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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

DIRTT Environmental Solutions Ltd. (DRT-T) said its third-quarter revenue increased 15 per cent to $96.6-million versus the same period last year.

Its net loss was $4.9-million or 6 cents per share compared to a profit of $4.2-million or 5 cents a year ago. It said the loss in the most recent quarter reflected the impact of a $14.8-million impairment expense.

Analysts were expecting revenue to come in at $96-million and earnings of 9 cents per share.

**

Blackbird Energy Inc. (BBI-X) announced a merger with Pipestone Oil Corp.

Blackbird and Pipestone Oil said they entered into agreements "with certain of their existing shareholders" who have committed to common equity financings totaling $111-million and Pipestone Oil has arranged $198.5-million of debt financing.

“The transaction and financings will result in the strategic combination of two adjacent and contiguous Pipestone Montney land bases under a single well-capitalized, high-growth company that will operate under the name Pipestone Energy Corp.,” the companies stated after markets closed on Tuesday.

The proposal sees Blackbird shares converted to common shares of Pipestone Energy and consolidated on a 10:1 basis.

If the deal passes, Blackbird shareholders would own approximately 45.1 per cent of the new shares to be outstanding (or approximately 50.8 per cent on a fully diluted basis).

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Morguard North American Residential REIT (MRG-UN-T) announced a 3-per-cent increase in its annual cash distribution by 2 cents per unit, effective for the November distribution, payable in December. This will bring the distributions to 68 cents, the company said.

The REIT also reported third-quarter net operating income of $38.2-million an increase of $3-million, or 8.5 per cent compared to the same time in 2017.

Net income of $25-million for the three months ended Sept. 30, was an increase of $17.1-million compared to 2017. “The increase was primarily due to an increase in NOI (net operating income) and higher non-cash changes to fair value on real estate properties, partially offset by higher fair value loss on Class B LP Units compared to 2017,” the company stated.

Basic funds from operations of $15.5-million were up 7 per cent over the same period in 2017. Basic FFO (funds from operations) of 30 cents per unit compared to 29 cents per unit in 2017.

**

TransAlta Corp. (TA-T; TAC-N) reported third-quarter revenue of $593-million up from $588-million a year earlier. Its net loss was $86-million or 30 cents per share versus a loss of $27-million or 9 cents a year ago. “The increased net loss during the quarter was driven by lower operating income, lower finance lease income related to the sale of the Solomon facility, offset by an increase in tax recovery,” the company stated.

Analysts were expecting revenue of $582.5-million and a loss of 2 cents.

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MTY Food Group Inc. (MTY-T) said one of its wholly-owned subsidiaries has signed an agreement to acquire most of the assets of Casa Grecque, a chain of bring-your-own-wine restaurants founded 38 years ago by brothers, Peter and Louis Berlemis, for $3-million.

The Casa Grecque network currently has 31 franchised restaurants in operation, all of which are in Quebec.

"The acquisition of Casa Grecque will solidify MTY's position in casual dining and will complement the current offering in the bring-your-own-wine category, family type of restaurant," the company stated.

**

Torstar Corp. (TS-B-T) reported a loss of $18.8-million in its third quarter as its revenue fell by 13 per cent. The publisher of the Toronto Star newspaper says the loss amounted to 23 cents per share for the quarter ended Sept. 30.

The result compared with a loss of $6.6-million or eight cents per share in the same quarter last year. Revenue totalled $126.4-million, down from $145.9-million.

On an adjusted basis, Torstar says it lost 22 cents per share in the quarter compared with an adjusted loss of eight cents per share in the third quarter of 2017.

Analysts on average had expected a loss of eight cents per share, according to Thomson Reuters Eikon.

-The Canadian Press

**

McEwen Mining Inc. (MUX-N; MUX-T) reported a net loss of US$13.3-million or 4 cents per share in the third quarter versus a loss of US$8.1-million or 3 cents a year ago. Net cash flow from the business excluding project development costs was US$2.2 million or 1 penny per share, the company said in the release.

**

Slate Retail REIT (SRT-UN-T) announced an increase of its monthly distribution by 1.8 per cent to about 7 cents US per unit to 85.5 cents US annually, beginning with its December 2018 distribution “This increase is the fifth consecutive annual distribution increase since the REIT listed its Class U units on the Toronto Stock Exchange in 2014,” the company stated.

Rental revenue was US$35.7-million in the third quarter, which the company said is an increase of US$5.7 million over the same period in the prior year.

Its net loss for the quarter was US$1-million, compared to a net loss of US$8.8-million from the same quarter in the prior year. “The increase is primarily a result of ... increases in revenue and decreases in unit expense due to the classification of REIT units as equity effective May 11, 2018. Total REIT distributions for the quarter recognized as a decrease to equity was US$9.2-million,” the company stated.

Funds from operations came in at 32 cents U.S. per unit, which was in line with expectations and represented a 1-cent increase from the same period in the prior year.

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Capstone Mining Corp. (CS-T) reported third-quarter revenue from continuing operations of US$112.7-million, which was in line with expectations and compared to US$118-million a year ago.

Net income from continuing operations for the quarter was US$4.1 million or a penny per share versus US$8.9-million or 2 cents. Analysts were expecting earnings of 2 cents in the latest quarter.

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Pieridae Energy Limited (PEA-X) says the Nova Scotia Utility and Review Board has agreed to issue the permit to construct the Goldboro LNG Facility.

“Pieridae will now proceed diligently to satisfy each of the associated conditions of that permit and to commence the construction of the Goldboro LNG Facility as soon as a positive financial investment decision is taken by Pieridae,” the company stated.

**

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 2:07pm EDT.

SymbolName% changeLast
DRT-T
Dirtt Environmental Solutions Ltd
-4.29%0.67
MRG-UN-T
Morguard Na Residential REIT Units
-0.06%15.91
TA-T
Transalta Corp
-0.91%8.67
TAC-N
Transalta Corp
-0.47%6.42
MTY-T
Mty Food Group Inc
-0.66%51.38
MUX-N
Mcewen Mining Inc
+3.53%9.97
MUX-T
Mcewen Mining Inc
+3.37%13.51
CS-T
Capstone Mining Corp
+2.85%8.66

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