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 company said it has amended its senior credit facility agreement "to provide additional covenant headroom" through to the end of the second quarter of 2021.
It has also laid off approximately 1,700, or 40 per cent of its workforce to date, calling it "an unfortunate consequence of the sudden reduction in business activity and we anticipate hiring rapidly as business conditions improve."
It has also "deferred, reduced or eliminated most discretionary and non-essential operations and administrative spending," a large portion related to advertising costs. Also, its executive chairman Paul Antony has voluntarily accepted a 50-per-cent reduction in salary for the second quarter and the board of directors has also voluntarily accepted a 50-per-cent reduction to its fees for the quarter, the company said. Its executive management team has voluntarily accepted a 25-per-cent reduction in their base salaries for the second quarter.
The company also reported preliminary first-quarter results including revenue of approximately $721-million, representing a decrease of 2 per cent over the same period in 2019. For the first two weeks of April it said both Canada and the U.S., new and used unit sales are down approximately 60 per cent and 45 per cent, respectively, as compared to the prior year.
High Liner Foods Inc. (HLF-T) announced that it has temporarily suspended all production at its Portsmouth plant where it has confirmed positive COVID-19 cases. “High Liner Foods is activating its COVID-19 response plan including deep cleaning, contact tracing and risk assessment,” the company said, adding that it will resume operations at the plant “as soon as it is responsible to do so.”
The company has already started redirecting a portion of production from its Portsmouth plant to its Newport News and Lunenburg plants. "High Liner Foods notes that government experts in Canada and the U.S have made it clear that COVID-19 is not a foodborne illness and there is currently no evidence that food is a likely source or route of transmission of COVID-19," it stated.
Savaria Corp. (SIS-T) announced that it expects its revenue to be approximately $87-million in the first quarter, the same as last year’s first-quarter results. Analysts were expecting revenue of $91.95-million. Adjusted EBITDA is expected to be approximately $12-million, a 15-per-cent increase over last year’s first-quarter results and compared to expectations of $12.9-million.
The company said its actual financial results for the first quarter ended March 31, will be released after market hours on May 12.
Great Panther Mining Ltd. (GPR-T) announced that Rob Henderson has been appointed president and CEO of the company, effective today. He was most recently president and CEO of Amerigo Resources Ltd., a copper producer with assets in Chile.
Board chair and interim president and CEO Jeffrey Mason has stepped down from both roles and has resigned from the board but will continue to provide consulting services to the company to ensure a smooth transition of the executive duties to Mr. Henderson, the company said.
Former Goldcorp CEO David Garofalo has been named incoming board chair, effective immediately.
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