Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Laurentian Bank Financial Group (LB-T) increased its dividend and reported net income of $43.3-million or 95 cents per share for the second quarter ended April 30, compared with net income of $59.2-million or $1.34 per share for the second quarter of 2018. On an adjusted basis, net income totaled $48.7-million or $1.08 per share for the second quarter, compared with $64.6-million or $1.47 per share for the second quarter of 2018. Analysts were expecting adjusted earnings to come in at $1.07 per share in the latest quarter. The company raised quarterly common share dividend raised by a penny to 66 cents per share.
VIVO Cannabis Inc. (VIVO-X) reported revenue of $5.1-million in the first quarter, up from $500,000 a year ago. Its net income was $5-million or 2 cents per share versus a loss of $7-million or 8 cents a year ago.
Cresco Labs Inc. (CL-C) reported first-quarter revenue of $21.1-million, up 313 per cent year-over-year and in line with expectations. Its net loss in the quarter was $7.6-million, compared to net income of $600,000 in the prior-year period.
Big Rock Brewery Inc. (BR-T) announced “significant cost-cutting measures” including reductions to its workforce “in response to the persisting regulatory environment for brewers of its size in Alberta.”
The company said the "104-per-cent increase in the net Alberta beer mark-up (provincial tax) imposed on Big Rock by the previous government of Alberta in late 2018 (being a 160-per-cent increase since 2016) has forced the corporation's senior management to take immediate cost-cutting measures as the increase in the tax on Big Rock's beer in Alberta has eroded the profitability achieved by Big Rock in 2018."
“Our ultimate goal is to allocate our resources in a manner that will ensure the success of the future business and maximizes shareholder value,” stated CEO Wayne Arsenault.
MORE TO COME