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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Whitecap Resources Inc. (WCP-T) reported second-quarter sales of $150.4-million down from $374.7-million a year earlier.

Its net loss was $78.3-million or 19 cents per share versus a profit of $58.4-million or 14 cents a year ago. Analysts were expecting a loss of 11 cents.

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Crescent Point Energy Corp. (CPG-T; CPG-N) reported adjusted funds flow from operations of $109-million or 21 cents per share versus $503.8-million or 92 cents a year ago.

Its net loss was $145.1-million or 27 cents per share versus a profit of $198.6-million or 36 cents a year ago. Adjusted EPS came in at a loss of 5 cents versus a profit of 27 cents a year ago. Analysts were expecting a loss of 21 cents.

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Real Matters Inc. (REAL-T) reported revenues of US$118.1-million for its third quarter ended June 30 compared to US$91.4-million a year ago. 

Net income was US$6.3-mllion or 7 cents US per share versus net income of US$4.4-million or 4 cents US a year ago. Adjusted earning came in at US$13.5-million or 15 cents US per share versus US$8.6-million or 10 cents US a year ago. 

Analysts were expecting adjusted EPS of 13 cents US per share and revenue of US$109.7-million.

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New Gold Inc. (NGD-T; NGD-N) reported second-quarter revenue of US$128.5-million down from US$155.1-million a year earlier. Analysts were expecting revenue of US$136.4-million.

Its net loss for the quarter was US$46-million or 7 cents US per share versus a loss of 6 cents US per share a year ago.

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Uni-Select Inc. (UNS-T) reported second-quarter sales of US$302.5-million down from US$456.2-million a year earlier. Analysts were expecting sales of US$277.7-million.

Its net loss was US$24.2-million or 57 cents US per share versus a profit of US$6.3-million or 15 cents US a year ago. Its adjusted loss was US$9.7-million or 23 cents US per share versus a profit of US$10.4-million or 25 cents US a year ago. Analysts were expecting adjusted EPS to come in at a loss of 34 cents US.

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Acadian Timber Corp. (ADN-T) reported sales of $11.5-million in the second quarter compared to $17.9-million in the prior-year period. Analysts were expecting revenue of $14.4-million.

"Challenging operating conditions, as described above, resulted in a 33-per-cent decrease in sales volume, excluding biomass, in the current period compared to the same period in 2019," the company stated.

Net income came in at $5.2-million or 31 cents per share, compared to net income of $5.8-million or 35 cents per share in the same period of 2019.

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North American Construction Group Ltd. (NOA-T; NOA-N) reported second-quarter revenue of $70.8-million, compared to $176.9-million for the same period last year. Analysts were expecting revenue of $116.8-million in the latest quarter.

"The decrease in revenue is primarily due to reduced activity at our mine sites as several customers suspended all services in late Q1 and throughout the majority of Q2 as part of their risk mitigation measures against the COVID-19 pandemic," the company stated.

Net income of $13.3-million or 42 cents per share compared to net income of $13.9-million or 45 cents per share a year ago.

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TORC Oil & Gas Ltd. (TOG-T) reported a loss of $41-million or 18 cents per share in the second quarter compared to a profit of $11-million or 5 cents per share a year earlier. Analysts were expecting a loss of 19 cents.

Adjusted funds flow came in at $5.7-million or 3 cents per share versus $81.1-million or 37 cents a year earlier.

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Dirtt Environmental Solutions Ltd. (DRT-T; DRTT-Q) reported revenue of US$42.2-million in the second quarter compared to US$64.1-million in the second quarter of 2019. Analysts were expecting revenue of US$51.7-million.

Net income was US$283,000 or nil per share compared to net income of US$2.6-million or 3 cents US per share for the second quarter of 2019.

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Exco Technologies Limited (XTC-T) reported sales of $71-million for its third quarter ended June 30 compared to about $120-million a year earlier.

Its net loss was $848,000 or 2 cents per share versus a profit of $7.5-million or 18 cents a year ago.

Analysts were expecting revenue of $64.5-million and a loss of 6 cents for the quarter.

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Auryn Resources Inc. (AUG-T) announced plans to acquire Eastmain Resources Inc. (ER-T) following a spin-out of Auryn’s Peruvian projects to Auryn shareholders and completion of a concurrent financing. The transaction will create Fury Gold Mines Limited and two independent spin-out entities that will hold Auryn’s Peruvian projects, the company stated late Wednesday.

Fury Gold is expected to remain listed on the TSX and NYSE American exchanges, and will be led by new president and CEO Mike Timmins.

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NordStar Capital LP has delayed the close of its $60-million takeover of Torstar Corp. (TS.B-T) to allow a rival bidder to make its case for a stay of the deal’s court approval and an appeal of the judge’s decision.

Canadian Modern Media Holdings Inc. will seek to have NordStar’s acquisition of the company that publishes The Toronto Star and other newspapers halted at a hearing set for Friday morning. The transaction was previously scheduled to close on Thursday.

CMMH, whose principals include technology entrepreneurs Matthew Proud and his brother Tyler Proud, as well as Bay Street investment banker Neil Selfe, say the NordStar deal is “neither fair nor reasonable.” The takeover won majority support from Torstar’s shareholders, but CMMH complains that investors did not get a chance to consider its last offer.

The rivals contend that Ontario Superior Court Justice Cory Gilmore erred in her approval of the deal, partly because she was rushed. The group had just 15 minutes to present its case at a hearing last Thursday and it described that as “procedurally unfair.”

CMMH had launched a rival bid in early July, which prompted NordStar, run by investors Jordan Bitove and Paul Rivett, to raise its offer to 74 cents a share from 63 cents, and extract hard lockup agreements with Torstar’s major shareholders to support the bid. CMMH later floated an offer of 80 cents a share, but Justice Gilmore ruled that it came too late – the lockups were in place.

- Jeffrey Jones

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Morguard Real Estate Investment Trust (MRT.UN-T) reported second-quarter revenue of $59.3-million down from $67-million a year earlier.

Its net loss was $98.8-million or $1.60 per share versus a loss of $4.7-million or 8 cents a year earlier. "This change was attributed to the fair value losses recorded in 2020," the REIT stated.

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Baytex Energy Corp. (BTE-N; BTE-T) reported second-quarter sales of $152.7-million compared to $482-million a year earlier.

Its net loss was $138.5-million or 25 cents versus net income of $78.8-million or 14 cents a year ago.

“During the second quarter we took decisive steps to adjust our business model in the face of extremely volatile crude oil markets. We are now starting to benefit from the actions we have taken as we generated positive free cash flow during the quarter and maintained approximately $300-million of financial liquidity,” stated CEO Ed LaFehr.

He said the company “restarted approximately 80 per cent of the previously announced shut-in volumes, which we expect will positively impact our adjusted funds flow for the remainder of the year.”

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