Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Goodfood Market Corp. (FOOD-T) reported revenue of $58.8-million for its second quarter ended Feb. 29, compared to $36.6-million for the same period a year earlier. Analysts were expecting revenue of $59.8-million.
Its net loss was $3.4-million or 6 cents per share compared to a net loss of $6.6-million or 13 cents per share a year earlier.
ATS Automation Tooling Systems Inc. (ATA-T) announced it has received an order booking valued at about $60-million from a global automotive manufacturer for a fully automated battery assembly system for their North American manufacturing operations.
The order booking will be recorded in the company's fourth-quarter results and is expected to be delivered over the next 18 months.
CEO Andrew Hider also said the global pandemic has caused uncertainty in its end-markets, "which we expect will impact customer ordering activity. While some customers are proceeding with strategic projects, as evidenced by the enterprise program we announced today, others have shut down their operations and some are placing ongoing programs on hold or deferring new projects to focus on preserving liquidity."
The company said measures implemented to enable social distancing across its operations have caused it to operate below full capacity, while travel restrictions and closures of customer facilities have disrupted customer projects and service activity. “These factors are expected to negatively impact fourth-quarter operating margins and are expected to impact the company’s operating results in the first quarter of fiscal 2021,” it stated.
Tecsys Inc. (TCS-T) announced a $20-million bought-deal financing. The company said it has an agreement with a syndicate of underwriters, led by Stifel GMP, that has agreed to purchase 1,159,420 common shares at a price of $17.25 each. The stock closed at $19.56 on Tuesday. The company said it intends to use the net proceeds for working capital and general corporate purposes.
"This financing will support our profitable growth as we execute on our robust and growing backlog, which includes new projects which are being created and driven by the COVID-19 pandemic, supplying our healthcare and e-commerce clients," stated CEO Peter Brereton.
Its net loss was US$88.9-million or 31 us cents versus a loss of $71.1-million a year ago.
Héroux-Devtek Inc. (HRX-T) announced its decision to withdraw its fiscal 2022 sales guidance “given the uncertainty brought to overall economic conditions, and specifically the aerospace market, by the ongoing COVID-19 pandemic.”
"We are withdrawing our fiscal 2022 sales guidance given our currently limited visibility over the longer-term impact of the pandemic on the aerospace market, especially in the commercial segment," stated CEO Martin Brassard. "Our strong defence backlog, however, will play a key role in our ability to weather the storm."
Exfo Inc. (EXFO-Q; EXF-T) reported sales for the second quarter ended Feb. 29 reached US$55.3-million compared to US$73.9-million in the second quarter of 2019. Analysts were expecting revenue of US$55-million.
Its net loss totalled US$9-million or 16 US cents per share, which was in line with expectations and compared to net earnings of US$5.2-million or 9 US cents per share in the second quarter of 2019.
The company said its IFRS net loss in the second quarter of 2020 included US$1.5-million in after-tax amortization of intangible assets, US$0.4-million in stock-based compensation costs and US$0.4-million in foreign exchange loss.
Valens GroWorks Corp. (VLNS-X) announced that it will begin production of hand sanitizer liquid with an initial 1,300 litre-batch at its Kelowna, B.C. facility “to help alleviate product supply shortages as a result of the COVID-19 health crisis.”
The company said it will bottle and donate 40,000 bottles of hand sanitizer in various formats to frontline health care workers across Canada and provide 10,000 units to Shoppers Drug Mart to aid their public-facing workers at pharmacies across Canada. The company said it's also working with hospital networks, all essential services and various associations servicing the vulnerable, to distribute supplies to those who need it most.
Valens also said it has donated "significant quantities" of various personal protective equipment (PPE) such as gloves, gowns, and sanitizing wipes from its existing supply.
Adjusted EBITDA was US$45-million up from US$12-million a year earlier.
Profit from continuing operations amounted to $113.4-million or $2.18 per share up from $87.6-million or $1.67 per share a year earlier.
Cogeco also said it’s withdrawing its financial guidelines for the fiscal year 2020 “as the COVID-19 pandemic is evolving rapidly and its duration, magnitude and economic impact are uncertain, especially in our radio operations which generate revenue primarily from the retail industry.”
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