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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Altus Group Limited (AIF-T) says Carl Farrell has stepped down from the company’s board of directors and from his position as president. “The company wishes Mr. Farrell well and expresses appreciation for his contributions as a director on the board and as part of the management team,” it stated in a release.

CEO Robert Courteau has resumed Mr. Farrell’s responsibilities, the company stated, including the leadership role of the Altus Analytics business.

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In a note on Thursday, Canaccord Genuity analyst Yuri Lynk said the president stepping down was “no reason to panic,” while reiterating his ‘buy’ rating and $44 price target price on Altus shares.

“In our view, Altus Analytics’ (AA) growth profile is compelling due to its proprietary cash flow-derived data, industry-standard software, and first-mover advantage,” he said in the note. “The tax segment enjoys its own data advantages with multi-year tax cycles in Canada, the US, and the UK affording investors EBITDA visibility through 2021 and beyond.”

**

Advantage Oil & Gas Ltd. (AAV-T) announced its 2020 capital budget will target investment between $170-million and $200-million.

“These investments will continue to advance the corporation’s liquids transition plan by focusing on our Progress and Pipestone/Wembley light oil assets, complementing our solid foundation of low-cost natural gas and condensate at Glacier and Valhalla,” the company stated.

It said the 2020 capital budget "is expected to culminate in a significant increase in revenue by year-end and 130-per-cent growth in liquids production over 2019."

**

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Reitmans (Canada) Limited (RET.A-T) reported sales for the five weeks ended January 4, 2020 increased by 2.5 per cent, with a net reduction of 35 stores. Comparable sales, which include e-commerce sales, increased by 6.4 per cent, the company said in a release after markets closed on Wednesday.

Sales for the fourth quarter to date, or the nine weeks ended January 4, 2020, increased 1.2 per cent with 35 fewer stores in operation. Comparable sales, which include e-commerce sales, increased by 4.4 per cent, the company stated.

**

Aritzia Inc. (ATZ-T) reported revenue for the third quarter ended Nov. 25 rose 10 per cent to $267.3-million compared to $242.9-million in the third quarter last year. Analysts were expecting revenue of $266.2-million. Comparable sales rose by 5.1 per cent.

Net income increased by 6.8 per cent to $34.8-million, compared to net income of $32.6 million in the third quarter last year. Adjusted net income came in at $35.7-million compared to $35.9-million in the third quarter last year. Adjusted net income per share increased by a penny to 32 cents per share. Analysts were expecting EPS of 31 cents in the quarter.

**

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The Green Organic Dutchman Holdings Ltd. (TGOD-T) said its president Csaba Reider will be leaving the organization and his duties will be assumed by CEO Brian Athaide.

Other changes include the departure of Mike Gibbons, vice-president of sales. Robert Gora, vice president of medical commercialization, will assume the consolidated role of vice president of national sales.

“The changes we announce today are part of a comprehensive review of our operations to reduce costs and improve cash flow. This will result in significant G&A savings and a leaner more efficient organization,” stated Mr. Athaide in a release.

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