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(Michael McCloskey/iStockphoto)
(Michael McCloskey/iStockphoto)

Small caps

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Bioniche Life Sciences , which closed flat at 52 cents yesterday having earlier touched a day low of 49.5 cents, which was just above an existing year low of 48 cents, last night announced financial results for the first quarter of its 2012 fiscal year (ended Sept. 30, 2011). Bioniche, a research-based, technology-driven Canadian biopharmaceutical company, said the basic and fully-diluted net loss for the three-month period was (0.04) per share, no change from the same period in Fiscal 2011. Consolidated revenues for the quarter were $6.8-million, as compared to $7.5-million in the same period in Fiscal 2011. It said this decline in revenues relates to a drought affecting sales of cattle reproductive products in the southern U.S., as well as delays in the timing of certain sales that are expected to occur in subsequent quarters.

Harry Winston Diamond Corporation , which lost 6.5 per cent on Thursday to leave it exactly $1 above year lows, swung to a fiscal third-quarter loss on write-downs and weaker sales in its mining segment unit. For the quarter ended Oct. 31, Harry Winston posted a loss of $4.7-million or 6 cents a share compared with $4.7-million or 5 cents a share in the previous corresponding period. Excluding write-downs on certain mining assets, profit would have been 4 cents per share, compared with 10 cents in the year earlier period. Analysts polled by Thomson Reuters forecast 5 cents a share. Revenue fell 15 per cent to $119.7-million.

Funds managed by West Face Capital Inc. are "significant" holders of both common equity and Senior Secured Notes of Connacher Oil and Gas Limited . WFC has encouraged the Connacher board to consider all options.

"WFC believes that a comprehensive review of strategic alternatives is in the best interests of both shareholders and creditors of Connacher and encourages management and the Board of Directors to conduct a broad and comprehensive review of available options to maximize value for all stakeholders," it said in a statement. West Face Capital Inc. is a Canadian-based investment management firm with assets under management of over $2.2-billion.

Canadian Zinc Corporation , which rose 16 per cent yesterday, this morning announced that the Mackenzie Valley Environmental Impact Review Board has approved the proposed operation of the Prairie Creek Mine in the Northwest Territories.

Aeterna Zentaris Inc. , which traded 3 cents below its 20-day SMA $1.71 at yesterday's close, announced today positive preclinical data in triple-negative breast cancer for its highly selective Erk 1/2 inhibitor anticancer compound, AEZS-131. Dr. Jorg B. Engel of the Medical University of Regensburg said: "...this compound should be further explored in triple-negative breast cancer with over activation of MAPK or mutations in the MAPK-pathway."

Hart Stores Inc. , an operator of mid-sized department stores, announced its financial results for the third quarter ended Oct. 30, 2011. For the third quarter, sales were $31.2-million, representing a 24.8 per cent decrease from last year's $41.5-million for the same period. For the third quarter, the company reported a net loss of $12,040,000 or $0.88 per share, which includes a non recurring charge of $7,283,000 as further described. This compares to a net loss of $877,000 or $0.06 per share in the same period last year. Net loss for the third quarter was mainly the result of the drop in sales, the impairment loss related to fixed assets of stores slated for closure as well as professional fees and the elimination of the income taxes recoverable for the current year's loss in connection with the company's recent filing under CCAA.

Intelligent IP video solutions provider March Networks today announced that it has signed an agreement with Infinova (Canada) Ltd., pursuant to which Infinova will acquire all of the issued and outstanding common shares of the company for $5 (CAN) per share in cash for a total value of approximately $90.1-million. Peter Strom, President and CEO, March Networks, said: "The combined companies create one of the 10 largest global players in the video surveillance industry and is well positioned for the expected industry consolidation over the next 5 years."

Insignia Energy Ltd. , which closed Thursday near a year low 98 cents, provided a 2011 capital expenditure update and announced its 2012 first half capital budget and guidance. Insignia said it expects its total capital expenditures for 2011 to be approximately $27-million, which is consistent with previous guidance. In the first half of 2012, the Board of Directors of Insignia have approved a capital budget of $22-million which is intended to be directed to the drilling, completion and tie-in of two (2.0 net) horizontal Cardium oil wells at Pembina, two (2.0 net) Mannville liquids rich natural gas wells at Caroline and one (0.5 net) horizontal Doig well at Pouce Coupe.

Also, capital activity will include the completion and tie-in of wells being drilled in 2011, such as, two (1.0 net) horizontal Montney/Doig wells at Pouce Coupe and one (1.0 net) Mannville liquids rich natural gas well at Caroline. Insignia anticipates exiting the first half of 2012 with production in the range of 3,800 to 4,000 boe/d and net debt of approximately $20-million. The Company also expects its first half cash flow to be approximately $13.5-million ($27-million ($0.46 per share) annualized) based on an average WTI price of $90 USD/bbl and an average AECO price of $3.25/mcf.

TerraVest Income Fund announced that Beco Industries Limited Partnership has sold its assets and operations to a corporation controlled by Richard Pinchuk, a former owner and President of Beco, and Larry Rinzler, Vice President of Beco. Cash proceeds received on closing were approximately $5.6-million. The sale of Beco results from the Fund's previously announced and ongoing evaluation of each of its portfolio businesses in order to determine fair value and the related review of the future strategic direction of the Fund.

Paragon Minerals Corporation , which is trading near year lows, said its management is unaware of any material change in Paragon's operations that would account for the recent increase in market activity.

Vecima Networks Inc. (VCM-T), which designs, manufactures and sells products that enable broadband access to cable, wireless and telephony networks, today announced its financial results for the fiscal 2012 first quarter ended September 30, 2011. The company said it ended the quarter with a $0.7 million net loss, erasing the $1.8 million net profit in the comparable period of the previous fiscal year. This was after revenues dropped to $20 million from $26.3 million in the first quarter of fiscal 2011. Cash position was $7.8 million at quarter end, compared to the negative cash position in the comparable period of $4.9 million.

Integrated Asset Management Corp. (IAM-T), an alternative asset management company that is trading near year lows, announced today its audited financial results for the fiscal year ended September 30, 2011. The company said net income and comprehensive income was $4.3 million or $0.15 per share in the current year versus net income and comprehensive income of $1.0 million or $0.04 per share in the prior year. EBITDA was $5.5 million compared to the prior year's EBITDA of $4.4 million as a result of higher net performance fees of $2.5 million offset partly by lower commitment fee revenue and higher operating costs of startup businesses.

RDM Corporation (RC-T) announced today its financial results for the year and three month period ended September 30, 2011. The provider of specialized software and hardware products for electronic payment processing said total revenue was $4.8 million compared to $5.1 million in the fourth quarter of 2010. Net income, excluding special charges was $298,000. The special charge consisted of a $413,000 impairment to the value of tooling. In the fourth quarter of 2010 net income excluding special charges of $692,000 was $136,000.

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