Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
The owner of Saks Fifth Avenue and Lord & Taylor retail chains said earlier this week it was evaluating a $1.74 billion go-private cash offer from its Executive Chairman Richard Baker and other shareholders.
The company, North America’s oldest, said first-quarter comparable sales decreased 2.1 per cent, and excluding Lord & Taylor and Home Outfitters increased 0.3 per cent.
Same-store sales at its namesake stores tumbled 4.3 per cent in the quarter.
The struggling retailer has been shutting its underperforming shops to cut costs and exploring strategic alternatives such as a sale or merger of its department store Lord & Taylor. The company is also set to sell its stake in its real estate joint venture in Germany to Signa Retail Holdings in a deal valued at $1.5 billion.
The company reported a profit of $275 million, or $1.15 per share from continuing operations, in the first quarter ended May 4, compared to a loss of $398 million, or 72 cents per share, a year earlier.
First quarter net income included a $817 million gain from the sale of the Lord & Taylor flagship building in New York.
Excluding items, the company posted a loss of 87 cents per share, wider than the 56 cents loss based on estimates from 2 analysts, according to IBES data from Refinitiv.
Total revenue fell to $2.12 billion from $2.19 billion, a year earlier.
Boralex Inc. (BLX-T) announced three projects totaling 68.2 MW that it submitted during the third period of the national call for tenders conducted by the Ministry for the Ecological and Inclusive Transition of France have been selected: Bois des Fontaines (25.2 MW), Helfaut (20 MW) and the Caumont Chériennes (23 MW) wind projects.
Boralex said that makes it among the top three winners of this call for tenders. "Wind energy as an economically and technically viable solution in the French energy transition is unquestionable and this third tender period is further proof of this. We believe that France is—and will remain—a major market for the development of our renewable energy projects, which are structuring and promising for the country's economy," said Nicolas Wolff, vice-president and general manager of Boralex Europe.
Transat A.T. Inc. (TRZ-T) reported second-quarter revenues of $897.4-million up 3.5 per cent compared with 2018, which was above expectations of $882-million. Net income attributable to shareholders amounted to $2.3-million or 6 cents per share compared with $7.9-million or 21 cents per share a year ago. Transat reported an adjusted net loss3 of $6.3-million or 17 cents per share compared with a loss of $500,000 or a penny per share a year ago.
AutoCanada Inc. (ACQ-T) announced agreements to sell three parcels of real estate to Automotive Properties Real Estate Investment Trust (APR.UN-T) for a total of approximately $30.4-million. “Upon closing of the transaction, three AutoCanada dealerships will enter into 19-year, triple-net leases with the REIT,” it stated in a release. “The REIT has also agreed to fund future capital development expenses on one of the properties up to $2.5-million.”
Separately, Automotive Properties REIT announced it plans to acquire the Audi Queensway automotive dealership property from the Dilawri Group for $36.5-million and said it has an agreement to sell seven million of its units on a bought deal basis at a price of $10.45 each to a syndicate of underwriters book run by TD Securities Inc. and BMO Capital Markets for gross proceeds of approximately $73.2-million. The units closed at $10.79 on Wednesday.
Fiera Capital Corp. (FSZ-T) announced a $75-million bought-deal offering of senior subordinated unsecured debentures. The net proceeds will be used to fund recently announced acquisitions, to repay indebtedness and for general corporate purposes, the company stated.
Neptune Wellness Solutions Inc. (NEPT-Q; NEPT-T) announced a net loss of $12.4-million in the fourth quarter versus a net loss of $4.8-million in the fourth quarter of fiscal 2018. Revenues of $5.7-million in the fourth quarter were down from $7-million for the fourth quarter of fiscal 2018.
Andrew Peller Limited (ADW.A-T; ADW.B-T) reported sales of $79.8-million in the fourth quarter ended March 31, which was roughly in line with the same quarter a year earlier. Net earnings came in at $84,000 or nil per share versus a loss of $1.7-million or 3 cents a year earlier.
HEXO Corp (HEXO-T) reported gross cannabis revenue of $15.9-million in its third quarter, up from $1.2-million a year ago. Net revenue was $13-million in the latest quarter. Its net loss was $7.8-million versus a loss of $2-million a year earlier.
Chorus Aviation Inc. (CHR-T) announced that Chorus Aviation Capital has entered into agreements to deliver six new ATR72-600 aircraft to InterGlobe Aviation Limited of India under a sale and leaseback transaction. Deliveries are anticipated in the second and third quarters of 2019, the company stated.