A board at the New York Stock Exchange displays the Dow Jones Industrial Average soon after the opening bell, February 8BRENDAN MCDERMID
Recycled kraft pulp producer Fibrek Inc. recorded a net loss of $79.9-million in the fourth quarter of 2011, compared with net earnings of $2.6-million for the corresponding period of 2010. The net loss per share amounted to $0.61 (basic and diluted) in the fourth quarter of 2011, compared with net earnings per share of $0.02 (basic and diluted) in 2010.
Meanwhile, AbitibiBowater Inc., doing business as Resolute Forest Products , announced that the Bureau de decision et de revision (Quebec) has accepted, with immediate effect, the company's application to cease trade of Fibrek Inc.'s private placement of 32,320,000 special warrants to Mercer International Inc. . Fibrek will appeal. Resolute also announced that it has extended to March 9, 2012 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek. As of the close of business on Feb. 23, 2012 approximately 67 million common shares of Fibrek had been deposited to Resolute's offer, representing approximately 51.5 per cent of the outstanding common shares.
OceanaGold Corporation announced the updated Resource and Reserve statement as at Dec.31, 2011. Highlights: Proven and Probable reserves for the Didipio project in the Philippines increased by 19 per cent to 1.68 million ounces (Moz) of gold and up 35 per cent to 229,000 tonnes (t) of copper; Increased Frasers Underground reserves as a result of successful development drilling; Total company Proven and Probable reserves increased to 3.65 Moz gold and 229,000t copper representing the third consecutive year of reserve expansion; Macraes Goldfield Measured and Indicated resources remains stable at 3.90 Moz of gold (net of mine depletion); Total Measured and Indicated resources for the company have increased by 1.5 per cent for gold to 6.71 Moz and by 7 per cent for copper to 291,000t.
Chemtrade Logistics Income Fund , which touched year high level on Thursday, announced results for the three months and year ended Dec. 31, 2011. The results include the contribution from the acquisition of Marsulex Inc. that was completed on June 24, 2011. For the fourth quarter, revenue was $247.2-million compared with $151.3-million in 2010, thanks to higher prices for sulphuric acid and sulphur and higher volume of sulphuric acid, as well as the contribution from the acquired businesses. Aggregate cash flow from operating activities for the period was $38-million, which was $35-million higher than the fourth quarter of 2010. Distributable cash after maintenance capital expenditures for the fourth quarter of 2011 was $12.3-million or $0.29 per unit.
Zecotek Photonics Inc. announced that its subsidiary, Zecotek Imaging Systems Pte Ltd., has started legal action in United States Federal District Court in Los Angeles against defendants Saint-Gobain Corporation and Philips for infringement of Zecotek's U.S. Patent Number 7,132,060. Zecotek's patent covers the substances and chemical formulations used to grow lutetium fine silicate scintillation crystals which are characterized by their combined high light yield and ultra-fast decay times and are typically used in medical scanning devices. The lawsuit alleges that Saint-Gobain's LYSO crystals infringe Zecotek's patent, and that Philips infringes by using those crystals in the PET scanners it sells.
Mandalay Resources Corporation announced today that, due to public protests in the Aysen Province of Chile, the company's scheduled February shipment of concentrate from the Cerro Bayo mine has been delayed.
EGI Financial Holdings Inc. today reported net income of $3.3-million for the three months ended Dec. 31, 2011. For the full year 2011 EGI's net income increased 81 per cent to $7.5-million from $4.2-million in 2010. Investment income was $5.2-million compared to $3.6-million in the fourth quarter of 2010. For the full year, there was a year-over-year increase of 5.8 per cent in book value to $155-million, or $12.85 per share.
Guyana Goldfields Inc. today announced positive Feasibility Study results for its 100 per cent owned Aurora Gold Project in Guyana, South America. The Aurora Gold Project is expected to have a positive impact on the economy of Guyana by maximizing employment, skills training, and generating business opportunities for local suppliers and service providers.
Sierra Wireless today announced that Beeldhorloge, based in the Netherlands, has selected a Sierra Wireless AirPrime embedded module to provide wireless connectivity for the Pictowatch. The Pictowatch is designed to assist individuals with cognitive disorders, such as dyschrony, ADHD, dementia and Asperger's Syndrome, in managing daily routines.
EnerCare Inc. reported its financial results for the fourth quarter ended Dec. 31, 2011. Total revenues were $59,988, an increase of 5 per cent or $2,819 compared to 2010. Losses before income taxes in 2011 were $4,268 better than 2010. Net loss increased by $958 in 2011 primarily as a result of the lower deferred taxes and the recognition of current taxes with the conversion from an income trust to a corporation in 2011.