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

Cargojet Inc. (CJT-T) reported second-quarter revenue of $246.6-million, ahead of expectations of $229.7-million and compared to $172.1-million a year ago.

Net income of $160.9-million compared to a net loss of $11.1-million a year ago. Net income was $26.2-million excluding a warrant valuation gain versus net income of $23.6-million excluding warrant valuation loss a year ago.

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A&W Revenue Royalties Income Fund (AW-UN-T) and A&W Food Services of Canada Inc. reported second-quarter royalty income of $12.2-million up from $10.5-million a year ago. Royalty pool same-store sales growth was 12.2 per cent for the second quarter.

Net income of $10.3-million compared to net income of $8.1-million a year ago.

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Secure Energy Services Inc. (SES-T) reported revenue excluding oil purchase and resale of $355-million, which was ahead of expectations of $321.5-million and compared to $117-million a year ago.

Net income attributable to shareholders of $54-million and 17 cents per share compared to a loss of $13-million and 8 cents a year ago.

Funds flow from operations came in at $80-million or 26 cents per share and compared to $17-million or 11 cents a year ago.

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Trican Well Service Ltd. (TCW-T) reported revenue was $152.6-million for the second quarter ended June 30, 2022, a 63-per-cent increase compared to $93.7-million in the year-ago period due to “higher industry activity and pricing leading to increased revenue per job.” The result was ahead of expectations of $134.4-million.

Profit from continuing operations came in at $1.5-million or a penny per share compared to a net loss of $8.4-million or 3 cents per share a year ago.

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Morguard North American Residential REIT (MRG-UN-T) reported net operating income of $42.5 million for the quarter ended June 30 compared to $37.4-million a year ago. Revenue from real estate properties came in at $67.4-million versus $59.8-million a year ago, and ahead of expectations of $65.9-million.

Net income of $166.6-million compared to $16.1-miillion a year ago. “The increase in net income is predominantly due to a higher non-cash fair value gain on real estate properties as well as an increase in fair value gain on Class B LP Units, partially offset by an increase in deferred income tax,” the company stated.

Funds from operations (FFO) of $19.8-million or 35 cents per unit compared to FFO of $16.1-million or 29 cents a year ago. Adjusted FFO per unit came in at 34 cents, ahead of expectations of 32 cents.

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Stelco Holdings Inc. (STLC-T) announced plans to start a substantial issuer bid that will see it purchase up to 30 million of its outstanding common shares for $35 each.

The company said the price is an 8.6-per-cent premium over its closing price on Tuesday. The number of shares subject to the offer represents approximately 43.8 per cent of the total number of shares issued and outstanding as of July 26, it stated.

The company said it believes the offer is “a prudent use of the company’s financial resources given the company’s business profile and assets (including its substantial level of cash-on-hand in excess of operating requirements given, in particular, the sale of the land it occupies on the shores of Hamilton Harbour in Hamilton” announced in June 1, as well as “the current market price of the shares and the company’s ongoing cash requirements.”

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Interfor Corp. (IFP-T) announced plans to commence a substantial issuer bid that see it offer $100-million in value of its outstanding common shares for cancellation from holders of shares for cash. The company said it will be a “modified Dutch auction” procedure with a tender price range from $29 to $34 per share.

The offer would be for approximately 6.3 per cent of the total number of issued and outstanding shares if the purchase price is $29 or about 5.4 per cent if the purchase price is $34.

Interfor said the offer is a “prudent use of the company’s financial resources given the company’s business profile and assets, the current market price of the shares and the company’s ongoing cash requirements.”

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