Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Western Forest Products Inc. (WEF-T) reported a net loss of $29.2-million or 9 cents per share in the fourth quarter compared to net income of $5.3-million or 2 cents for the fourth quarter of 2018. Analysts were expecting a loss of 7 cents per share.
The company generated revenue of $80.1-million in the fourth quarter as compared to $284.8-million in the fourth quarter of 2018.
The company said its results were impacted "by strike action by the United Steelworkers Local 1-1937 and weak markets."
Net earnings were $16-million or 14 cents per share versus $13.4-million or 12 cents per share a year earlier.
Analysts were expecting revenue of $204.4-million and earnings of 14 cents for the quarter.
The Supreme Cannabis Company, Inc. (FIRE-T) announced the implementation of a new operating structure, including staff reductions “to drive efficiencies and support long-term, profitable growth.” The company said it has been creating a “more nimble and effective corporate structure,” which led to a 33-per-cent reduction in employee headcount at a corporate level.
"In addition to ongoing improvements to the company's operational efficiencies, Supreme Cannabis has begun implementing a flatter organizational structure and cost-saving measures across its operating assets, including a reduction in the number of positions at the operational level of approximately 13 per cent," it stated. It said positions have been decreased by approximately 15 per cent across the company.
Russel Metals Inc. (RUS-T) recorded a loss of $7-million or 11 cents per share on revenues of $837.4-million. The results compare to net income of $46-million or 74 cents per share on revenues of $1.1-billion in the 2018 fourth quarter. Analysts were expecting revenue of $850.9-million in the latest quarter.
Well Health Technologies Corp. (WELL-T) announced it plans to buy MedBase Software Inc.'s Oscar electronic medical record (EMR) service for $650,000 in cash and shares and a time-based earn-out over three years.
"MedBase will be our third acquisition of an Oscar EMR service provider in Ontario and is expected to further strengthen our market share in that province," said Hamed Shahbazi, chairman and CEO of Well.
Royalty income was $13.5-million based on gross sales reported by restaurants in the royalty pool of $451.3-million compared to $13.2-million on gross sales of $439.95-million a year earlier. The fund’s net income was $10.7-million compared to $9.8-million for the fourth quarter of 2018.
Net earnings were US$20-million or 11 US cents per share compared to US$2.8-million or a penny per share in the fourth quarter 2018 “with the increase primarily a result of higher gold prices, decrease in interest and finance expense and decrease in loss on financial instruments at fair value,” the company said.
Adjusted earnings were US$33.1-million or 18 US cents per share in the fourth quarter compared to US$20.2-million or 11 US cents per share a year earlier.
Pretivm also said its board has initiated an external search for a new president and CEO. Joseph Ovsenek has agreed to continue to serve as in the roles while the search is underway. Mr. Ovsenek has been President and CEO since 2017, president since 2015 and executive vice-president and chief development officer from 2011 to 2015.