Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Indigo Books & Music Inc. (IDG-T) reported a total comparable sales decline of 7.6 per cent for the first quarter of its current 2020 fiscal year, including both online sales and comparable-store sales. Revenue for the first quarter ended June 29 was $192.6-million compared to $205.4-million for the same period last year, the company stated. Analysts were expecting sales to come in at $237.2-million. “This decline in sales was the result of a strategic shift to reduce promotional activity to improve profitability and eliminate unprofitable sales,” the company stated.
CEO Heather Reisman said the quarterly results were in line with the company's expectations. "While we continue to face many of the same headwinds from last year, strategic steps to recharge growth, increase productivity and improve profitability are well underway. We remain confident in our investments over the long term and in the steps we are taking," she stated.
Indigo reported a net loss of $19.1 million or 69 cents per share compared to a net loss of $15.4-million or 57 cents a year ago. Analysts were expecting a loss of 46 cents. "This decline in profitability was attributed to the decline in sales and restructuring costs, partially offset by lower selling, administrative and other expenses as the Company continues its cost-cutting initiatives," the company stated.
NFI Group Inc. (NFI-T) said second-quarter revenue came in at US$683.4-million up from US$673-million a year ago. Net earnings were US$8.5-million or 14 cents US per share versus net earnings of US$49.7-million or 81 cents US a year ago. The company said earnings were significantly impacted by one-time costs including US$13.3-million of transaction costs related to the acquisition of ADL. Adjusted EPS was 42 cents US versus 83 cents US last year. Analysts were expected adjusted earnings of 51 cents US and revenue to come in at US$663.4-million.
Innergex Renewable Energy Inc. (INE-T) reported second-quarter revenues from continuing operations rose 16 per cent to $144.7-million compared to a year earlier. Analysts were expecting revenue to come in at $148.7-million. Its net loss from continuing operations was $10.5-million or 7 cents per share versus a profit of $11.1-million or 6 cents a year ago. Adjusted EBITDA for continuing operations rose 15 per cent to $105.2-million year-over-year.
Bird Construction Inc. (BDT-T) reported net income of $1-million on construction revenue of $315.4-million in the second quarter compared with a net loss of $5.3-million on $320.1-million of construction revenue in 2018. Profit was 2 cents per share in the quarter versus a loss of 13 cents a year earlier. “Volume was slightly lower, however gross profit improved year-over-year as a result of higher industrial project revenue in 2019,” the company stated. Adjusted EBITDA in the second quarter was $5.4-million compared to a $4.6-million loss in the comparable period in 2018. Analysts were expecting revenue of $357-million and earnings of 5 cents in the latest quarter.
Absolute Software Corp. (ABT-T) reported a 5-per-cent increase in revenues for its fourth quarter ended June 30 to US$25.3-million, which was in line with expectations of US$25-million. Net income was US$2-million or 5 cents US per share, which was also in line with expectations and versus US$2.6-million or 6 cents US a year ago. The company said its 2020 full-year revenue is expected to be between $103-million and $106-million, representing 4-to-7 per cent annual growth.
Stelco Holdings Inc. (STLC-T) reported second-quarter revenue was $431-million down 39 per cent from $711-million a year earlier. The results were below expectations of $480.1-million. The drop was primarily due to a 27-per-cent decrease in steel shipping volumes,15 per cent decrease in average steel selling prices, and lower non-steel sales of $23-million, the company stated.
Net income for the quarter was $1-million or a penny per share, an improvement from a net loss of $11-million or 12 cents in the second quarter of 2018. Adjusted net income came in at 7 cents, which was below expectations of 23 cents.
IPL Plastics Inc. (IPLP-T) reported net income increased to $8.5-million in the second quarter versus a loss of $2.6-million a year earlier, “driven primarily by an improved operating performance and reduced one-off costs from [the second quarter] of 2018 related to the initial public offering and refinancing transaction costs.”
Revenue decreased by 5.4 per cent to $168.6-million. Analysts were expecting revenue of $188-million.
Chemtrade Logistics Income Fund (CHE.UN-T) announced second-quarter revenue of $396.7-million, which was $8.5 million lower than the second quarter of 2018. “The primary reason for the decline was lower revenue in the electrochemicals segment,” the company stated. Analysts were expecting revenue of $417-million.
Its net loss for the second quarter was $57.6 million, compared with a net loss of $50.4 million in 2018.
Chemtrade also announced that it has decided to sell its potassium chloride business in Texas and its vaccine adjuvants business in New Jersey. "Although no sale has been concluded, the decision to sell requires the businesses to be reclassified as assets held for sale," it stated.
The company said the businesses generated approximately US$14-million of adjusted EBITDA for the 12 ended June 30. It also resulted in a non-cash goodwill impairment charge of the remaining specialty chemicals of US$50-million, in the second quarter.
Aimia Inc. (AIM-T) earned $43.5-million in its latest quarter, boosted by gains related to investments, as it worked to transform itself following the sale of its flagship Aeroplan program earlier this year.
The loyalty rewards company says the profit amounted to 29 cents per share for the quarter ended June 30, compared with a profit of $11.1-million or four cents per share a year ago. Revenue from continuing operations fell to $31.0-million compared with $42.8-million in the same quarter last year.
On an operating basis, Aimia reported a loss of $21.7-million from continuing operations for the quarter compared with an operating loss of $39.5-million a year earlier.
Aimia sold the Aeroplan program to Air Canada earlier this year, leaving it with significant cash on hand but also questions about its future.
“The second quarter was marked by a significant return of cash to shareholders as we progress in our business plan to transform our existing business to deliver profitability during 2020,” chief executive Jeremy Rabe said in a statement.
-The Canadian Press
Fiera Capital Corp. (FSZ-T) reported second-quarter revenues of $149.9-million, up 19 per cent or compared to $126.2-million for the same period last year. The company reported a net loss attributable shareholders of $5.5-million or 6 cents per share compared to a net loss of $2.1-million or 2 cents per share for the same quarter last year. Adjusted net earnings totalled $32.5-million or 33 cents per share up from $23.8-million of 26 cents per share in the second quarter of 2018. Analysts were expecting adjusted earnings of 28 cents.
Yellow Pages Ltd. (Y-T) reported second-quarter revenues decreased to $106.8-million as compared to $163.2-million for the same period last year and ahead of expectations of $103.8-million. Net earnings of $14.6-million or 51 cents per share compared to net earnings of $16.6-million or 56 cents per share during the second quarter of 2018.
ATS Automation Tooling Systems Inc. (ATA-T) reported first-quarter revenues increased to $339.2-million from $300-million a year ago. Net income was $16.4-million or 18 cents per share versus $16.7-million or 18 cents a year ago. Analysts were expecting revenues to come in at $343.1-million and earnings of 21 cents per share
Freshii Inc. (FRII-T) reported system-wide sales grew to $49.6-million in the second quarter compared to $46.3-million for the same quarter last year. Total revenue was $5.8-million, which was in line with expectations and up from $5.6-million a year ago. Net income was $400,000 compared to $300,000 a year ago.
The company said its same-store sales growth fell 4 per cent compared to same-store sales growth of 0.9 per cent for the same quarter last year.