Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Linamar Corp. (LNR-T) announced late Friday that its second-quarter loss will be less than expected amid the COVID-19 pandemic.
The company said in May, during its first-quarter conference call, that the second-quarter loss would likely be higher than the earnings reported for the first quarter "for a negative first half."
On Friday, the company said original equipment manufacturers "ramped back up faster than had been expected to replenish low inventories," and that "global crisis cost reduction initiatives yielded stronger and quicker results than expected."
"Although still clearly not a profit, the second-quarter loss is not as deep as originally expected," Linamar CEO Linda Hasenfratz said in the release. "We are pleased with the result but are not diverting our focus on cost and cash given continued market uncertainties."
The company will report the results on Aug. 6.
Gran Colombia Gold Corp. (GCM-T) announced that its equity position in Western Atlas Resources Inc. (WA-X) has increased to approximately 25.8 per cent through a non-brokered private placement completed on July 17 by Western Atlas.
It said Western Atlas intends to use the proceeds for exploration of its Meadowbank project in Nunavut, "seeking restitution of the Increible Project, the potential addition to its exploration portfolio and for general administrative purposes."
The private placement included about 35.9 million units at a price of 10 cents each for gross proceeds of about $3.6-million and include both flow-through units and non-flow-through (NFT) units.
Gran Colombia said it purchased 14 million NFT units for $1.4-million. Each unit includes one non-flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional share at 15 cents for 24 months.
People Corp. (PEO-X) reported third-quarter revenue of $53.2-million up from $42.4-million a year ago.
Net income for the quarter ended May 31 was $2.8-million or 4 cents per share versus a net loss of $644,000 or a penny per share a year earlier. Adjusted earnings per share (EPS) came in at 6 cents versus 4 cents a year ago.
Analysts were expecting revenue of $54.5-million, EPS of 4 cents and adjusted EPS of a penny per share, according to S&P Capital IQ.
“People Corporation continued to make solid strategic and financial progress in the third quarter of 2020 despite the onset of the COVID-19 pandemic,” stated Laurie Goldberg, executive chairman and CEO, in a release.
Protech Home Medical Corp. (PTQ-X) reported preliminary financial results for the third quarter ending June 30, including revenue in the range of $25.6-million to $25.9-million. Analysts are expecting revenue of $24.8-million in the quarter.
The company also said it expects adjusted EBITDA to be in the range of $5.3-million to $5.5-million. It said gross margins are expected to be similar to those achieved in the previous quarter.
“These preliminary third-quarter results signify the strength and resiliency of our underlying business, which continues to be robust,” stated CEO and chairman Greg Crawford in a release. “We continued to see strong momentum across our business in the third quarter, and to date, we are seeing overwhelming industry tailwinds which bodes well for Protech over the near and longer-term.”
Cargojet Inc. (CJT-T) announced on Monday that it has amended its syndicated committed revolving credit facility, increasing the revolving credit limit from $510-million to $600-million and extending the maturity date to July 16, 2025.
The company said the credit facility is co-led by Royal Bank of Canada, CIBC and Bank of Nova Scotia. Other lenders include National Bank, Bank of Montreal, Laurentian Bank of Canada and ATB Financial.
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