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 revenue also increased 4 per cent to $350.3-million from $336.5-million a year ago.
Net income increased to $53.6-million or 88 cents per share from $52.6-million or 87 cents per share a year ago, the company stated.
Revenue was $65.3-million, which was in line with expectations and up from $60.3-million a year earlier.
Net income of $171.1-million was up from $27.4-million a year earlier. “The increase in net income is predominantly due to a higher non-cash fair value gain on real estate properties, partially offset by an increase in fair value loss on Class B LP Units and deferred income tax,” the company stated.
Basic funds from operations of $18.3-million or 33 cents were ahead of expectations of 30 cents and compared to $15.6-million or 28 cents a year ago.
Canopy Growth Corp. (WEED-T) is laying off 250 people, about a 10th of its staff, in a cost-cutting plan to save the company $100-million to $150-million within 12 to 18 months in order to reach profitability.
The layoffs are not tied to a specific facility closing, but rather a reorganization of team structures, said Canopy spokesperson Jennifer White in an e-mail to The Globe and Mail. At the end of March, Canopy employed 3,084 people.
She confirmed the company will retain its primary production facilities in Smiths Falls and Kincardine in Ontario, and Mirabel, Que., and “no production facilities” are affected by the announcement.
- Irene Galea.
Read the full Globe story here
Theratechnologies Inc. (TH-T) announced that it would focus its commercialization activities on the North American territory only and, as a result, will cease its Trogarzo commercialization operations in Europe.
“It is unfortunate that we had to come to this conclusion, but the pricing and reimbursement conditions for Trogarzo in key European countries were not satisfactory to Theratechnologies,” stated CEO Paul Lévesque.
The company said the decision is expected to result in approximately US$1.5-million to US$2-million in cash charges related to severance and other expenses associated with the termination of the agreement and approximately US$6.5-million in non-cash charges.
Drone Delivery Canada Corp. (FLT-X) announced a collaboration agreement with Bell Mobility Inc. to work together for a three-year term to develop certain products and services to improve technology across Bell’s 5G network and for multi-access edge computing for autonomous drone performance.
“The collaboration is expected to lead to new solutions that will be revenue-generating for DDC and will focus on the development of technologies that will evaluate, in a controlled environment, new capabilities to support Beyond Visual Line of Sight (BVLOS), Command and Control (C2), Remote Identification (Remote ID), and Unmanned Aerial System Traffic Management (UTM), based on 5G and Multi-access Edge Compute (MEC),” the company stated.
Good Natured Products Inc. (GDNP-X) announced preliminary revenue is expected to come in at $24-million to $26-million, an increase of approximately 200 to 230 per cent, compared to $7.9-million for the same period last year.
“Our strong upward momentum has continued in Q1 2022 with another quarter of healthy organic growth and contribution from strategic acquisitions,” stated CEO Paul Antoniadis.
The company said CFH is vertically integrated with hemp fields, research and development, extraction and manufacturing with both a branded and white-label portfolio.
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