Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Cott Corp. (COT-N; BCB-T) announced after markets closed on Thursday that it has acquired Hungarian company Clearwater Kereskedelmi és Szolgáltató Korlátolt Felelősségű Társaság, through its Eden Springs subsidiary. The price wasn’t disclosed in the release.
"Through the acquisition of ClearWater, Eden Springs will enter the Hungarian market and add approximately 14,000 machines on location," the company stated. "The transaction also includes intellectual property for a carbonation technology patent that will provide customers with carbonated water through water filtration dispensers and bottled water coolers. Eden Springs plans to introduce ClearWater's carbonation technology to other markets."
The announcement comes a day after Cott announced that it’s evaluating strategic alternatives for its coffee, tea and extract solutions segment “to enhance shareholder value.”
"The decrease for the quarter was primarily attributable to the shipment by the North American operations of a large complex Chinese order in the third quarter of the prior fiscal year, partially offset by an increase in shipments of large project orders in the company’s Italian operations due to a record backlog at the beginning of the year," the company stated.
Its net loss of US$800,000 or 4 cents US per share compared to a loss of US$200,000 or a penny US per share for the same time last year.
Velan said its net loss for the latest quarter was “significantly impacted” by the $1.4 million spent on its “restructuring and transformative initiative” to improve its operational efficiency and “optimize its manufacturing footprint in North America.”
Aecon Group Inc. (ARE-T) announced on Friday that, effective immediately, John Beck, Founder, former CEO and executive chairman has transitioned to the role of non-executive chairman. Jean-Louis Servranckx, president and CEO, will assume full executive responsibility “and will be fully supported by Mr. Beck and the board.”
As part of the transition, the company said Mr. Beck's formal employment with the company will cease and he will receive 36 months' salary and short-term incentive plan entitlements and other benefits in accordance with his employment agreement.
Corus Entertainment Inc. (CJR.B-T) says earnings rose in its first quarter of fiscal 2020 on slightly increased television advertising revenue and double-digit revenue growth in its content business, while subscriber and radio revenue fell.
The Toronto-based company says it had a net income of $78.1-million, or 37 cents per share, for the quarter ending Nov. 30, up from $60.4-million or 28 cents per share last year.
Adjusted net income came in at $80-million, or 38 cents per share, up from $70.1-million, or 33 cents per share a year earlier.
It says revenue in the quarter was $467.88-million, up by about $407,000 from last year. Analysts had estimated 39 cents per share of adjusted income for Corus, with $462.5-million of revenue, according to financial markets data firm Refinitiv.
- The Canadian Press
Profound Medical Corp. (PRN-T; PROF-N) announced that its preliminary unaudited revenues for the fourth quarter will be approximately $2.7-million, representing growth of 59 per cent year-over-year. For the full year 2019, the company anticipates total revenues to be approximately $5.4-million, which compares to $2.6-million in 2018.
“The continuing roll-out of Sonalleve in China, combined with the added traction TULSA-PRO has been getting in international markets since the positive TACT clinical data was announced in Q2-2019, led to this significant increase in quarterly revenues,” said Arun Menawat, Profound’s CEO. “While our sales performance in the fourth quarter was a clear positive, it should be noted this was offset by the additional cash flow utilization in the period associated with becoming a Nasdaq listed company. Moving into 2020, our main focus is on executing the commercial launch of TULSA-PRO® in the United States, building on the momentum of the early activities and success reported below.”
The company also announced the signing of its first-ever U.S. multi-site imaging center agreement for TULSA-PRO with RadNet, Inc. (RDNT-Q), which provides outpatient diagnostic imaging services through a network of 340 owned and/or operated outpatient imaging centers.
Superior Plus Corp. (SPB-T) announced it has acquired a Southern California retail propane distribution company, operating under the tradename, Western Propane Service. Western is an independent retail propane distributor serving approximately 6,000 retail and commercial customers in Southern California.
“The acquisition of Western is Superior’s first tuck-in acquisition in 2020 and second retail propane acquisition in California. This acquisition demonstrates our commitment to growing our retail footprint in California, which is the largest retail propane market in the U.S.,” said Luc Desjardins, Superior’s president and CEO.