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Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news

BTB Real Estate Investment Trust (BTB-UN-T) reported rental revenue of $30-million for the third quarter, up from $24-million a year ago.

Net income came in at $11.7-million or 13.7 cents per unit. That was up from $8.7-million or 11.7 cents a year ago.

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Telesat Corp. (TSAT-T) reported consolidated revenue of $180-million for the third quarter, a decrease of 6 per cent compared to the same period in 2021.

Telesat’s net loss for the third quarter was $229-million, compared to a net loss of $52-million for the third quarter of 2021. “The negative variation of $176-million was principally due to a higher non-cash foreign exchange loss arising from the translation of Telesat’s U.S. dollar-denominated debt into Canadian dollars compared to the same period in the prior year,” the company stated.

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Home Capital Group Inc. (HCG-T) reported net interest income of $107-million for the third quarter, down from $123.1-million a year ago.

Net income of $31-million or 77 per share compared to net income of $54.8-million or $1.08 a share a year earlier. Adjusted net income of $38-million or 95 cents per share compared to $56-million or $1.10 a year earlier. The expectation was for adjusted EPO of $1 per share, according to S&P Capital IQ.

Mortgage originations of $1.85-billion compared $2.41-billion a year ago, the company stated.

Total provision for credit losses of $4.4-million in the third quarter, compared with $4.7-million in the second quarter and a reversal of provision for credit losses of $3.8-million a year ago.

“We expect softer market conditions to persist in the near term,” said CEO Yousry Bissada. “We continue to believe we are in a great business and that the demand for home ownership is an enduring driver of the Canadian economy.”

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Algoma Steel Group Inc. (ASTL-T) reported revenue of $599.2-million for its fiscal second quarter ended Sept. 30, compared to $1.01-billion in the prior-year quarter.

Net income of $87.2-million or 36 cents per share compared to $288.2-million or 4.02 per diluted share in the prior-year quarter. The expectation was for earnings to come at 46 cents, according to S&P Capital IQ.

“As previously disclosed, the fiscal second quarter presented a number of operational challenges that adversely impacted our results, while we worked against the backdrop of steel pricing uncertainty,” stated CEO Michael Garcia. “We are focused on overcoming those transitory events to return our facilities to full operating capacity.”

The company said it estimates the operational challenges to have a financial impact of $130-million on adjusted EBITDA, with approximately 60 per cent incurred in the second fiscal quarter and the rest in its third fiscal quarter.

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Pizza Pizza Royalty Corp. (PZA-T) reported same-store sales rose 14 per cent in the third quarter and announced a 3.7-per-cent increase to its monthly dividend.

Sales from the 727 restaurants in the royalty pool increased 15.4 per cent to $149.7-million from $129.7-million in the same quarter last year when there were 725 restaurants in the royalty pool. The expectation was for revenue of 147.7-million.

Adjusted earnings came in at $7.4-million or 23 cents per share, which was in line with expectations and compared to $6.5-million or 20 cents a year ago.

The monthly dividend will increase from 6.75 cents per share to 7 cents per share.

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DRI Healthcare Trust (DHT-UN-T) reported total income of US$26.5-million up from US$23.4-million a year ago. The expectation was for income to come in at US$21.3-million.

Net earnings of US$7.6-million or 20 US cents per unit compared to net earnings of US$7.6-million or 19 US cents a year ago. Adjusted EPS came in at 57 US cents per unit, up from 48 US cents a year ago.

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Sandstorm Gold Ltd. (SSL-T) reported third-quarter revenue of US$39-million, which it said was a record and compared to US$27.6 million a year ago.

“The increase is attributable to a 46-per-cent increase in attributable gold equivalent ounces sold,” the company stated.

Net income of $31.7-million compared to net income of US$6.6-million a year ago.

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Hardwoods Distribution Inc. (HDI-T) announced its intention to rebrand the company to Adentra Inc. It said the name change will be formally submitted to shareholders for consideration at a special meeting on Dec. 2. If approved, the ticker will change to “ADEN,” the company stated.

