Pacific Northern Gas Ltd. hit a new record high of $37.60 in the early minutes of Monday's trading session but soon gave up most of these gains as it announced that due to the seasonality of business, its net loss for the three months ended Sept. 30, 2011 was $2.2-million, the same as for the corresponding period in 2010. After providing for preferred share dividends, the loss per common share for the three months ended Sept. 30, 2011 was $0.61 compared with a loss per common share of $0.64 for the same period in 2010. The company said its natural gas distribution is very seasonal and generally earns in excess of its annual net income in the first and fourth quarters of its fiscal year and realizes losses in the second and third quarters.
Yukon-Nevada Gold Corp. edged lower and closer to a year low 28 cents early Monday as it recorded a net loss of US$18-million in the third quarter of 2011 compared to a net loss of $103.8-million in the third quarter of 2010. It said the loss was primarily a result of a loss incurred from operations of $11.2-million, $3.7-million in finance and transactions costs, and an $11.4-million loss on derivatives partially offset by a $8.5-million gain in the fair value of warrants which are recorded as derivative liabilities.
New Flyer Industries Inc. , the leading manufacturer of heavy-duty transit vehicles in Canada and the United States, rose early Monday ahead of the release its 2011 third-quarter results later today. A conference call for analysts and interested listeners will be held on Tuesday Nov. 8, 2011 at 1 pm (ET).
ACE Aviation Holdings Inc. reported third-quarter results for 2011. ACE recorded a loss of $28-million, which includes unrealized losses of $26-million and $1-million respectively on ACE's investment and warrants in Air Canada, recorded at fair value. This compares with income of $66-million in the third quarter of 2010, which includes ACE's proportionate share of Air Canada's income, after adjustments, of $62-million and an unrealized gain of $2-million on ACE's warrants in Air Canada.
Sino-Forest Corporation late Friday announced James Bowland had resigned as a director. Bowland joined the board in February, 2011 and was a member of the Independent Committee, the Audit Committee and the Compensation and Nominating Committee. The company didn't explain why he had resigned. Sino-Forest is due to release third-quarter financial results later this month and is also expected to provide an update on the investigation into allegations of fraud against the China focused timber concern. The Ontario Securities Commission is investigating Sino-Forest and has ordered the company's shares cease trading. They last traded at $4.81.
Amerigo Resources Ltd. , reported its results for the quarter ended Sept. 30, 2011. The company said its quarterly loss after tax was $1.2-million, erasing its $5.9-million profit in the previous year. Revenue, however, went up to $41.9-million from $39.3-million. Production was 11.01 million pounds of copper, 22 per cent lower than the 13.39 million pounds produced in the third quarter 2010, due to the interruption of the flow of fresh tailings to MVC into July 2011, caused by the labour strike by workers of the subcontractors of El Teniente.
First Point Minerals Corp. opened higher today at 53 cents after announcing the discovery of a large zone of nickel-iron alloy mineralization at the Mich property during this summer's regional exploration field program. The company said the newly defined zone at Mich exhibits disseminated coarse-grained nickel-iron alloy ranging up to 200 to 500 microns in size. Surface sample assay results that are greater than 500 ppm nickel-in-alloy, and coarse nickel-iron alloy grains that are larger than 200 microns in size, are both useful and positive tools to evaluate early-stage exploration prospects, the company added.
San Marco Resources , which has been trading near a year low of 15 cents, announced today that it has acquired an option to purchase a 100 per cent interest in the 280 hectare Los Carlos gold/silver prospect in Sonora, Mexico. Robert Willis, San Marco's Chairman, reportedly said "Los Carlos is a very significant addition to San Marcos property portfolio. Mineralization not only occurs in higher grade shear structures, but also in the host rhyolite porphyry. This property could host a valuable bulk minable, gold and silver deposit."
Richmont Mines Inc. was close to a year high $13.39 early Monday after announcing its financial results for its third quarter ended Sept. 30, 2011. The company said it ended the quarter with strong net earnings of $6.1-million, or $0.19 per share, versus third-quarter 2010 net earnings of $2.5-million, or $0.08 per share. Revenue also improved by 28 per cent to $30.5-million, helped by higher average selling price of US$1,739 versus US$1,251 in the comparable period of 2010. Operating cash flow was $12.0-million or $0.38 per share.
EnerCare Inc. , provider of energy conservation products and services, was up by 4 per cent after announcing its financial results for the third quarter ended Sept. 30, 2011. The company said that its total revenues for the quarter jumped 27 per cent to $63-million, pushing its net earnings higher to $5.6-million from $2.2-million in the comparable quarter of 2010. The company also said it intends to increase its monthly dividend to $0.055 per share, an increase of 2 per cent, effective in respect of the dividend payable to shareholders as of the record date in December 2011, for payment in January 2012.
Sprott Power Corp. a developer, owner and operator of renewable energy projects, jumped 16 per cent after announcing that its Board of Directors has approved the introduction of a dividend policy. The company said that pursuant to the new dividend policy, it has instituted an annual $0.04 cash dividend, payable quarterly. The Board of Directors declared the first such quarterly cash dividend of $0.01 per share payable on Jan. 16, 2012 to shareholders of record as of the close of business on Dec. 30, 2011.
Real Estate management company FirstService Corp. opened lower at $27.54 but recovered as was higher early Monday after announcing that its market leading residential property management business, FirstService Residential Management, has acquired Gittleman Management Corporation, Minnesota's largest and most prestigious residential property management company. Gene Gomberg, CEO of FirstService Residential, reportedly said "Establishing a leading market position in Minnesota was a strategic priority for us. The Gittleman family has been an industry pioneer in the State of MinnesoReport Typo/Error
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