Imax Corp touched as high as $18.56 after saying third quarter net income rose to $8.4-million or 12 cents a share, from $6.7-million or 10 cents a share in the previous corresponding period. On an adjusted basis, it earned 16 cents a share. Revenue rose 32 per cent to $67.5-million. Also, the giant movie screen maker expects to make a gain of $3.4-million from foreign exchange in the fourth quarter, provided the Canadian dollar continues to be strong versus the U.S. dollar.
Acadian Timber Corp. reported a net income loss of $261-million for the three months ended June 25, 2011, compared to a profit of $565-million in the year earlier period. It generated net sales of $11.7-million, which represents a 3 per cent decrease in net sales compared to the same period in 2010. EBITDA of $0.6-million for the second quarter of 2011 was $0.4-million lower than in the second quarter of 2010, while EBITDA margin decreased to 5% from 8% in the same period of last year. It said: "Acadian traditionally experiences very low levels of operating, marketing and selling activity during the second quarter of each year owing to spring break-up which causes much of the infrastructure to be temporarily inoperable. Cold weather early in the first quarter of 2011 allowed Acadian's New Brunswick operations to continue to harvest into early April allowing log sales to continue into the early part of the quarter. However, this benefit was offset by wet weather late in the quarter delaying production start-up following spring break-up, thereby reducing the total sales volume for the period." Credit Suisse mid-month upgraded Acadian to Neutral from Underperform but kept a target price of $10 on the stock to reflect share price declines leading up to that point.
Black Iron Inc. jumped 20 per cent Thursday after announcing its plan to release the initial results of the company's Preliminary Economic Assessment prior to market open on October 31, 2011. It said The PEA represents the second significant milestone delivered on time since the company's initial public offering in March 2011. The company added it continues to advance its Shymanivske iron ore project in Kryviy Rih, Ukraine and remains on track within its planned development schedule for anticipated production in fiscal year 2015.
BC Advanced Alloys Corp. lost an early gain that saw it touch 16.5 cents and turned negative after saying earlier today that it has signed a memorandum of understanding with Ceramic Tubular Products, LLC to jointly advance and develop their respective nuclear fuel technologies to address operational and performance issues with light water reactor fuel systems. IBC and CTP's nuclear fuel technologies are very complementary and have the potential to deliver significant fuel performance improvements and operational safety benefits to the nuclear industry, the company added.
WesternZagros Resources Ltd. announced that it has received payment for its first sale of crude oil to the domestic market in the Kurdistan Region of Iraq. The company said production start-up marks a new chapter in its history, as it takes its first steps to become an exploration and production company, rather than a pure exploration company.
Canam Group Inc. touched as high as $4.23 after announcing early today that the The Toronto Stock Exchange has accepted the corporation's notice of intention to purchase up to 1.6-million of its outstanding common shares, which represents 5 per cent of the corporation's public float. The company also announced today a net income of $9.7-million or $0.22 per share, for the third quarter of 2011, compared with $2.4-million or $0.05 per share for the same quarter in 2010. Consolidated sales for the quarter rose 9 per cent to $225.6-million.
SelectCore Ltd. , a prepaid telecom and financial services transaction processor and service provider, lost an early gain that saw it touch 21.5 cents after announcing that it will be launching domestic prepaid mobile top-up through its Facebook Social Time platform. Social Time is the first social media platformthat allows Canadian Facebook users a safe and convenient way to top-up prepaid mobile phones for all major Canadian wireless brands, the company added.
Theralase Technologies Inc. reported today the results of investigational studies demonstrating destruction of specific brain and colon cancer cell lines, when successfully treated with the company's patented light activated Photo Dynamic Compounds. This new research expands the application of Theralase's patented PDC technology in the cancer field and introduces the potential for a successful impact on two devastating forms of cancer; specifically, brain and colon cancer, the company added.
Mountain Lake Resources Inc. announced its latest drill results from the Valentine Lake Gold Property in central Newfoundland, including the intersection of additional high-grade mineralization in the 'Heart of Gold' area of the Leprechaun deposit. The company said these results "will have a positive impact on the upcoming new resource estimate."
Canadian Oilfield Technologies was up 1.5 cents or nearly 20% early Thursday - taking it away from near a year low of 7 cents - after announcing that its 100 per cent wholly owned Mexican subsidiary Cdn Oilfield Technologies & Solutions S. de R.L de C.V. has received a purchase order to execute its first project in northern Mexico utilizing its recently endorsed Flexsteel 6" flexible pipe product line. The purchase order is for the supply and installation of 1 km of Flexsteel 6" Ansi 300 flexible pipe and connectors for a well owned and operated by Pemex, an oil and gas producer.