Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today
Hudson’s Bay Co. (HBC-T) announced it is “pursuing strategic alternatives for the Lord + Taylor operating business, including a possible sale or merger, as part of its strategy to focus on its greatest opportunities.”
In a release on Monday, CEO Helena Foulkes said the review is "another example of how we are exploring options to position HBC for long-term success."
HBC stated that it has been “simplifying its organization, strengthening its retail operations and unlocking the value of its real estate. The company is also focused on improving its cost structure while making strategic investments in technology and digital capabilities, marketing and stores.”
Westshore Terminals Investment Corp. (WTE-T), which operates a coal storage and loading terminal at Roberts Bank, B.C., beat analysts’ expectations in the first quarter ended March 31. The company reported first-quarter revenue of $88.8-million up from $83.9-million a year earlier. Profit was $22.9-million or 41 cents per share versus $26-million or 32 cents a year earlier, according to documents filed on Sedar.com. Analysts were expecting revenue of $84.2-million and a profit of 37 cents in the latest quarter.
Emerald Health Therapeutics, Inc. (EMH-X), a licensed Canadian cannabis producer, reported fourth-quarter sales of $1.1-million, up from $279,362 a year earlier and below expectations of $1.8-million. Its net loss for the quarter ended Dec. 31 came in at $13.9-million or 10 cents per share, versus a loss of $4-million or 4 cents per share a year earlier.
Cominar Real Estate Investment Trust (CUF.UN-T), one of the largest diversified real estate investment trust in Canada and is the largest commercial property owner in Quebec, reported first-quarter net income of $44.3-million compared to $30-million for the same quarter ended March 31 in 2018. Adjusted net income for the quarter was $46.9-million compared to $52.9-million for last year’s comparable quarter. Funds from operations per came in at 26 cents, slightly below expectations of 27 cents and compared to 29 cents per unit a year earlier.
Cargojet Inc. (CJT-T), a provider of air cargo services, reported first-quarter revenues were $110.4-million, an increase of $11.2-million versus the previous year and in line with expectations. The company reported adjusted EBITDA was $32.3-million, an increase of $4.8-million or 17.5 per cent versus the previous year.
The company also announced that "on or about May 8," each of its common and variable voting shares will trade on the TSX under a single ticker, "CJT."
“Together, these changes are intended to facilitate investment by non-Canadians and improve the liquidity for the variable voting shares,” the company stated.
Slate Office REIT (SOT.UN-T) reported first-quarter same property net operating income was $19.3-million, an increase of 4.9 per cent compared to the same period in 2018. “Core” funds from operations came in at $14.2 million or 19 cents per unit, compared to $11.3-million or 18 cents a year earlier. Rental revenue of $57.2-million up from $44.3-million a year earlier and ahead of expectations of $51.1-million.
Morneau Shepell Inc. (MSI-T), a human resources services company, announced that it has reached an agreement to acquire the “stand-alone, large market, health and defined benefit pension plan administration business” of Mercer in the U.S. for US$57-million in cash.
“This planned acquisition is in line with our strategy to grow our business profitably in the U.S. market and further solidify Morneau Shepell as a leading provider of health and DB plan administration across the United States,” stated Morneau Shepell CEO Stephen Liptrap.