Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
DHX Media (DHX.A-T; DHX.B-T; DHXM-Q) says Sony Music Entertainment (Japan) Inc. (SMEJ) will indirectly purchase 49-per-cent of DHX Media’s 80-per-cent interest in Peanuts for $237-million. DHX Media will own 41 per cent of Peanuts, SMEJ will own 39 per cent, and the members of the family of Charles M. Schulz will continue to own 20 per cent, the company said in a release late Sunday.
“This transaction will allow DHX Media to de-lever our balance sheet as we team up with an ideal partner to help us reach our worldwide growth targets for Peanuts in the coming years,” said Michael Donovan, executive chair and CEO of DHX Media.
DHX Media said it plans to use the net proceeds from the transaction to reduce debt.
The company also reported that its revenue for the third-quarter ended March 31 grew to $116.5-million from $78.3-million for the same quarter last year. Analysts were expecting revenue of $122.7-million. Its net loss was $8-million versus net income of $7.6-million a year earlier.
**
AGT Food and Ingredients Inc. (AGT-T) reported first-quarter revenue of $394.6-million down from $501.5-million a year earlier. Analysts were expecting revenue of $411.5-million. Adjusted EBITDA was $16.1-million compared to $20.1-million a year ago. Adjusted net earnings per share came in at 18 cents versus 28 cents a year earlier.
**
Granite Real Estate Investment Trust and Granite REIT Inc. (GRT.UN-T; GRP.U-T) reported revenue of $61.7 million in the first quarter compared to $60.8-million in the prior year period. Funds from operations came in at $51.3 million or $1.11 per unit, which was ahead of expectations of 82 cents and compared to $39.6-million or 84 cents a year ago. Adjusted funds from operations came in at $31.1 million or 67 cents per unit compared to $40.3-million or 86 cents per unit in the first quarter of 2017.
**
Lundin Gold Inc. (LUG-T) reported first-quarter net loss of U$25.6-million or 20 cents per share versus a loss of US$6.4-million or 5 cents a year earlier. “The company’s net loss in the first quarter of 2018 is higher compared to the net loss during the first quarter of 2017 mainly due to a derivative loss of US$22.9-million from the fair value revaluation of its long-term debt at March 31, 2018,” the company stated. “This is offset by other income of US$6.4-million which is largely driven by an unrealized gain on account of foreign exchange. The gain is generated by the substantial holdings of U.S. dollars at the parent company level.”
**
Serinus Energy Inc. (SEN-T) reported funds from operations of US$2.5 million in the first quarter as compared to US$200,000 for three months ended March 31, 2017. “The additional funds from operations in the current period in 2018 was primarily attributable to a US$2.6-million insurance recovery attributable to the well incident in December 2017,” the company stated. Net earnings for the first quarter was US$1-million, compared to a net loss of US$2.1-million for the first quarter last year. Revenue was US$2-million down from US$2.6-million a year earlier.
**
Senvest Capital Inc. (SEC-T) reported a net loss attributable to common shareholders of $9.7-million or $3.55 per share in the first quarter compared to income of $47.8-million or $17.24 per share attributable for the same period in 2017.
**
Kingsway Financial Services Inc. (KFS-T; KFS-N) reported a net loss attributable to common shareholders of US$2.3-million or 11 cents per share in the first quarter compared to net loss attributable to common shareholders of US$1.8-million or 8 cents a year earlier. Total revenue was US$45.7-million versus $46.7-million a year earlier.
**
Titan Medical Inc. (TMD-T) reported a loss of $808,699 in the first quarter compared with a loss of $5-million for the same quarter last year.
**
InterRent Real Estate Investment Trust (IIP-UN-T) says rental revenue for the first quarter increased by 16 per cent to $29.5-milion versus a year earlier. Its net loss for the period was $11.9-million versus net income of $8.3-million a year earlier. Funds from operations came in at $9.3-million or 10.5 cents per unit, which was in line with expectations and compared to $6.8-million or 9.1 cents a year earlier.
**
Element Fleet Management Corp. (EFN-T) named Jay Forbes as its new CEO as of June 1 and a “significant refresh” of the company’s board of directors that includes the planned addition of four new independent directors. Acting CEO Dan Jauernig will become president and chief operating officer.
Most recently, Mr. Forbes was CEO of Manitoba Telecom Services. Mr. Forbes will also join the board immediately, the company said. The company also said Steven Hudson and Richard Venn will not be standing for re-election to the board.
**
Emblem Corp. (EMC-X) and Canntab Therapeutics Ltd. (PILL-CN) say they’ve received Health Canada approval for research and development activities on oral sustained release formulations of cannabinoids. The companies said these are proprietary products conceived by Canntab “representing significant progress in Emblem and Canntab’s partnership to develop long-acting cannabis formulations.”
**
Neo Performance Materials Inc. (NEO-T) reported revenue of US$120.2-million in the first quarter, a 12.7-per-cent increase over the same period last year. Analysts were expecting revenue of US$119.1-million in the latest quarter. Net income totaled US$8.9-million or 22 cents per share versus US$8.2-million or 20 cents a year earlier.
**
Tidewater Midstream and Infrastructure Ltd. (TWM-T) reported EBITDA of $18.2-million in the first quarter, up from $12.9-million for the same quarter last year. Adjusted EBITDA was $20-million or 6 cents per share, which was in line with expectations and compared to $14.4-million or 4 cents a year earlier.
**
Resolute Forest Products Inc. (RFP-N; RFP-T) says it plans to invest $52.3-million in its Saint-Félicien pulp mill in the Lac-Saint-Jean region of Quebec.
“The significant investments at Saint-Félicien are expected to improve several areas of the operation, increasing the average daily production capacity by 76 metric tons and reducing greenhouse gas emissions from the use of fossil fuels by 20 per cent,” said CEO Yves Laflamme.