Norbord Inc. posted a narrower third-quarter loss on Friday despite continued troubles affecting the U.S. housing market.
Canadian wood panels maker Norbord Inc. reported a third quarter net loss of $1 million or 2 cents a share, compared with a net loss of $4 million or 9 cents a share in the year earlier period. Sales rose 6 per cent to $242 million. Analysts, on average, were expecting a loss of 3 cents a share, on revenue of $260.3 million, according to Thomson Reuters I/B/E/S. The company warned not that the next two quarters will be difficult because of global economic uncertainty.
Canadian patent licensing company Mosaid Technologies has hit its highest levels in 11 years with nearly 45,000 shares traded compared to an average volume of around 160,000 over the previous 30 days. This comes after it said Thursday that it agreed to be bought by U.S.-based private equity firm Sterling Partners for $46 cash per share or $590 million, which trumped a hostile $532 million bid from rival Wi-Lan Inc. . The offer has the unanimous support of Mosaid's board of directors. The agreement reportedly includes core wireless patents controlled by Mosaid as part of a recent deal with Nokia and Microsoft. Wi-Lan, which has touched as high as $7.18 today, last week raised its offer for Mosaid to $42 a share from an earlier $38 a share.
Ballard Power Systems announced that Dantherm Power, its backup power systems company, will supply a 150 kilowatt (kW) fuel cell generator and associated engineering services to Anglo American Platinum Limited, the world's largest primary producer of platinum and a member of the Anglo American plc Group. No financial details were provided. Also, reports out of the United States say Albany-based Plug Power will invest nearly US$10 million to purchase supplies from Ballard Power Systems as demand for hydrogen-powered forklifts grows.
Sigma Industries Inc. , a manufacturing company specializing in the production of composite and metal components, announced results for the first quarter of its 2012 fiscal year ended July 30, 2011. It had a net loss of $314,000 versus a net loss of $936,000 in the year earlier period. Sales reached $15.2 million, up $3.9 million, or 34.5 per cent, from $11.3 million in the first quarter of the previous year. "The results of the first quarter attest to sustained recovery in the heavy-duty truck industry, which accounts for approximately 60 per cent of our sales," said Denis Bertrand, President and Chief Executive Officer of Sigma Industries.
Aerospace company COM DEV International Ltd. was failing to get much lift off two new contracts from the Canadian Space Agency to develop concept studies in areas related to future space science and exploration ventures. Under the contracts, valued at $250,000 each, COM DEV will develop preliminary designs for two mission concepts: The Canadian Space Telescope mission and a mission to clean up orbital debris.
Glentel Inc. was having a difficult time ringing up gains despite declaring an extraordinary dividend of 14 cents per share to shareholders of record on Nov. 10 and payable on Nov. 24. The special payment follows the telecom company reporting a 24 per cent increase in third quarter profits, generating $8.11 million in net income during the three months ended Sept. 30 compared to a $6.55 million gain last year. Revenues also rose sharply, climbing 54.5 per cent to $149.7 million, with the company seeing significant growth in both the Retail Canada and Retail U.S. segments despite a delayed release of the newest iPhone model.
ATS Automation Tooling Systems Inc. announced a 67 per cent cut in production at its solar-energy unit in Bourgoin-Jallieu, France, after failing to find a buyer. The PhotoWatt France subsidiary will reduce its workdays and will now operate at about one-third capacity, ATS said, citing lower demand for solar modules and systems. The company on Monday said discussions with potential buyers for either the PhotoWatt France or PhotoWatt Ontario units concluded without an acceptable transaction. It is now re-examining the spin-off strategy, although ATS stressed it remains committed to separating the solar business.