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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Maxar Technologies Inc. (MAXR-N, MAXR-T) shares were down 20 per cent in after-hours trading on Thursday after the company announced an organizational restructuring “to create a leaner and more agile business” and slashed its dividend while also reporting lower-than-expected fourth-quarter revenues.

The company cut its dividend to a penny per share, from 37 cents in the previous quarter. Maxar CEO Dan Jablonsky said the dividend cut "follows the recent sale of a facility in Palo Alto and an amended credit agreement with our lenders."

It also announced it would continue operating its GEO Comsat business, following a strategic review.

Maxar reported consolidated revenue for the fourth quarter of US$496-million, which was below expectations of $517.7-million and compared to US$545-million for the same period of last year. "The decrease was primarily driven by a decline in the Space Systems segment, in part offset by growth in Imagery and Services," the company stated. Its net loss was US$950-million or $16.10 per share versus a profit of US$55-million or 99 cents a year earlier.


Kinaxis Inc. (KXS-T) said its fourth-quarter revenue increased 15 per cent to $39.5-million, which was a bit below expectations of $40-million. Adjusted EBITDA was $8.7-million versus expectations of $9.5-million and compared to $11.2-million a year ago. Profit was $3-million versus $5.5-million a year earlier.


Savaria Corp. (SIS-T) announced it has acquired Florida Lifts LLC, an elevator dealer based in Boynton Beach, Florida for about US$5.6-million.

“We are excited about this opportunity to acquire one of our top performing dealers and partner with their management team to grow our presence in Florida," said Marcel Bourassa, CEO of Savaria. "South Florida is an attractive market for high-end residential elevators, including for our Vuelift, and this transaction provides Savaria with the platform to become the dominant player in this key region."


Baylin Technologies Inc. (BYL-T) announced that its Kirkland, Que. subsidiary Advantech Wireless Technologies Inc. has received a $1.7-million dollar order from a large North American carrier for its Summit Series of SSPA’s. “This is expected to be the first of several purchase orders for this carrier to fulfill its 2019 requirements related to providing 5G backhauling services,” the company stated.


Equitable Group Inc. (EQB-T) increased its quarterly dividend by 7 per cent to 30 cents. It also announced fourth-quarter adjusted income of $45.5-million or $2.66 per share compared to $40.8-million or $2.38 in the same period of 2017.

Net income in the fourth quarter was $40.1-million or $2.33 per share compared to $40.4-million or $2.36 a year ago. Total revenue was $239.6-million versus $197.6-million a year earlier. Net interest income was $94.6-million versus $79.7-million a year earlier.

Analysts were expected adjusted EPS of $2.71 per share.


Pattern Energy Group Inc. (PEGI-T; PEGI-Q) reported a net loss of $22-million in the fourth quarter of 2018, compared to a net loss of $22-million for the same period in 2017. Adjusted EBITDA was $81-million for the fourth quarter 2018 compared to $100-million for the same period last year. The company said it sold 1,966,677 megawatt hours (MWh) of electricity on a proportional basis in the fourth quarter compared to 2,130,343 MWh sold in the same period last year.


Boralex Inc. (BLX-T) reported revenues from energy sales of $145-million in the fourth quarter, up 13 per cent compared with the same period in 2017 and compared to expectations of $149-million. EBITDA of $98-million was up 5 per cent year-over-year. The expectation was for EBITDA of $133.8-million.


GMP Capital Inc. (GMP-T) reported fourth-quarter revenue of $38.3-million, decreased from $52.8 million a year earlier. Net income of $3.7-million decreased from $8-million a year earlier. Diluted earnings per share came in at 3 cents, down from 9 cents. On an adjusted basis, EPS was 9 cents down from 13 cents.


Martinrea International Inc. (MRE-T) reported fourth-quarter earnings increased 16.8 per cent to $37.8-million or 44 cents per share, from $32.4-million or 37 cents a year earlier.

Consolidated sales increased by $47.6-million or 5.4 per cent to $926.2-million as compared to $878.6-million for the fourth quarter of 2017. "The total increase in sales was driven by year-over-year increases in the North America and Europe operating segments, partially offset by a decrease in the Rest of the World," the company stated.

Analysts were looking for earnings of 50 cents and revenue of $889.1-million in the fourth quarter.


Nexus Real Estate Investment Trust (NXR.UN-X) announced a plan to acquire four single-tenant industrial properties located in Fort St John, B.C., Blackfalds and Medicine Hat, Alta. and Estevan, Sask. for $31-million.

"In partial satisfaction of the purchase price, $14,763,390 of class B LP units of a subsidiary limited partnership of the REIT will be issued to the vendor at $2.10 per unit," the company stated. "This is a premium to the current market price of the REIT's units, increasing the REIT's market capitalization without the need to raise equity in the public markets. The acquisition is expected to close in March."


GDI Integrated Facility Services Inc. (GDI-T) announced revenue for the fourth quarter of 2018 was $303.3-million, an increase of $55.7-million, or 22.5 per cent over the fourth quarter of 2017. Net income for the fourth quarter amounted to $3.6-million or 17 cents per share compared to net income of $3.4-million or 16 cents per share for the fourth quarter of 2017.

Analysts were expecting revenue of $283.5-million and earnings of 22 cents per share.


Extendicare Inc. (EXE-T) reported revenue of $288.8-million in the fourth quarter, up 2.6 per cent from the same time a year earlier and ahead of expectations of $282.8-million. Net earnings were $6.5-million or 7 cents per share versus earnings of $13.6-million or 15 cents a year earlier.


Knight Therapeutics Inc. (GUD-T) issued a statement late Thursday commenting on a statement made earlier in the day by a director of the company, Meir Jakobsohn regarding Knight’s business strategy.

"As part of the company’s active and ongoing communications with all shareholders, Knight’s board of directors and management appreciate constructive input and take all shareholder views seriously, especially when a shareholder is also a director," the company stated. "What Knight and its shareholders do not appreciate is the unfortunate decision of one director with a self-serving personal agenda to attempt to manipulate the board with bullying tactics and now choosing to create a distraction for the Company by taking his grievances public."

Knight said Mr. Jakobsohn has been a director of the company since 2015 when Knight became a 28-per-cent shareholder of Medison, a private Israeli company founded by Mr. Jakobsohn.

"The complaints being made by Mr. Jakobsohn are puzzling, especially since he has been on the board for more than three years and has never complained about the Board’s construct or decision-making process until very recently when it became clear his interests were not aligned with those of other shareholders," Knight stated. "Notably, Mr. Jakobsohn’s complaints about Knight’s strategic direction came only after the board rejected a proposal that would have benefited Mr. Jakobsohn and Medison at the expense of Knight shareholders."


ECN Capital Corp. (ECN-T) reported adjusted net income of $15.4-million or 5 cents per share in the fourth quarter versus a loss of $300,000 or nil per share for the same period a year earlier.

Its net loss was $105.1-million versus a loss of $8.3-million for the same period a year earlier.

The board also authorized an increase in the quarterly dividend to 2 cents from a penny.

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