Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news
Algoma Steel Group Inc. (ASTL-T) reported revenue of $941.8-million for its fourth quarter ended March 31, up 47.5 per cent from $638.5-million in the prior-year quarter. Net income of $242.9-million or $1.45 per share, compared to net income of $100.1-million of $1.40 per share in the prior-year quarter.
High Tide Inc. (HITI-X) reported revenue of $81-million for its second quarter ended April 30, compared to $40.9 million in the same quarter last year. The expectation was for revenue of $78.1-million in the latest quarter, according to S&P Capital IQ.
Its net loss came in at $8.3-million or 14 cents per share versus a loss of $12.3-million or 30 cents per share a year earlier.
Hexo Corp (HEXO-T) reported revenue of $45.6-million for its third quarter ended April 30, compared to $22.7-million a year ago. The expectation was for revenue of $53.7-million in the latest quarter, according to S&P Capital IQ. Its total net loss and comprehensive loss was $146.7-million versus a loss of $20.7-million a year ago.
The company also stated that it “now believes that it will not achieve the synergies and incremental cash flow increases to the level estimated in its previous guidance and it expects such figures and measures to be lower than previously guided.” As a result, it announced it’s “entirely withdrawing its previously issued guidance on operational synergies and expected incremental increases to cash flows for the 2022 and 2023 financial years.”
Coveo Solutions Inc. (CVO-T) reported revenue of $25.5-million for its fourth quarter ended March 31, an increase of 46 per cent year-over-year compared to $17.4-million in the fourth quarter of fiscal 2021. The result was ahead of expectations of $23.9-million, according to S&P Capital IQ.
The company’s net loss was $19.4-million or 19 cents per share for the quarter, compared to a net loss of $384.9-millionor $20.66 in the fourth quarter of fiscal 2021. The expectation was for a loss of 18 cents in the latest quarter.
“Net loss in the fourth quarter of fiscal 2021 was impacted by a non-cash loss of $300.4 million and an associated income tax expense of $76.1 million, each related to our preferred shares, which were converted into multiple voting shares immediately prior to our IPO,” the company stated.
Reunion Gold Corp. (RGD-X) announced the upsizing of its previous bought-deal offering to $30-million. It said the underwriters will now purchase 115.5 million units of the company for 26 cents each. That’s up from the $20-million announced previously.
Wall Financial Corp. (WFC-T) reported revenue of $32.9-milllion for its first quarter ended April 30 versus $117.3-million a year ago. “Revenue and income from the rental apartment operations remain stable and revenues from the development operations decreased from the prior period due to the closing of 81 condominium units in the prior period,” the company stated.
The company recorded net earnings and comprehensive income attributable to shareholders of $30-million or 92 cents per share and $6.3-million 19 cents per share in the prior period. “This increase in net earnings compared to [the] prior period was primarily due to the sale of an investment property,” the company stated.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.