is reflective of the top-line growth in the quarter, which was fueled by investments in digital, new store development, marketing and supply chain, plus certain changes in accounting estimates," the company said.
Madison Pacific Properties Inc. (MPC-T) says it has entered into a 50/50 joint venture with a residential developer to rezone and redevelop a 4.5-acre commercial property the company currently owns in Coquitlam, B.C.
"Rezoning and development of the property is subject to receipt of all necessary approvals, none of which are certain at this time," the company stated.
Canaccord Genuity Group Inc. (CF-T) reported net income of $36.6-million in the third quarter compared to net income of $4.5-million a year ago. Earnings per share came in at 29 cents compared to a penny last year.
Excluding significant items earnings were 31 cents, versus expectations of 17 cents and compared to 3 cents last year.
Revenue rose 49 per cent to $309.4-million. Analysts were expecting revenue of $269-million.
"Record revenue for our third fiscal quarter was a result of strong investment banking and advisory activity in small- and mid-cap equities, coupled with increased contributions from our expanded wealth management platform," said CEO Dan Daviau in a release. "While we anticipate periodic volatility in our capital markets operation, our business is well positioned to capture additional market share in our key markets, while improving recurring revenue growth from our wealth management businesses to deliver greater earnings diversity and operating leverage for our shareholders."
Earnings from operations were $14.8-million compared to $15.3-million a year ago, "primarily reflecting planned restructuring costs."
Adjusted earnings were $29.3-million compared to $22.5-million in the third quarter a year ago, "primarily reflecting higher revenues."
Adjusted earnings per share were 18 cents compared to 12 cents a year ago.
Analysts were expecting adjusted earnings of 18 cents and revenues of $274.5-million.
Net income was $626,000 versus $8.2-million a year ago. Earnings came in at 2 cents versus 23 cents the year before. Adjusted net income was $5.7-million or 16 cents per share versus $6-million or 17 cents a year earlier.
Analysts were expecting earnings of 16 cents per share and revenue to come in at $99-million.
Africa Oil Corp. (AOI-T) says it has entered into agreements that will provide it with an approximately 25-per-cent equity interest in Impact Oil and Gas Ltd., a private U.K. company with exploration assets in South and West Africa.
The net loss from operating activities for the three months ended Nov. 30 was $3.6-million versus expectations of a loss of $3-million and compared to a net profit from operating activities of $2.1-million a year earlier.
Its adjusted loss per share was 6 cents, versus expectations of a loss of 4 cents and compared to nil per share a year earlier.