Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Crescent Point Energy (CPG-T) missed analysts’ estimates for fourth-quarter output on Thursday, as the oil and gas producer sold several production assets in 2018.
The company’s strategy to sell assets to reduce debt and use a part of the money to finance its expansion in production in Viewfield Bakken, Shaunavon and Flat Lake assets in Saskatchewan is yet to pay off.
The company has set aside 55 per cent of 2019 capital spending to ramp up production in these areas, even as it lowered the spending by 30 per cent to $1.2 - billion to $1.3 - billion in January in the wake of declining oil prices.
Crescent Point’s total average production fell 0.4 per cent to 178,198 barrels of oil equivalent per day (boe/d) from a year earlier. Analysts had expected an average production of 204,779 boe/d.
The company said average selling prices fell to $48.28 per barrel of oil equivalent from $55.64.
The oil and gas producer said net loss widened to $2.39 - billion or $4.35 per share, in the quarter ended Dec. 31, from $56.4 million, or 10 cents per share, a year earlier, hurt by an impairment charge of $3.69-billion.
Excluding items, the company reported a loss of 3 cents per share.
- Reuters
**
Obsidian Energy Ltd. (OBE-T) announced its CEO David French will step down from the company on March 29. Michael Faust has been named interim president and CEO, effective March 18.
The company also reported a net loss of $113-million or 22 cents per share versus a loss of $58-million or 12 cents a year ago.
**
McEwen Mining Inc. (MUX-N; MUX-T) announced it will suspend its dividend, which would have been paid on March 15 to shareholders of record on March 8.
“We have experienced operating issues at our Black Fox Mine and with the startup of our Gold Bar Mine. While viewed as temporary, these issues have resulted in much lower revenue this quarter than planned. As a result, we decided the prudent and responsible course of action was to conserve our cash and suspend the distribution,” Rob McEwen, chairman of the company, stated in a release.
**
Recipe Unlimited Corp. (RECP-T) (formerly Cara Operations) increased its dividend and reported system sales grew to $905.4-million for the 13 weeks ended Dec. 30, 2018 compared to $774.9-million for the 14 weeks ended Dec. 31, 2017, representing an increase of 16.8 per cent. Same-restaurant sales growth for the 13 weeks ended Dec. 30, 2018 was a decrease of 0.2 per cent compared to the same 13 weeks in 2017.
Revenue was $328.2-million versus $240-million a year earlier. Net earnings were $9-million or 14 cents per share versus net income of $27.3-million or 45 cents a year ago. Adjusted net earnings were $34.9-million or 54 cents versus adjusted earnings of $36.3-million or 59 cents a year ago. Analysts were expecting revenue of $322.9-million and adjusted earnings of 49 cents.
The company's board also declared a quarterly dividend of 11.21 cents per share, an increase of 5 per cent, on its outstanding subordinate voting shares and multiple voting shares. "With Recipe's strong balance sheet and growing cash flows, management will continue to pursue strategic acquisitions and will explore alternatives to return more capital to its shareholders including [the] continuation of its Normal Course Issuer Bid (NCIB) and increases to its dividend rate," the company stated.
**
Namaste Technologies Inc. (N-X) says two directors, Kiran Sidhu and Sefi Dollinger, have resigned from the board “to pursue other business interests.” The company said it is “actively looking to add up to two additional independent directors to the board, and is currently in discussion with potential candidates.”
**
Paramount Resources Ltd. (POU-T) reported fourth-quarter sales of $207.4-million down from $258.9-million a year ago. Its net loss was $170.5-million or $1.31 per share versus a net loss of $103.2-million or 76 cents per share a year earlier. Analysts were expecting a loss of 51 cents per share in the latest quarter and sales of $251.8-million.
**
Detour Gold Corp. (DGC-T) reported revenues of US$212.8 million in the fourth quarter on sales of 172,935 ounces of gold at an average realized gold price of US$1,228 per ounce. That compares to revenues of US$200-million on sales of 156,293 ounces of gold at an average realized price of US1,277. Its net loss was US$32.4-million or 19 cents per share versus earnings of US$16.7-million or 10 cents per share. Adjusted earnings were 10 cents versus 15 cents a year ago. Analysts were expecting adjusted earnings of 13 cents per share and revenues of US$212.4-million.
