Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
MDA Ltd. (MDA-T) reported third-quarter revenues of $172-million, up 55 per cent vs last year. The expectation was for revenue of $164.2-million.
Net income of $17.2-million or 15 cents per share compared to net income of $4.1-million or 3 cents a year ago.
Héroux-Devtek Inc. (HRX-T) reported sales of $132.7-million for its second quarter ended Sept. 30, up from $131.3-million a year ago and ahead of expectations of $123.6-million.
Net income of $4.8-million or 14 cents per share compared to $7.5-million or 21 cents a year ago. Adjusted EPS was 10 cents per share in the latest quarter.
Dye & Durham Ltd. (DND-T) reported its latest financial results, a share buyback and said it would be cutting jobs.
The company reported revenue of $120.2-million for its fiscal first quarter ended Sept. 30, which it said was an increase of 7 per cent, from the same period in the prior year. The expectation was for revenue to come in at $122.7-million, according to S&P Capital IQ.
The company said its net loss of $11.5-million was a decrease of $33.6-million versus a year ago.
The company also said it’s withdrawing its 2023 adjusted EBITDA target for the 12-month period ended June 30, 2023, “given the deteriorating macro-economic trends which are resulting in a lower number of real estate transactions in the markets the company operates.”
The company also announced initiatives to reduce its current operational costs by at least 10 per cent starting in the second quarter of fiscal 2023.
“Given the macro-economic environment remains exceptionally challenging and continues to deteriorate, the Company has decided it needs to act more aggressively and decisively to protect its business and financial position,” it stated.
Dye & Durham also plans to buy and cancel up to $150-million of its outstanding common stock, under which it will pay an as-yet undetermined purchase price that will be between $12.50 and $15 per share. That would equate to between 10 million and 12 million shares. The company said it expected to announce the terms and start the offer, which is being managed by Canaccord Genuity, on Friday.
- with files from Vanmala Subramaniam and Sean Silcoff
Automotive Properties Real Estate Investment Trust (APR-UN-T) reported rental revenue of $20.7-million, which was in line with expectations and up from $19.5-million a year ago. Net income came in at $8.9-million, down from $30.8-million a year ago. “The negative variance was primarily due to a non-cash fair value adjustment on investment properties,” the trust stated.
Adjusted funds from operations (AFFO) came in at $11.3-million or 23 cents per unit, which was in line with expectations and compared to $11-million or 22 cents per unit last year. “The increase reflects the impact of the properties acquired subsequent to Q3 2021 and contractual rent increases,” the trust stated.
Plaza Retail REIT (PLZ-UN-T) reported third-quarter revenue of $27.6-million up from $26.6-million a year ago.
Profit of $7.2-million compared to a profit of $27.9-million a year earlier. “The decrease was mainly due to a decrease in the fair value of investment properties recorded in Q3 2022 as a result of an increase in capitalization rates in the current quarter,” the trust stated.
Aurora Cannabis Inc. (ACB-T) reported total net revenue of $49.3-million, for its fiscal first quarter, down from $60.1-million a year ago. The expectation was for revenue of $53.9-million according to S&P Capital IQ.
Its net loss for the three months ended Sept. 30 was $51.9-million versus $11.9-million for the same period in the prior year.
Copperleaf Technologies Inc. (CPLF-T) reported third-quarter revenue of $18.1-million, an increase of 7.5 per cent over the same quarter last year, “driven by the increase in new clients and expansion of existing clients.” The expectation was for revenue of $18.9-million.
Its net loss of $7.5-million or 11 cents per share compared to a net loss of $3.3-million or 20 cents per share a year ago. The expectation was for a loss of 13 cents per share.
Pet Valu Holdings Ltd. (PET-T) announced a $150-million secondary bought deal offering. Under the agreement, the underwriters have agreed to purchase 4.02 million common shares of the company for $37.40 each. The net proceeds will be paid directly to the selling shareholders. The company said it will not receive any proceeds from the offering.
Extendicare Inc. (EXE-T) reported third-quarter revenue increased 8.7 per cent to $308.9-million versus the year-ago quarter. The expectation was for revenue to come in at $311.3-million in the latest quarter.
Its net loss was $4.3-million or 4 cents per share versus a profit of $6.4-million or 7 cents a year ago.
MCAN Mortgage Corp. (MKP-T) reported net income of $11.7-million or 37 cents per share for the third quarter, a decrease from net income of $13-million or 47 cents per share in the third quarter of 2021. The expectation was for EPS of 42 cents, according to S&P Capital IQ.
For the third quarter, the company said it had a provision for credit losses on its corporate mortgage portfolio of $0.9-million compared to a recovery of credit losses of $0.1-million a year ago.
Sierra Wireless, Inc. (SW-T) reported third-quarter revenue of US$166.1-million, more than double the year-ago result of US$82.5-million. The expectation was for US$189.4-million in revenue in the latest quarter, according to S&P Capital IQ.
“The increase was primarily due to strong demand and the realization of investments in inventory to combat the ongoing supply chain tightness,” the company stated. “Revenues in the comparative period were also impacted by manufacturing capacity constraints in Vietnam as a result of COVID-19 related restrictions.”
Its net loss from continuing operations was US$10.3-million or 26 US cents per share, compared to US$38.4-million or US$1.02 in the third quarter of 2021. Adjusted EPS came in at 25 US cents per share versus a loss of 56 US cents a year ago. The expectation was for adjusted EPS of 42 US cents.
Trican Well Service Ltd. (TCW-T) reported third-quarter revenue of $258.3-million, a 57-per-cent increase compared to the year-ago period. The expectation was for revenue of $260.5-million.
Profit came in at $38.2-million or 16 cents per share, ahead of expectations of 11 cents and compared to a profit of $9.1-million or 4 cents per share a year ago.