Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Roots Corp. (ROOT-T) reported fourth-quarter sales of $130.8-million, up slightly compared to $130-million in the fourth quarter of fiscal 2017. Analysts were expecting revenue of $129.4-million in the latest quarter. Net income was $18.3-million or 43 cents per share, compared to $20.9-million or 50 cents per share a year earlier. Adjusted net income was $22.3-million of 53 cents per share, which was ahead of expectations of 50 cents and compared to $24.6-million or 59 cents a year ago.
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Hudson’s Bay Co. (HBC-T) reported fourth-quarter of $2.9-billion, down from $3.1-billion a year earlier when the quarter included an extra week. Analysts were expecting revenue of $3.2-billion
Overall comparable store sales for the quarter were down 1.4 per cent. Net profit of $286-million or $1.20 per share for the quarter, an increase from $84-million or 39 cents per share in the same quarter last year. Adjusted net income was $98-million or 41 cents per share, ahead of expectations of 19 cents and compared to $13-million or 6 cents a year earlier.
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Boyd Group Income Fund (BYD.UN-T) announced that it has expanded its revolving credit facility to US$400-million through the accordion feature available under its existing facility.
"As we execute on our long-term growth strategy, we continue to see many attractive opportunities to make accretive acquisitions," said Pat Pathipati, chief financial officer of the Boyd Group. "This expanded facility positions us well to take advantage of those opportunities."
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Tricon Capital Group Inc. (TCN-T) is buying Starlight U.S. Multi-Family (No. 5) Core Fund (STUS.A-X, STUS.U-X) in an all-share transaction, which includes the fund’s 23 multi-family properties totaling 7,289 units located primarily in the U.S. Sun Belt.
The transaction is valued at approximately $1.4-billion, "which reflects the appraised value of the fund portfolio," Tricon stated. It said the transaction includes equity consideration of approximately $496-million. It will be funded by issuing about 50.8 million Tricon common shares "at an implied price" of $13.10 per Tricon share. Tricon said it will also indirectly assume approximately $916-million of the fund's existing debt.
"The transaction will provide Tricon a significant presence in U.S. multi-family, which is the largest investible property type in residential real estate. The portfolio enhances our exposure to high-growth markets and aligns with our U.S. rental focus on the middle market demographic," stated Gary Berman, Tricon's CEO.
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BTB Real Estate Investment Trust (BTB.UN-T) announced the sale of a retail property in Delson, Que.,. for $1.95-million. “This building was adjacent to the Delson property sold earlier this year,” the company stated.
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EXFO Inc. (EXFO-Q; EXF-T) said its sales increased 14.2 per cent to US$73.9-million in the second quarter of fiscal 2019 from US$64.7-million in the second quarter of 2018. Analysts were expecting sales of US$72.7-million in the latest quarter. Net earnings totaled US$5.2-million, or 9 cents per share, which was ahead of expectations of 4 cents and compared to a net loss “attributable to the parent interest” of US$4.7 million, or 8 cents per share, in the second quarter of 2018.
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NovaGold Resources Inc. (NG-T) reported a loss of US$6.3-million or 2 US cents per share in the first quarter, an improvement from a loss of US$8.2-million or 3 US cents a year earlier. It said the improvement was “primarily due to lower operating losses, higher interest income and accretion of notes receivable, offset by higher interest expense on the promissory note payable to Barrick and foreign exchange losses.”