Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Laurentian Bank Financial Group (LB-T) increased its dividend and reported net income of $59.2-million or $1.34 diluted per share for the second quarter, compared with net income of $44.6-million or $1.19 diluted per share for the same period last year.
Total revenue increased 9 per cent to $259.9-million for the second quarter from $238.8-million for the second quarter of 2017. “This increase was mainly driven by growth in net interest income stemming from strong volume growth in the commercial loan portfolio,” the company said.
Analysts were expecting revenue of $265.4-million and earnings of $1.35 per share.
The provision for credit losses amounted to $9.5-million for the second quarter compared with $10.1-million for the second quarter of 2017. “Provision for the second quarter of 2018 included reductions in allowances of $2.8-million resulting from updates to risk model parameters, as well as the sale of the agricultural commercial loan portfolio. The continued low level of credit losses reflects the overall underlying good credit quality of the loan portfolios,” the company said.
The bank increased its quarterly common share dividend raised by a penny to 64 cents per share
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Village Farms International, Inc. (VFF-T) says it has entered into a new, exclusive, seven-year agreement to sell, market, and distribute its exclusive tomato varieties grown by Mexico-based Agroparque de Yecapixtla. The new agreement extends the existing agreement between the two companies, it stated.
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Currency Exchange International Corp. (CXI-T) says revenues increased 24 per cent to US$8.9-million for the second-quarter ended April 30, from US$7.2 million for the same quarter last year. Analysts were expecting revenue of US$8.4-million in the latest quarter.
Net income decreased to US$508,000 or 8 cents per share from US$625,000 or 9 cents for the same period last year. “The decrease in profitability is attributable to increased salaries and recruitment fees for new positions, legal and professional fees, and non-recurring one-time losses/costs,” the company said.
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Westport Fuel Systems Inc. (WPRT-T; WPRT-Q) says it has appointed Mike Willis as its new chief financial officer, effective June 11. The current CFO Ashoka Achuthan will step down “but continue to serve as an advisor to the leadership team through a transition period,” the company said.
Prior to joining Westport Fuel Systems, Mr. Willis served as CFO of Gevo, Inc., a Nasdaq-listed renewable chemical and advanced biofuels company.
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Plaza Retail REIT (PLZ.UN-T) says it completed the sale of a 50-per-cent joint venture interest in the 1000 Islands Mall in Brockville, Ont. “This transaction is another example of Plaza executing on its core business strategy to undertake value-add redevelopment projects while remaining prudent with its capital allocations,” the company said.
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Oncolytics Biotech Inc. (ONC-T; ONCY-Q) says its underwritten public offering of 1.3 million common shares will be priced at US$5.83 per share to raise US$8-million. The company also said its common stock has been approved for listing on the Nasdaq Capital Market as of Friday.
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International Petroleum Corp. (IPCO-T; IPCO-Q) says the company has received conditional approval to list on the main market Nasdaq Stockholm. “Subject to IPC fulfilling the conditions for the admission to trading, the first day of trading on Nasdaq Stockholm is expected to be on or around June 8,” the company stated.