Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
TransAlta Corp. (TA-T; TAC-N) announced an agreement with Kineticor Holdings Limited Partnership #2 to indirectly acquire two 230 MW Siemens F class gas turbines and related equipment for $84-million. TransAlta said the transaction results in the assumption of long-term non-unit contingent power purchase agreements starting in late 2023 with Shell Energy North America. "The acquisition advances our repowering strategy in Alberta and increases our contractedness which will help de-risk our business as we move into a fully merchant Alberta market starting in 2021," said Dawn Farrell, TransAlta's chief executive.
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MEG Energy Corp. (MEG-T) reported revenue of $958-million in the third quarter, up from $803-million a year earlier. Net earnings of $24-million or 8 cents per share compared to net earnings of $118-million or 39 cents during the third quarter of 2018. "The decrease during the third quarter of 2019 compared to the same period of 2018 is due to an unrealized foreign exchange loss and a lower unrealized gain on commodity risk management partially offset by a higher cash operating netback," the company stated. Adjusted funds flow of $192-million or 63 cents per share compared to $116-million nor 39 cents in the third quarter of 2018.
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Acadian Timber Corp. (ADN-T) generated sales of $25.4-million compared to $26.6-million in the prior-year period. Its net loss of $10.9-million or 65 cents per share in the quarter compared to net income of $5.9-million or 36 cents per share. Analysts were expecting sales of $25.2-million or earnings of 24 cents per share.
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Ag Growth International Inc. (AFN-T) announced an agreement with a syndicate of underwriters to issue on a bought-deal basis $75-million in senior subordinated unsecured debentures at a price of $1,000 each. AGI said it intends to redeem in full the company’s 5 per cent convertible unsecured debentures due December 31, 2020. The company said the net proceeds will initially be used to repay a portion of its revolving bank debt, which it said will then be redrawn to fund the redemption of the 2020 debentures and general corporate purposes.
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Sherritt International Corp. (S-T) reported revenue of $27.8-million down 7 per cent from $29.9-million a year ago. Combined revenue was $133.9-million down from $159.2-million. Its net loss from continuing operations came in at $30-million or 8 cents per share versus a loss of $13.3-million or 3 cents a year ago.
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Ballard Power Systems (BLDP-Q; BLDP-T) reported revenue increased 15 per cent to $24.8-million in the third quarter versus a year ago, which it said reflects increases in its technology solutions and material handling divisions. Its net loss was $9.8-million or 4 cents per share versus a loss of $6-million or 3 cents a year ago. Analysts were expecting revenue of $25.6-million and a loss of 4 cents per share.
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Resolute Forest Products Inc. (RFP-N; RFP-T) reported sales of US$705-million in the third quarter, a decrease from US$974-million from the year-ago period. The company reported a net loss of US$43-million or 47 cents US per share compared to net income of US$117-million or US$1.25 per share in the same period in 2018. Excluding special items, the company said its net loss was US$34-million or 37 US cents per share, compared to net income of US$96-million or US$1.03 per share in the third quarter of 2018.
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Liberty Health Sciences Inc. (LHS-C) reported sales of $10.6-million for its second quarter ended Aug. 31 compared with $2.2-million for the same quarter a year ago. “The significant year-over-year increase in revenue was driven by the company’s opening of new dispensaries and delivery locations, as well as experiencing an upsurge in same-store sales volume and an uptick in the registered patient base for Medical Marijuana Use in Florida,” the company stated. Its net income was $22.9-million compared with a net loss of $5.6-million a year ago.
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Calfrac Well Services Ltd. (CFW-T) announced revenue of $399.2-million in the third quarter, a decrease from $630-million in the same period in 2018. Its net loss was $29.4-million or 20 cents per share compared to net income of $14.9-million or 10 cents per in the same period last year. Analysts were expecting a loss of 17 cents and revenue of $454.6-million.