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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.

Altus Group Ltd. (AIF-T) shares rose 20 per cent in early Thursday trading after the company reported second-quarter earnings that beat expectations.

The company said revenues were $155.5-million, up 8.6 per cent from a year ago. Analysts were expecting revenues of $143.5-million.

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Profit was $11.3-million or 28 cents per share versus a profit of $12.7-million or 32 cents a year ago.

Adjusted EPS came in at 62 cents, ahead of expectations of 43 cents and compared to  51 cents a year earlier.

“While our company and industry continue to navigate a challenging external environment, Altus Group posted the highest quarterly revenue and earnings in our history demonstrating that our core business is solid and resilient,” said CEO Robert Courteau. 

**

goeasy Ltd. (GSY-T) reported second-quarter revenue of $151-million, up 2 per cent over the same period in 2019.

The company said its net income was a record $32.5-million, up 66 per cent from $19.6-million in 2019. EPS was $2.11 up from $1.26 a year ago.

Analysts were expecting revenue of $144.2-million and earnings of $1.45 per share.

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The company said it generated $171 million in total loan originations in the quarter, amid the pandemic, down 38 per cent from the $276-million in the second quarter of 2019.

**

Sienna Senior Living Inc. (SIA-T) reported second-quarter decreased by 1.8 per cent to $162.9-million versus a year ago. Analysts were expecting revenue of $164.8-million.

The company generated a net loss of $6.8-million or 10 cents per share versus a profit of $2.2-million or 3.4 cents a year earlier.

"The decrease was primarily related to net pandemic expenses, non-recurring restructuring costs, softer retirement occupancy and fair value adjustments on interest rate swap contracts, partially offset by annual rental rate increases in retirement, lower income taxes and mark-to-market adjustments on share-based compensation," the company stated.

**

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ECN Capital Corp. (ECN-T) reported total originations of US$676.4-million for the second quarter compared to US$598-million a year ago.

Its second-quarter net loss attributable to common shareholders of US$1.8-million compared to a profit of US$7.5-million for the same period last year.

Adjusted net income applicable to common shareholders from continuing operations of US$17-million or 7 US cents per share compared to US$16.6-million or 7 US cents per share for the same period last year.

“ECN had strong Q2 earnings of $0.07, especially given the effects of Covid-19,” said Steven Hudson, CEO of ECN Capital Corp.

He also said the company is reinstating guidance for 2020 at 31-to-33 cents per share, which is 15-to-22 per cent above 2019.

“In addition, we are reiterating our guidance from Investor Day for 2021 at $0.44 - $0.53,” Mr. Hudson stated. “I am very pleased with the resiliency of each of our businesses and look forward to continued success in the coming quarters.”

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**

Birchcliff Energy Ltd. (BIR-T) reported second-quarter revenue of $15.3-million down from $19.6-million a year ago.

Adjusted funds flow was $21.7-million or 8 cents per share versus $74-million or 28 cents a year ago.

Its net loss to common shareholders of $39.5-million or 15 cents per share compared to a loss of $9.5-million or 4 cents a year ago. Analysts were expecting a loss of 12 cents.

The company also raised some of its 2020 guidance, including adjusted funds flow guidance, which has been increased to $185-million from $161-million “with a corresponding change to free funds flow guidance, primarily due to the improved price forecast for oil.”

**

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Investment dealer GMP Capital Inc. (GMP-T) has reworked the proposed $420-million takeover of its wealth management subsidiary to reflect the realities of a post-pandemic market.

Back in February, Toronto-based GMP unveiled plans to swap its publicly traded stock for shares in partly-owned subsidiary Richardson GMP. Winnipeg’s Richardson family is a significant shareholder of both companies, and the restructuring has been playing out over the past two years.

On Thursday, GMP Capital announced that as part of the transaction, its shareholders will receive additional 15 cents per share, or a total of $11.3-million, in a special dividend. GMP also said the Richardson clan will leave additional capital in the company to fund expansion by keeping $32.1-million invested in preferred shares, a holding the family was required to redeem.

In addition, GMP changed the terms of the share swap with Richardson GMP’s owners, who include the firm’s 165 financial advisor teams. The company was planning to give one GMP share for every two shares of privately-held Richardson GMP; now the ratio is one GMP shares for every 1.875 shares in the privately-held subsidiary.

GMP executives said the changes reflect a decline in the company’s value after the sharp drop in interest rates in March, which cut into the profits that Richardson GMP earns on its clients’ cash balances. In February, the transaction with Richardson GMP valued the entire franchise at $500-million. Now, the figure is $420-million.

“The revised terms to the previously announced transaction in February 2020 strike what, we believe, is an appropriate balance taking into account the effects of the global pandemic, feedback raised by various stakeholders and retaining the appropriate level of capital to execute our long-term value creation strategy,” said Donald Wright, chair of the board at GMP Capital, in a news release.

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Full story here

-Andrew Willis

**

Knight Therapeutics Inc. (GUD-T) reported second-quarter revenue of $53.3-million, up from $3.2-million a year ago. Analysts were expecting revenue of $50.8-million.

Net income of $15.5-million or 13 cents per share compared to $19-million or 13 cents a year ago.

**

NFI Group Inc. (NFI-T) announced that the City of Edmonton, the owner and operator of Edmonton Transit Service (ETS), has awarded New Flyer a contract for 46 forty-foot Xcelsior® clean diesel heavy-duty transit buses, which have been converted from New Flyer’s backlog and are currently in delivery.

“The contract follows multiple prior orders from ETS, with New Flyer having delivered over 1,100 buses to the agency since 1992, and is in addition to the 35 sixty-foot Xcelsior clean-diesel transit buses (70 equivalent units or “EUs”) recently purchased by the City of Edmonton and announced in December 2019,” the company stated.

**

Stelco Holdings Inc. (STLC-T) reported second-quarter revenue of $411-million, down from $427-million a year ago. Analysts were expecting revenue of $418.1-million in the latest quarter.

The company reported net income of nil for the quarter, compared to $1-million in the second quarter of 2019.

Adjusted net income was $10-million or 11 cents per share versus $6-million or 7 cents a year earlier.

**

Great Canadian Gaming Corp. (GC-T) reported second-quarter revenue of $62.8-million, down from $354.4-million a year ago.

Its net loss was $36.4-million or 57 cents per share versus a profit of $48-million or 79 cents a year ago.

"The temporary closures of the company's operations resulted in a decrease in revenues, expenses, adjusted EBITDA, free cash flow, and cash flows when compared to the same period in the prior year," the company stated.

**

Pizza Pizza Royalty Corp. (PZA-T), which indirectly owns the Pizza Pizza and Pizza 73 Rights and Marks, said system sales from the 749 restaurants in the royalty pool decreased 15.5 per cent in the second quarter to $113.5-million from $134.3-million in the same quarter last year when there were 772 restaurants.

Adjusted earnings were $5.8-million or 18.1 cents per share versus $6.9-million or 21.4 cents per share a year ago.

Analysts were expecting adjusted EPS of 18 cents and sales of $114.3-million.

**

Savaria Corp. (SIS-T) reported second-quarter revenue was $84.7-million, down from $94-million a year earlier.

Adjusted net earnings were $6.3-million or 12 cents per share versus $6.2-million or 13 cents a year ago.

Analysts were expecting revenue of $84.3-million and earnings of 11 cents per share.

**

Pollard Banknote Ltd. (PBL-T) reported second-quarter sales of $91.5-million, compared to $97.1-million a year earlier.

Net income increased to $9.2-million $5-million a year ago. Net income per share was 36 cents per share versus 20 cents a year earlier.

**

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