Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Surge Energy Inc. (SGY-T) announced a dividend increase and the acquisition of oil assets from Enerplus Corp. (ERF-T) for $245-million, including $210-million in cash and $35-million in shares.
“We are very excited about this accretive, strategic, long-life, core area acquisition. This is one of the highest quality, low-decline, asset packages that we have seen in my nine years at Surge,” stated CEO Paul Colborne.
As part of the closing, expected to close in December and taking effect in May, Surge said it “anticipates” increasing its annual cash dividend by 14 per cent to 48 cents from 42 cents, to be paid monthly.
On Thursday, Surge announced an increase in the size of its previously announced bought-deal financing to $70-million from $40-million.
Surge said it will now issue 7,568,000 common shares for $9.25 each up from 4,325,000 common shares.
The net proceeds from the Offering will be used to partially fund the acquisition announced on Nov. 2.
Slate Grocery REIT (SGR-UN-T) reported third-quarter revenue of US48.4-million up from US$34.1-million a year ago.
Net income of US$33.6-million compared to net income of US$9.6-million a year ago.
Sherritt International Corp. (S-T) reported third-quarter revenue of $30.2-million up from $20.7-million a year ago.
Its net loss from continuing operations came in at $26.9-million or 7 cents per share compared to a loss of $15.2-million or 4 cents a year ago.
Pason Systems Inc. (PSI-T) reported third-quarter results that were above expectations and an increase in its quarterly dividend.
The company said it generated $92.5-million in revenue in the third quarter, up 60 per cent from the $57.7-million generated a year ago “as drilling activity in Pason’s operating regions continued to improve.” The expectation was for revenue of $85.8-million, according to S&P Capital IQ.
Net income of $34.2 million or 42 cents per share compared to net income of $13.1-million or 16 cents per share a year ago. The expectation was for EPS to come in at 30 cents in the latest quarter.
The company also said it would increase its regular quarterly dividend to 12 cents per share from 8 cents.
Gear Energy Ltd. (GXE-T) reported third-quarter sales of $85.1-million up from $65.3-million a year ago.
Net income of $17.8-million or 7 cents per share compared to net earnings of $6.6-miillion or 3 cents a year earlier. The expectation was for earnings to come in at 5 cents per share in the latest quarter.
Morguard Corp. (MRC-T) reported third-quarter revenue of $299.5-million up from $271.4-million a year ago.
Net income attributable to shareholders came in at $66.8-million or $6.02 per share compared to $102.6-million or $9.25 per share a year ago, the company stated.
Net operating income was $158-million for the three months ended Sept. 30 compared to $135.4-million for the same period in 2021.
Savaria Corp. (SIS-T) reported revenue of $201.4-million for the third quarter, up from $180.8-million a year earlier. The results beat expectations for revenue to come in at $196.5-million in the latest quarter
Net earnings were $10.6-million or 16 cents per share compared to earnings of $4.8-million or 7 cents a year ago.
Buhler Industries Inc. (BUI-T) announced that its subsidiary, Buhler Versatile Inc., has received a statement of claim filed in the Manitoba Court of Kings’s Bench from PFG Australia PTY Ltd.
In the statement of claim, PFG alleges that Buhler Versatile has failed to comply with certain contractual obligations to deliver certain manufactured equipment to PFG.
The company said PFG is claiming damages in the amount of $41-million in Australian dollars (about $35.6-million Canadian) plus additional special and punitive damages and costs.
“At the present time, Buhler Versatile has no comment on the merits of the claim but will be defending the action,” the company stated.
Canaccord Genuity Group Inc. (CF-T) reported revenue of $380.5-million for its second quarter ended Sept. 30, down from $475.2-million a year ago. The expectation was for revenue of $356-million, according to S&P Capital IQ.
Net income attributable to common shareholders excluding significant items was $25.8-million or 25 cents per share compared to $63.3-million or 58 cents per share.
Equinox Gold Corp. (EQX-T) reported third-quarter revenue of US$245.1-million, in line with last year’s results. The expectation was for revenue of US$251.4-million.
Its net loss was US$30.1-million or 10 US cents per share compared to a net loss of US$8.1-million or 3 US cents a year ago. Its adjusted loss was US$27.6-million or 9 US cents per share versus a profit of US$3.9-million or a 1 US cent per share a year ago. The expectation was for an adjusted loss of 4 US cents per share.
Hudbay Minerals Inc. (HBM-T) reported revenue of US$346.2-million for the third quarter ended Sept. 30 compared to US$359-million a year ago.
Its loss was US$8.1-million or 3 US cents per share US$170.4-million or 65 US cents per share a year ago.
New Gold Inc. (NGD-T) reported third-quarter revenue of US$151.2-million down from US$179.8-million a year ago and in line with expectations. “Revenue decreased over the prior-year periods due to lower copper sales volume and lower realized copper prices,” the company stated.
Its net loss was US$4.2-million or a 1 US cent per share versus a loss of US$11.3-million or 2 US cents per share a year ago. The result was in line with expectations.
“[The] et loss decreased over the prior-year period primarily due to the gain on the revaluation of the Rainy River gold stream and New Afton free cash flow obligation, partially offset by lower revenue,” the company stated.
Information Services Corp. (ISV-T) reported third-quarter revenue came in at $48.8-million for the quarter, an increase of 18 per cent compared to the third quarter of 2021. The expectation was for revenue to come in at $47.6-million, according to S&P Capital IQ.
Net income was $7.8-million or 43 cents per share compared to $9.7-million or 54 cents per share in the third quarter of 2021. “The decrease in net income is due to increases in people and technology costs, accompanied by $1.4-million in increased share-based compensation from increases in the company’s share price during the quarter compared to a quarter-over-quarter decrease in the prior year,” the company stated.
The Real Brokerage Inc. (REAX-T) announced that it has acquired Redline Real Estate Group (BC) Inc. “The acquisition, which includes Redline’s real estate license to operate in British Columbia, will fuel the company’s expansion into Canada’s third largest province,” the company stated.