Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Pulse Seismic Inc. (PSD-T) reported revenue of $2.2-million third quarter compared to $8.9-million for the same quarter last year. The decrease is due to a significant difference in the number and value of transaction-based data library sales related to mergers and acquisitions in the comparative periods, the company stated.
The net loss was $1.7 million or 3 cents per share in the quarter compared to net earnings of $3.2-million or 6 cents per share a year ago.
The company behind First National Financial LP, one of Canada’s largest non-bank mortgage originators and underwriters, said mortgages under administration were a record $129.3-billion in the quarter that ended Sept. 30 compared to $122.3-billion as of Sept. 30, 2021.
Revenue was $392.4-million in the quarter compared to $353.7-million a year ago. The expectation was for revenue to come in at $265.6-million, according to S&P Capital IQ.
“[Third quarter] growth reflected a rapidly rising interest rate environment with bond yields and mortgage rates increasing as monetary policy tightened to counteract inflation,” the company stated.
Net income was $40.1-million or 66 cents per share compared to $47.6-million or 78 cents a year ago. The expectation was for earnings of 71 cents per share.
Its monthly dividend will rise to an annualized rate of $2.40 per common share from the current annualized rate of $2.35 per common share, starting with the December payment.
Morguard North American Residential REIT (MRG-UN-T) announced an increase in monthly distributions alongside its third-quarter earnings after markets closed on Tuesday.
The REIT reported net operating income of $44.9-million, up 20.8 per cent compared to the same quarter last year 2021. Revenue was $70.8-million, up from $62-million a year ago, and ahead of expectations of $69.7-million.
Net income of $81.2-million was a decrease of $5.5-million compared to 2021, “predominantly due to a lower non-cash fair value gain on real estate properties, partially offset by an increase in fair value gain on Class B LP Units and an increase in NOI.”
Diluted funds from operations of $22.1-million or 37 cents compared to $17.1-million or 28 cents a year ago. The result was ahead of expectations of 32 cents.
The REIT also announced it will increase its annual cash distribution by 2 cent per unit or 2.86 per cent, effective for the November distribution, payable in December. This will bring the distributions to 72 cents per unit on an annualized basis from the current level of 70 cents, the REIT said.
The non-brokered private placement offering will be for the issuance and sale of up to 30,000 convertible senior secured debenture units for $1,000 each.