Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Home Capital Group Inc. (HCG-T) reported first-quarter net income of $27.8-million or 45 cents per share, compared with net income of $34.6-million or 43 cents per share for the same quarter in 2018. Analysts were looking for earnings to come in at 49 cents per share. Mortgage originations of $1.2-billion compared $1.2 billion a year ago. Loans under administration of $23.1-billion were up 2.5 per cent from a year earlier.
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Chorus Aviation Inc. (CHR-T) announced first-quarter net income of $33.4-million, an increase of $28.2 million over the same period in 2018. Operating revenue came in at $343.9-milllion compared with $323.7-million a year earlier. Analysts were looking for revenue to come in at $344.5-million.
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Summit Industrial Income REIT (SMU.UN-T) reported revenue from income producing properties rose 57.8 per cent to $33.8-million for the three months ended March 31 compared to a year earlier and in line with expectations of $33.4-million. Net income was $10.9-million compared to $26.6-million in 2018. Funds from operations (FFO) came in at $15.5-million or 15.5 cents per unit compared to $9.7-million or 14.5 cents per unit last year. “The increase in FFO is due primarily to the acquisitions completed over the prior 12 months and strong operating performance,” the company stated.
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Exchange Income Corp. (EIF-T) reported first-quarter consolidated revenue increased 12 per cent to $297-million versus a year earlier. Net earnings came in at $7.5-million or 24 cents per share versus $8.6-million or 27 cents a year ago. Adjusted EPS was 41 cents, similar to a year ago. The expectation was for revenue of $287.3-million and adjusted earnings of 33 cents in the latest quarter.
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goeasy Ltd. (GSY-T) reported $219-million of total loan originations in the first quarter, up 8 per cent from the $202-million in the first quarter of 2018. The company said its revenue for the first quarter increased to $140-million, up 22 per cent over the same period in 2018, “driven by the expansion of the consumer loan portfolio.” Analysts were expecting revenue to come in at $143.5-million. Net income as $18.3 million, up 65 per cent from $11.1 million in 2018. Earning per share increased 53 per cent to $1.18 from 77 a year ago, which was in line with expectations.
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Bird Construction Inc. (BDT-T) recorded a net loss of $6.5-million or 15 cents per share in the first quarter on construction revenue of $261.8-million, compared with net loss of $6.4-million or 15 cents on $294.4-million of construction revenue respectively in 2018. “Volume and gross profit were negatively impacted in first quarter year-over-year in part due to harsher than expected winter conditions experienced in central Canada that impacted productivity and resulted in some of the work program commencing later than initially planned,” the company stated.
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Carmanah Technologies Corp. (CMH-T) announced after markets closed on Tuesday that it has received a proposal from companies controlled by directors and shareholders James Meekison and Terry Holland to purchase all shares of Carmanah they don’t already owne or control for $7.35 per share, payable in cash. The stock closed at $6.83 on the Toronto Stock Exchange on Tuesday.
Mr. Meekison and Mr. Holland together own or control about 5.7 million common shares or 30.3 per cent of the company, the release states.
Carmanah said it has established a special committee of its board of directors to consider the proposal “and any potential alternative transactions and ultimately make a recommendation regarding the course of action which it considers to be in the best interests of Carmanah.”
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SunOpta Inc. (STKL-Q; SOY-T) reported first-quarter revenues of $305.3-million compared to $312.7-million in the first quarter of 2018. Analysts were expecting revenues to come in at $300.5-million. Net income attributable to common shareholders of $23.7-million or 27 cents per common share compared to a loss attributable to common shareholders of $6.3-million or 7 cents per common share in the first quarter of 2018.
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Park Lawn Corp. (PLC-T) announced that it has agreements to acquire two U.S. businesses: Horan & McConaty Funeral Services, Inc. and The Baue Funeral Home Co. for a total of approximately US$101.5-million in cash.
"The acquisitions of Horan and Baue are a unique and extremely exciting opportunity for Park Lawn. Horan and Baue are preeminent funeral home and cemetery businesses in two large metropolitan markets in the U.S., serving their respective communities for generations. I am delighted that both families will remain involved in the businesses into the future," stated Park Lawn CEO Andrew Clark.
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The Green Organic Dutchman Holdings Ltd. (TGOD-T) announced an investment into the U.S. beverage space as a co-founding investor and strategic partner in the newly formed Califormulations LLC. The company said Califormulations will operate out of Columbus, Georgia, "serving global branded companies with concept-to-shelf beverage commercialization support including formulation development, technical services, in-house pilot-scale production and contract manufacturing coordinatio