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Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news

Cronos Group Inc. (CRON-T) reported revenue of US$20.9-million for the third quarter compared to US$20.4-million in the same period a year ago. The expectation was for revenue of US$24.9-million, according to a survey by FactSet.

Its net loss was US$36.9-million versus a profit of US$77.7-million a year ago.

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Ballard Power Systems Inc. (BLDP-T) reported third-quarter revenue of US$21.3-million, down 15 per cent from US$25.2-million a year ago. The expectation was for revenue of US$23.9-million, according to S&P Capital IQ.

Its net loss was US$42.9-million or 14 US cents per share, which was in line with expectations and compared to a loss of US$30.8-million or 10 US cents per share a year earlier.

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Osisko Gold Royalties Ltd (OR-T) announced it will buy 0.6-per-cent net smelter return royalty (NSR) on SolGold plc’s (SOLG-T) Cascabel copper-gold property in northeastern Ecuador.

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Centerra Gold Inc. (CG-T) reported revenue of US$179-million for the third quarter compared to US$220.5-million a year ago. The expectation was for revenue to come in at US$154-million, according to S&P Capital IQ.

Its net loss for the quarter of US$33.9-million or 14 US cents per share compared to net income of $27.6-million or 9 US cents a year ago. Adjusted EPS came in at a loss of 6 US cents per share, ahead of expectations of a loss of 8 US cents per share in the latest quarter.

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GreenFirst Forest Products Inc. (GFP-T) announced that its subsidiary, GreenFirst Forest Products (QC) Inc., has an agreement to sell its interest in approximately 203,000 acres of private forest land in the boreal forest south of Kapuskasing, Ont. to Perimeter Forest Limited Partnership for $49.25-million.

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Algoma Central Corp. (ALC-T) reported third-quarter revenue of $199.3-million compared to $174.7-million for the same period in 2021. The expectation was for revenue of $178.9-million in the latest quarter, according to S&P Capital IQ.

Net earnings of $42.5-million or $1.01 per share compared to earnings of $40-million or 96 cents a year ago. The expectation was for earnings of 92 cents per share in the latest quarter.

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Maple Leaf Foods Inc. (MFI-T) issued a release late Sunday saying it’s experiencing a system outage linked to a cybersecurity incident.

The company said it took immediate action when it learned of the incident and engaged cybersecurity and recovery experts. The company said its information systems team and third-party experts are “working diligently with all available resources to investigate the outage and resolve the situation.”

Maple Leaf said it has business continuity plans but expects full resolution of the outage “will take time and result in some operational and service disruptions.”

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Sleep Country Canada Holdings Inc. (ZZZ-T) reported that its third-quarter revenues fell to $251-million compared to $273.8-million in the year-ago quarter. The expectation was for revenue to come in at $268-million, according to S&P Capital IQ. Same-store sales fell 11.1 per cent year over year.

Net income was $28.9-million down from $36.5-million a year ago. EPS came in at 79 cents versus 98 cents in the year-ago period.

Adjusted net income came in at $32.5-million or 89 cents per share, down from $39.7-million or $1.07 a year ago. The expectation was for adjusted EPS of 97 cents per share.

“In Q3, we saw the sentiment in consumer spending change rapidly as the quarter progressed,” CEO Stewart Schaefer said in a release. “Despite a decline in revenues due to consumer uncertainty fueled by rising interest rates and concern of a possible recession, we are very proud of our sustained growth in market share that we have achieved over the past three years.”

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Taiga Building Products Ltd. (TBL-T) reported third-quarter sales of $533.1-million compared to $484.6-million over the same period last year, which it stated was “largely due to higher selling prices for commodity products.”

Net earnings came in at $18.6-million or 17 cents per share compared to a loss of $5.2-million or 5 cents during the same period last year. “This was primarily due to higher gross margin,” the company stated.

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Energy Fuels Inc. (EFR-T) reported revenue of US$2.9-million up from US$715,000 a year ago.

Its net loss of US$9.2-million or 6 US cents per share compared to a loss of US$7.9-million or 5 US cents a year ago.

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Singapore’s sovereign wealth fund GIC and Canada’s Dream Industrial REIT (DIR-UN-T) will buy Canada’s Summit Industrial Income REIT (SMU-UN-T) for about $4.46-billion, excluding debt, the companies said in separate statements on Monday.

GIC and Dream Industrial REIT will form a joint venture for the deal, with GIC owning 90 per cent and DIR owning the rest, according to the statements.

The deal builds on GIC’s recent real estate purchases globally and gives it access to the Canadian industrial space.

In September, GIC, along with another private equity firm, bought U.S. commercial REIT Store Capital Corp for about $14-billion.

Summit’s unitholders will get $23.50 per unit in cash, representing a 31.1-per-cent premium to their close on Friday, Summit said in a separate statement.

The deal is valued at $4.46-billion, according to Reuters’ calculations based on Summit’s 189.85 million outstanding units as of June 30. Including debt, the deal is valued at C$5.9-billion, Summit said.

DIR said the deal would more than double the scale of its Canadian industrial portfolio under management, while the JV with GIC would give it a new source of capital to pursue acquisitions in Canada without relying on capital markets.

- Reuters

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Chesswood Group Limited (CHW-T) announced a dividend increase and third-quarter earnings, including revenue of $73.1-million up from $37-million a year ago. The expectation was for revenue to come in at $76-million, according to S&P Capital IQ.

Net income of $12.3-million or 58 cents per share in the three months ended Sept. 30 compared to net income of $9.1-million or 45 cents in the same period in 2021.

The company also said it was increasing its dividend to 5 cents per share per month, or 60 cent annually, a 25-per-cent increase, effective Jan. 31.

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