Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canaccord Genuity Group Inc. (CF-T) said it has acquired Petsky Prunier, a mergers and acquisition (M&A) advisory firm based in New York, for $40-million in cash and $20-million in common shares to be issued over three years.
Canaccord said an additional contingent consideration of up to $53.2-million will be paid in cash over a four-year period, subject to meeting certain revenue targets.
"This acquisition underscores Canaccord Genuity's commitment to adding scale to its fixed cost base in the U.S. and diversifying its revenue streams, while enhancing its client offering to capture greater market share in its core areas of strength," the company stated in a release after markets closed on Wednesday.
Canaccord also reported third-quarter revenue of $331.6-million up from $309.4-million a year earlier and ahead of expectations of $295-million.
Net income was $32.5-million or 25 cents per share compared to net income $36.6-million or 29 cents a year ago.
Excluding significant items, the company said net income was $36.8-million or 28 cents per share in the latest quarter, versus expectations of 21 cents and compared to 31 cents a year earlier.
Sierra Wireless Inc. (SWIR-Q; SW-T) reported fourth-quarter revenue of US$201.4-million, an increase of 9.7 per cent compared to US$183.5-million in the fourth quarter of 2017. Its net loss was US$3.8-million or 11 cents per diluted share compared to net loss of US$3.5-million or 11 cents per diluted share in the fourth quarter of 2017. Analysts were looking for revenue of US$205-million and earnings of 6 cents.
The company also announced a cost reduction program over the next 18-to-24 months, citing "the current macro-economic environment and some weakness that we are experiencing in the automotive, enterprise networking and mobile computing markets." It also said it expects revenue to be flat year-over-year for 2019.
Acadian Timber Corp. (ADN-T) reported fourth-quarter sales of $24.2-million down slightly from $25.8-million a year earlier. Net income was $16.4-million or 98 cents per share versus net income of $12.3-million or 74 cents a year earlier.
It also reported revenue for the fourth quarter of US$85.6-million compared with US$90.6-million for the fourth quarter of 2017.
Net income for the fourth quarter was US$4.4-million or 42 cents per share compared with US$11.2-million or $1.06 per share for the fourth quarter of 2017. The expectation was for earnings to come in at 42 cents in the latest quarter.
Firm Capital Mortgage Investment Corp. (FC-T) says it’s raising $20-million in a bought-deal financing. The company said it has an agreement to sell to a syndicate of underwriters 1,520,000 common shares at a price of $13.20 each.
Chemtrade Logistics Income Fund (CHE-UN-T) announced revenue from continuing operations for the fourth quarter was $390.8-million, which was $4.1-million higher than the fourth quarter of 2017. Analysts were looking for revenue of $391.8-million.
Net loss from continuing operations for the fourth quarter was $97.2-million, compared with net earnings from continuing operations of $45.5-million in 2017, which included a tax recovery of $61.5-million compared with $10.7-million in 2018, the company stated.
Enghouse Systems Ltd. (ENGH-T) has acquired ProOpti AB of Sweden, a software provider in the telecom and technology sectors.
"ProOpti's product suite is complementary with the Enghouse Interactive portfolio and extends our product offering," said Steve Sadler, CEO of Enghouse. "We are very pleased to welcome ProOpti's customers and employees to the Enghouse Interactive organization."
The purchase price wasn’t disclosed in the release.
New Gold Inc. (NGD-T; NGD-A) reported fourth-quarter revenues of US$157.4 million up from US$123.5-million a year earlier. Analysts were expecting revenues to come in at US$163.5-million. Its net loss from continuing operations was US$727.7-million or US$1.26 per share versus a loss of 39 cents a year ago.
The company said its net loss was impacted by the impairment loss at its Rainy River and Blackwater operations, an inventory write-down at Cerro San Pedro and an increase in depreciation and depletion expenses and finance costs.
Clarke Inc. (CKI-T) reported a net loss of $9.8-million in the fourth quarter compared to $0.6-million in the same period in 2017. “This was largely driven by the unrealized losses on investments during the period compared to the same period in the prior year,” the company stated. It said its comprehensive loss for the fourth quarter was $12.2-million compared to comprehensive income of $10.9-million for the same period in 2017.