**
Cominar Real Estate Investment Trust (CUF.UN-T) reported a net loss of $353.4-million in the fourth quarter versus a loss of $581.3-million a year earlier. Recurring funds from operations were $51.9-million versus $63.9-million a year earlier. Analysts were expecting funds from operations to come in at $53.4-million.
**
Ballard Power Systems (BLDP-Q; BLDP-T) reported that its fourth-quarter revenue declined 29 per cent to US$28.5-million versus a year earlier. Its net loss was US$11.5-million or 6 cents per share versus a loss of US$2.9-million or 2 cents a year earlier. The adjusted net loss was US$7.5-million or 4 cents per share versus a loss of US$900,000 or a penny per share a year earlier. Analysts were expecting a loss of 3 cents and revenue of US$23.1-million
**
Painted Pony Energy Ltd. (PONY-T) reported adjusted funds flow increased by 65 per cent in the fourth quarter to $59-million or 36 cents per share compared to $36-million or 22 cents per share during the fourth quarter of 2017. Fourth quarter net income and comprehensive income increased to $63-million or 39 cents per share compared to $37-million or 23 cents per share during the fourth quarter of 2017.
**
Morneau Shepell Inc. (MSI-T) reported fourth-quarter revenue of $200.8-million up from $156.8-million a year earlier and in line with expectations. Profit was $3.5-million, similar to the same quarter a year earlier.
**
Exchange Income Corp. (EIF-T) announced a $75-million bought-deal financing. The company said it reached an agreement with a syndicate of underwriters that sees the company issue $75-million in convertible unsecured subordinated debentures at a price of $1,000 each. The company said it intends to use the net proceeds of the offering to fund the redemption of the 2014 debentures, as required, and to pay down its credit facility.
**
Goldmoney Inc. (XAU-T) announced that it has decided to exit the cryptocurrency business. “Goldmoney will work with its customers who store their cryptocurrency with it to minimize any inconvenience this decision may cause,” the comapny stated, adding its board made the decision “following a review of several factors. By exiting this business line, Goldmoney will maintain its focus on new growth initiatives within the precious metal industry.”
**
Obsidian Energy Ltd. (OBE-T) announced its CEO David French will step down from the company on March 29. Michael Faust has been named interim president and CEO, effective March 18.
The company also reported a net loss of $113-million or 22 cents per share versus a loss of $58-million or 12 cents a year ago.
**
McEwen Mining Inc. (MUX-N; MUX-T) announced it will suspend its dividend, which would have been paid on March 15 to shareholders of record on March 8.
“We have experienced operating issues at our Black Fox Mine and with the startup of our Gold Bar Mine. While viewed as temporary, these issues have resulted in much lower revenue this quarter than planned. As a result, we decided the prudent and responsible course of action was to conserve our cash and suspend the distribution,” Rob McEwen, chairman of the company, stated in a release.
**
Sherritt International Corp. (S-T) announced will not fund its 12-per-cent share of a US$45-million cash call received from the Ambatovy Joint Venture. The cash call was made due to the Ambatovy JV’s short term liquidity needs, the company stated.
"As a result of not funding the cash call, Sherritt is now a defaulting shareholder under the terms of the Ambatovy JV Shareholders Agreement, triggering a number of inter-related developments," the company stated.
It said the move is being made "to preserve liquidity and protect its balance sheet and consistent with previous disclosure."
**
NorthWest Healthcare Properties Real Estate Investment Trust (NWH.UN-T) said fourth-quarter revenue increased 5.6 per cent to $89.1-million from $84.4-million a year earlier, “primarily driven by acquisitions in Germany, Netherlands, and Vital Trust.” Net Income increased 69.9 per cent to $103.6-million compared to $60.1-million a year earlier.