Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Exco also reported sales of $120.4-million for the first quarter compared to $142.1-million in the same quarter last year. Analysts were expecting revenue of $124.3-million in the latest quarter.
Net income was $8.1-million or 20 cents per share compared to $3.8-million or 9 cents per share in the same quarter last year. Analysts were looking for earnings of 19 cents.
Celestica Inc. (CLS-T; CLS-N) reported fourth-quarter revenue of US$1.49-billion, which the company said was within its guidance range of US$1.425-billion to US$1.525-billion and a decrease of 14 per cent compared to US$1.73-billion for the fourth quarter of 2018.
Its loss was US$7-million or 5 US cents per share compared to earnings of US$60.1-million or 44 cents US per share a year ago.
Analysts were expecting revenue of US$1.47-billion and earnings of 6 US cents per share.
Sundial Growers Inc. (SNDL-Q) announced CEO Torsten Kuenzlen has resigned and will step down as a director, effective immediately, “to pursue other interests.” Zach George, a member of Sundial’s board, has been appointed as CEO and will continue as a director.
Ted Hellard has stepped down from his role as executive chairman, but will continue to serve on the board. Brian Harriman, Sundial's chief operating officer will be leaving Sundial and his portfolio will be transitioned to Andrew Stordeur, president of Sundial's Canadian operations, who will take on the additional title of COO.
The company also said it was taking "optimization initiatives." The company stated that "in response to slower than expected regulatory approvals of new stores and delays in some cannabis 2.0 products," It has put in place "several streamlining and efficiency initiatives to position the company for long-term, sustainable growth."
It said the efficiency improvements and cost-cutting initiatives are expected to save the company $10-million to $15-million for fiscal 2020.
Resolute Forest Products Inc. (RFP-N; RFP-T) reported a net loss for the quarter ended Dec. 31 of $71-million or 79 cents per share, compared to net income of $36-million or 38 cents per share in the same period in 2018.
Sales were $668-million in the quarter, a decrease of $264-million from the year-ago period and below the expectation of $704-million.
“Our fourth-quarter results reflect bottom-of-the-cycle conditions in market pulp, ongoing pricing pressures in paper grades and the slow pricing recovery in lumber,” stated CEO Yves Laflamme. “The pending acquisition of three sawmills in the U.S. South is an important step in our transformation strategy; it will give us immediate scale in an attractive region, with quality assets in a rich fibre basket, close to growing end-markets. Our financial position will remain strong after this acquisition, and will support us as we continue to progress with our transformation strategy.”
Net income was US$5.1-million or 6 US cents per share versus net income of US$4.5-million or 5 US cents a year ago. Adjusted EPS came in at 10 US cents versus 2 US cents a year ago and ahead of expectations of 9 US cents.
The company also said it plans to amend its current Normal Course Issuer Bid (NCIB) to increase the maximum aggregate purchase price of shares purchased from US$20-million to US$46-million.