The name is derived from the Spanish word ‘dentro’ meaning ‘within,’ the company added.

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Westport Fuel Systems Inc. (WPRT-T) reported third-quarter revenue of US$71.2-million compared US$74.3-million for the same period in 2021, “primarily driven by the weakening of the Euro against the U.S. dollar.” The expectation was for revenue of US$76.1-million, according to S&P Capital IQ.

Its net loss of US$11.9-million or 7 US cents per share compared to a net loss of US$5.8-million or 3 US cents for the same quarter last year. “The decrease in earnings was driven by the loss of equity income from the termination and sale of the Cummins Westport Inc joint venture and foreign exchange loss,” the company stated.

Westport also announced that it received written notice on Nov. 3 from The Nasdaq Stock Market LLC notifying it that it is currently not in compliance with the minimum bid price requirement.

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Coveo Solutions Inc. (CVO-T) reported revenue was US$27.9-million for its second quarter ended Sept. 30, an increase of 43 per cent compared to US$19.5-million. The expectation was for revenue of US$26.9-million.

Its net loss was US$9.9-million or 10 US cents per share, compared to a net loss of US$61.9 million or US$2.76 a year ago. The expectation was for a loss of 13 US cents per share.

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Chemtrade Logistics Income Fund (CHE-UN-T) reported revenue of $519.9-million for its third quarter, an increase from $365-million in the third quarter of 2021 “reflecting double-digit growth in both operating segments.” The result was ahead of expectations of $458-million.

Net earnings of $75.3-million compared to a loss of $20.2-million a year ago.

Adjusted EBITDA for the third quarter of 2022 was $137.1-million, compared to $67.3-million in the third quarter of 2021.

Chemtrade also updated its guidance, saying it now expects its adjusted EBITDA for 2022 to range between $420-million and $430-million compared to its previously issued guidance range of $360-million and $380-million.

“The latest increase to Adjusted EBITDA guidance primarily reflects Chemtrade’s strong year-to-date results and ongoing strength in market fundamentals across Chemtrade’s product portfolio,” it stated.

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Pet Valu Holdings Ltd. (PET-T) reported third-quarter results that were better than expected and raised its 2022 outlook. The company said system-wide sales were $331.6-million, an increase of 28.3 per cent versus the prior year.

Revenue was $244.7-million, an increase of 21.9 per cent versus $200.7-million in the prior year. The expectation was for revenue to come in at $230.1-million, according to S&P Capital IQ. Net income was $27-million, up from $24.3-million in the prior year.

The company said it now expects 2022 revenue to come in between $938-million and $947-million, driven by same-store sales growth between 15.5 per cent and 16.5 per cent and 40 to 45 new store openings. The expectation was for revenue to come in at $924.6-million.

Adjusted EBITDA is expected to come in between $212-million and $214-million million and adjusted net income per share between $1.56 and $1.58. The expectation was for adjusted EPS of $1.52 per share for the year.

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Maple Leaf Foods Inc. (MFI-T) reported third-quarter sales totalled $1.23-billion, up from $1.19-billion in the third quarter of 2021.

The expectation was for sales of $1.24-billion, according to S&P Capital IQ.

The company also third-quarter loss of $229.5-million as it took a one-time charge related to the value of its plant protein business.

The company says the loss amounted to $1.86 per share for the quarter that ended Sept. 30, compared with a profit of $44.5-million or 36 cents per share in the same quarter last year.

Maple Leaf says its most recent quarter included a $190.9-million one-time non-cash impairment charge related to its plant protein group and a $31.5-million decrease in the fair value of biological assets.

On an adjusted basis, Maple Leaf says it lost a penny per share in its latest quarter compared with an adjusted profit of 38 cents per share in the same quarter last year as a result of weaker commercial performance due to inflation and labour challenges.

- with files from The Canadian Press

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