Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Horizon North Logistics Inc. (HNL-T) reported third-quarter revenue of $100-million up from $79.3-million a year ago. Its loss was $112,000 or nil per share versus a loss of $6.1-million or 4 cents a year ago. Analysts were expecting revenue of $106.7-million.
"We look forward to successfully and safely delivering this complex, multi-year project for Metro Vancouver to ensure the continued, reliable delivery of clean drinking water to member jurisdictions," said Jean-Louis Servranckx, CEO of Aecon Group Inc.
Ballard Power Systems (BLDP-Q; BLDP-T) reported third-quarter of US$$21.6-million, a year-over-year decline of 32 per cent “due primarily to lower Heavy Duty Motive product shipments and lack of one-time revenue from China that was generated in 2017.” Analysts were expecting revenue of US$31.1-million.
Its net loss was US$6-million or 3 cents per share down from a loss of US$1-million or a penny per share last year. Analysts were expecting a loss of a penny per share.
Hudbay Minerals Inc. (HBM-N; HBM-T) says it’s buying the remaining 86 per cent of Mason Resources Corp. (MNR-T) that it does not already own. Mason’s main asset is its 100-per-cent owned Ann Mason project in Nevada.
Hudbay said Mason shareholders will receive 40 cents in cash per share. The arrangement values Mason at $31-million (Canadian), "representing an attractive premium to recent Mason trading."
The shares closed at 18.5 cents on Wednesday and have traded between 14 cents and 28.5 cents in the past 52 weeks.
Hudbay said the enterprise value to Hudbay, net of Mason’s cash and Hudbay’s current 14-per-cent ownership in Mason, is approximately US$15-million.
“The acquisition of the Ann Mason project is another step in Hudbay’s consistent strategy of accretive acquisitions of scarce, high-quality copper resources in mining-friendly jurisdictions," stated Alan Hair, CEO of Hudbay. "Ann Mason is an ideal fit for Hudbay’s development pipeline and is at the stage where we can apply our exploration expertise, advance technical studies and leverage our proven mine development team to create value for our shareholders.”
Separately, Hudbay reported revenue of US$362.6-million in the third quarter down from US$380.2-million a year ago. Analysts were expecting revenue of US$301.9-million in the quarter.
Profit was US$22.8-million or 9 cents per share down from US$36.3-million or 15 cents per share.
Sherritt International Corp. (S-T) reported a net loss of $13.3-million or 3 cents per share in the third quarter versus a net loss of $69.5-million or 24 cents per share for the same time last year. Analysts were expecting a loss of 3 cents in the latest quarter.
Revenue was $29.9-million down from $63.3-million a year ago. Combined revenue was $187.8-million down from $234.7-million a year ago.
Adjusted EBITDA was $40.6-million, up 20 per cent from $33.8-million a year ago.
"The increase was largely due to higher realized nickel and cobalt prices, more than offsetting the impact of lower oil production due to the expiration of a production sharing contract at Varadero West as well as the impact of higher mining and input costs, including increased sulphur and energy expenses," the company stated.
Its net loss was $1.8-million or 5 cents per share versus a profit of $896,000 or 4 cents a year ago.
Adjusted EBITDA was $7.1-million in the third quarter compared to $3.1-million in the third quarter of 2017.
Adjusted operating EBITDA attributable to shareholders of the company was $8.5-million an increase from $7.8-million a year ago, the company said.
Morguard Real Estate Investment Trust (MRT.UN-T) reported net income of $5-million versus a net loss of $15.2-million for the three months ended September 30, 2017. “The increase of $20.2-million is largely the result of fair value changes,” the REIT stated.
Net operating income was $37.2-million in the quarter versus $37.4-million for the same time last year.
The trust's fully diluted funds from operations were $24.8-million or 35 cents per unit versus $25.3-million or 36 cents per unit for the same time last year.
Resolute Forest Products Inc. (RFP-N; RFP-T) reported net income for the third quarter ended Sept. 30 of US$117-million or $1.25 per diluted share, compared to US$24-million or 26 cents per share in the same period in 2017.
Sales were US$974-million in the quarter up from US$885-million a year ago.
Equitable Bank, a wholly-owned subsidiary of Equitable Group Inc. (EQB-T) said it has received the approval of Canada’s Minister of Finance for letters patent to incorporate a trust company under the Trust and Loan Companies Act( Canada).
“The new trust company, which cannot commence business until it receives the commencement order from the Office of the Superintendent of Financial Institutions, will be a wholly-owned subsidiary of Equitable Bank. It will have the name Equitable Trust in English and Fiducie Équitable in French, and will have its head office located in Toronto,” the company stated.
Its net loss was $3.2-million or a penny per share versus income of $12.1-million or 3 cents a year ago
Namaste Technologies Inc. (N-X) says its Cannmart Inc. subsidiary has signed a product acquisition agreement to purchase packaged and tested cannabis products from Custom Cannabis Inc. to offer in Cannmart’s online marketplace.
“Cannmart’s “sales-only” license is the first of its kind in Canada to be issued to a non-cultivator, which allows Namaste to leverage its technology platforms and e-commerce expertise to sell medical cannabis procured from a variety of licensed producers throughout Canada,” the company stated.