Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Bombardier Inc. (BBD.B-T) announced it will suspend all non-essential work at most of its Canadian based operations starting at 11:59 pm tonight until April 26 in support of the recent mandates from the governments of Quebec and Ontario to help slow the spread of the COVID-19 pandemic. The suspension includes Bombardier’s aircraft and rail production activities in the provinces of Quebec and Ontario.
Bombardier is also suspending its 2020 financial outlook “as it evaluates the impact of temporarily closing its Canadian operations, as well as other actions being taken in response to the COVID-19 pandemic.”
The company said employees impacted by the temporary shutdowns will be placed on furlough “as will corporate office employees whose support functions are less critical in the short-term.” Bombardier’s CEO and senior leadership team will forgo their pay during the furlough period and the chairman and board members have agreed to forgo board compensation for the remainder of 2020.
Precision Drilling Corp. (PD-T; PDS-N) announced that it’s cutting costs and reducing its 2020 capital expenditure plan to $48-million, down approximately 50 per cent from its previously set plan of $95 million due “to lack of the expected reduction in demand as customers reduce spending due to lower than anticipated commodity prices.”
The company said further adjustments may be considered "depending on activity levels realized as the year progresses."
The company is also reducing costs including cutting its CEO salary and board compensation by 20 per cent, reducing staff headcount and salaries and eliminating all non-essential travel, entertaining and other discretionary spending.
The company said its expect these fixed cost reduction measures will reduce annualized fixed costs by over 30 per cent, including up to a $30-million reduction in general and administration expenses
Wallbridge Mining Company Ltd (WM-T) announced the temporary suspension of its operations at its Fenelon gold project in Quebec until April 15 in response to the orders from the Ontario and Quebec governments with regard to the COVID-19 outbreak.
"As the situation regarding the COVID-19 pandemic is dynamic, Wallbridge is currently unable to determine the impact on its 2020 operating guidance," the company stated.
Automotive Properties Real Estate Investment Trust (APR.UN-T) announced fourth-quarter rental revenue was $18.1-million, up from $13.7-million a year earlier. Net income was $3.9-million, down from $13.7-million a year earlier.
Funds from operations were $9-million or 22 cents per share versus $7.3-million or 23.4 cents a year earlier. Analysts were expecting FFO of 24 cents.
Charlotte’s Web Holdings, Inc. (CWEB-T) announced a new asset-backed line of credit with J.P. Morgan for $10-million with an accordion feature to extend the line to $20-million with a 3-year maturity.
Charlotte's Web also said it has engaged J.P. Morgan for commercial banking services.
“Having alternative capital options in place such as a credit line with a leading bank is useful as we grow our business and invest in our infrastructure,” said Deanie Elsner, CEO of Charlotte’s Web.
Charlotte's Web also reported fourth-quarter revenue of US$22.8-million up from US$21.5-million a year earlier. Analysts were expecting revenue of US$26.8-million.
Its net loss was US$22.5-million or 19 cents per share versus a profit of US$3.2-million or 2 cents a year earlier.