Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Fiera Captial Corp. (FSZ-T) reported assets under management (AUM) of $158.3-billion as of Sept. 30, up 1 per cent from June 30.
Revenues of $160.6-million in the third quarter compared to $174.9-million a year ago. The expectation was for revenue to come in at $157-million.
Net earnings of $8.7-million or 8 cents per share compared to earnings of $2.3-million or 2 cents last year. Adjusted EPS came in at 23 cents versus 34 cents last year. The expectation was for adjusted EPS of 26 cents, according to S&P Capital IQ.
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Aimia Inc. (AIM-T) reported third-quarter income of $533.9-million up from $7-million for the same quarter a year ago. It said the huge increase was mainly related to a $530.6-million gain on the divestiture of PLM. The expectation was for revenue of $504.9-million.
Net earnings were $517.5-million, up from $3.5-million a year ago.
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Imperial Metals Corp. (III-T) reported third-quarter revenue increased to $41.7-million compared to $37.1-million in the same quarter last year.
Its net loss was $27.9-million or 18 cents per share compared to a net loss of $3.8-million or 3 cents last year.
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EQB Inc. (EQB-T) reported third-quarter revenue of $195.7-million up from $162-million a year ago. Revenue after provision for credit losses for $190.4-million versus $165.6-million a year ago, the company stated.
Net income of $76.5-million or $2.22 per share compared to $71.4-million or $2.07 per share a year earlier. The expectation was for EPS to come in at $2.13 in the latest quarter, according to S&P Capital IQ.
EQB said it provisioned $5.4-million for credit losses in the third quarter “to account for continued portfolio growth, evolving macroeconomic forecasts and loss modelling that contemplates further increases in interest rates plus various scenarios for economic performance.”
It said net impaired loans were 0.23 per cent of total assets of Sept. 30, up from 0.18 per cent on June 30, “but still lower than the prior eight quarters.”
Total convention loans, including personal and business, grew 29 per cent to $25.1-billion. It said reverse mortgage assets grew the most, or 194 per cent year-over-year, to $514-million. “Growth reflected expanded distribution, increasing brand awareness among those Canadians nearing or in retirement, and market growth,” the company stated.
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Boardwalk Real Estate Investment Trust (BEI-UN-T) reported rental revenue came in at $125.5-million, up from $118.4-million a year earlier. The expectation was for revenue of $124.8-million, according to S&P Capital IQ. Profit of $47-million compared to a profit of $235.5-million a year ago.
Adjusted funds from operations (AFFO) came in at $34.6-million or 69 cents per unit, which was in line with expectations and compared to $32.2-million or 63 cents a year ago.
The company also updated its 2022 guidance, expecting its same property net operating income growth to be between 3 and 5 per cent up from 2 to 5 per cent a year ago.
AFFO per unit is expected to be $2.44 to $2.51 versus previous guidance of $2.36 to $2.51. The expectation is for AFFO per unit of $2.44 for the year, according to S&P Capital IQ.
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BSR Real Estate Investment Trust (HOM-UN-T) reported revenue of US$40.6-million for the third quarter, up from US$31.7-million a year ago. Net income of US$23.8-million compared to US$107-million a year ago.
Adjusted funds from operations (AFFO) were US$11.2-million or 19 US cents per unit versus US$7.8-million or 15 US cents per unit in the same quarter last year. The expectation was for AFFO of 21 cents per unit in the latest quarter.
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Killam Apartment REIT (KMP-UN-T) reported revenue of $85.3-million up from $76.2-million a year ago. The result was ahead of expectations of revenue to come in at $84.3-million.
Net income of $3.6-million was down from $46.6-million a year ago “The reduction in net income is primarily attributable to $41.3-million of fair value adjustments on investment properties in Q3-2022,” the company stated.
Funds from operations (FFO) were $37.1-million or 31 cents per unit (27 cents adjusted) compared to $34.2-million or 30 cents per unit (26 cents diluted). The expectation was for adjusted FFO to come in at 25 cents per unit.
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Minto Apartment Real Estate Investment Trust (MI-UN-T) reported revenue of $37.8-million in the third quarter, an increase of 21.1 per cent compared to the same period last year. Total revenue for the same property portfolio was $34.3-million, an increase of 9.8 per cent compared to a year ago, the company stated.
Adjusted funds from operations (AFFO) increased by 28.2 per cent to $14-million, compared to $10.9-million the year-ago quarter. AFFO per unit increased by 15.1 per cent to 21.2 cents, compared to 18.4 cents last year. The expectation was for AFFO to be 19 cents in the latest quarter.
Net income was $39.7-million, compared to $80.9-million last year.
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Bonterra Energy Corp. (BNE-T) reported third-quarter revenue of $88.8-million up from $64.5-million a year ago.
Net earnings came in at $17.7-mllion or 47 cents per share versus net earnings of $7.3-million or 21 cents a year earlier.
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Andlauer Healthcare Group Inc. (AND-T) reported that its third-quarter revenue increased to $164.9 million, compared to $104.2-million for the same quarter last year. The result was ahead of expectations of $156.8-million.
Net income increased to $19-million or 44 cents per share, compared to $12.2-million or 31 cents a year ago. The expectation was for EPS to come in at 42 cents in the latest quarter.
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Stingray Group Inc. (RAY-A-T; RAY-B-T) reported revenue of $77.6-million for its second quarter ended Sept. 30, up from $70.7-million a year ago. The expectation was for revenue to come in at $78.9-million, according to S&P Capital IQ.
Net income of $3.3-million or 5 cents per share compared to net income of $12.1-miillion or 17 cents a year ago. “The decrease was mainly related to a gain on the fair value of contingent consideration in the comparable period in 2022 and to a loss on the fair value of derivative instruments in Q2 2023, partially offset by a lower income tax expense,” the company stated.
Adjusted net income was $10.8-million or 15 cents per share versus $16.3-million or 23 cents last year.
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Iamgold Corp. (IMG-T) reported revenue of US$343.3-million for the third quarter, compared to US$291.1-million a year ago. The expectation was for revenue to come in at US$293-million, according to S&P Capital IQ.
Its net loss was US$108.3-million or 23 US cents per share versus a loss of US$75.3-mllion or 16 US cents a year ago. The adjusted EPS was a loss of 3 US cents was in line with expectations and compared to a loss of 4 US cents a year ago.
In its production outlook, the company said it expects that annual attributable production will exceed the top end of the previous guidance range of 570,000 to 640,000 ounces due to stronger operating performance and is revising guidance upwards to 650,000 to 705,000 ounces.
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Copper Mountain Mining Corp. (CMMC-T) reported revenue of $58.3-million in the third quarter, down from $137.2-million a year ago.
The company said the decrease in revenue was due to lower quantities of all metals sold and at a lower average price.
The expectation was for revenue to $77.7-million, according to S&P Capital IQ.
Its net loss was $39.4-million or 15 cents per share compared to a profit of $25.8-million or 8 cents a year ago.
Its adjusted net loss was $22.9-million or 11 cents per share compared to adjusted net income of $41.4-million or 20 cents per share a year ago.
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Argonaut Gold Inc. (AR-T) announced a $15-million bought-deal public offering of flow-through shares.
The company said it has an agreement with a syndicate of underwriters that will buy 31,250,000 common shares to be issued as “flow-through shares” for 48 cents each.
The proceeds will be used on development expenses on the Magino project as permitted under the Tax Act.
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Dentalcorp Holdings Ltd. (DNTL-T) reported third-quarter revenue of $312.1-million up 24.7 per cent from $250.2-million in the third quarter 2021. The expectation was for revenue of $310.5-million a year ago, according to S&P Capital IQ.
“The increase in revenue for the quarter was driven by incremental revenue from acquired practices, and same-practice revenue growth,” the company stated.
Its net loss was $14.7-million versus a loss of $18.4-million a year earlier. Adjusted net income for the third quarter 2022 was $14.2-million, compared to $17.5-million for the third quarter 2021.
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Canopy Growth Corp. (WEED-T) reported a loss in its latest quarter as its revenue fell compared with a year ago. The cannabis company says its net loss amounted to $231.9-million or 47 cents per share for the quarter ended Sept. 30. The expectation was for a loss of 22 cents per share, according to S&P Capital IQ.
Canopy says the bigger loss was primarily due to non-cash fair value changes and an increase in asset impairment and restructuring costs, partially offset by improved margins.
Net revenue for the three-month period amounted to $117.9-million, down from $131.4-million in the same quarter last year. The expectation was for revenue to come in at $121.4-million.
Canopy says the drop in revenue was due to increased competition in the Canadian adult-use cannabis market, the sale of C3 Cannabinoid Compound Company GmbH and softer performance from This Works, offset by growth at BioSteel.
Last month, Canopy announced a plan to speed up its foray into the U.S. market with a new U.S.-domiciled company meant to hold its cannabis investments made in the United States.
- The Canadian Press with Globe and Mail