Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Chemtrade Logistics Income Fund (CHE.UN-T) announced that its operations fall within essential services under state and provincial orders issued to date. “Several of our products are used to treat municipal drinking water and wastewater, to produce bleach, tissue and gasoline, and in the pharmaceutical industry,” CEO Mark Davis said. “We fully support the orders issued by the provinces, states and other levels of government to protect the public and help stop the spread of the COVID-19 virus.”
Calibre Mining Corp. (CXB-T) announced that it has started the legal process with the Nicaraguan Ministry of Labour to obtain authorization for the temporary suspension of its El Limon and La Libertad mines.
“We have implemented numerous mitigation measures across the business and to date have no confirmed cases at any of our locations,' stated CEO Russell Ball. "However, due to the rapidly deteriorating global environment and the increasing logistical challenges sourcing consumables, reagents and other supplies, we have taken the proactive step of temporarily suspending operations.”
The company said it will maintain personnel at each site "as required to ensure environmental compliance, progress ongoing permitting and technical studies, and maintain operational readiness." It said it can't estimate the duration nor the impact of the suspension and withdrawing its 2020 guidance as a result.
Calibre also said B2Gold Corp. has granted it an extension of the US$10-million deferred acquisition payment and the US$5.5-million working capital adjustment payment for a six-month period to April 15, 2021, subject to the completion of binding documentation.
Leon’s Furniture Ltd. (LNF-T) announced it will temporarily close 72 of its 205 corporate retail locations across Canada. As a result of these closures, the company said it will layoff approximately 3,900 employees on a temporary basis, representing approximately 50 per cent of its current total workforce.
TC Transcontinental (TCL.A-T; TCL.B-T) said its packaging sector, which represents about half of its revenues and supports the food industry “are running at high capacity.” However, it announced about 1,600 temporary layoffs in the print sector after the governments of Ontario and Quebec ordered the closure of all non-essential businesses and services as of midnight on March 24. The closures, for two weeks in Ontario and three weeks in Quebec, “are resulting in a significant temporary reduction in printing activities,” the company stated.
"We know it is our duty to contribute to the collective effort. We support governments in their actions, as well as our clients who deliver essential services. We hope that the public health measures will be followed and have the desired effect, and that a return to normalcy will take place soon,” stated CEO François Olivier.
The board also approved a dividend reduction from 2.25 cents per month to 0.25 cents per month effective May 1. The reduction will result in annualized cash savings of approximately $38-million.
Imperial Metals Corp. (III-T) reported fourth-quarter revenue of $29.4-million, compared to $27.8-million in 2018. Its net loss of $12.3-million or 10 cents per share, compared to a net loss of $43.3-million or 36 cents per share in the prior-year quarter.
Rogers Sugar Inc. (RSI-T) says its operations are considered essential amid the COVID-19 crisis and “will continue to do all it possibly can to maintain manufacturing.”
“Following the decision by some provincial governments to halt non-essential services until further notice, we felt it was important to clarify the situation with all Rogers Sugar stakeholders," stated Lantic CEO John Holliday in a release. “As a vital component of the food supply chain, our sugar and maple products are considered essential for our retail and industrial customers. We are working closely with our customers to ensure that their product needs, and those of their customers, are fulfilled.”
The company says it’s “confident that this dispute, which affects its operations and other parties in the area, will be resolved by the governmental authorities in a timely manner.”
Its loss was $8.2-million or 44 cents per share versus a loss of $11.7-million or 66 cents a year ago. The adjusted loss was $1.2-million or 6 cents versus an adjusted profit of $12.8-million or 66 cents a year earlier.
"AGI results in Q4 2019 were mixed as strong demand for portable grain handling and drying equipment, a solid performance in India and significantly improved results in Brazil were offset by a combination of factors that resulted in a decrease in Q4 2019 adjusted EBITDA compared to the prior year," the company stated.
AGF Management Limited (AGF.B-T) reported total assets under management (AUM) of $37.4-billion for its first quarter ended Feb. 29 compared to $38.8-billion in the same period in 2019. Average daily mutual fund AUM increased to $19.5-billion compared to $18.5-billion in the same period in 2019, the company said.
Income was $106.7-million, above expectations of $104.8-million and compared to $105-million for the three months ended Feb. 28, 2019. Diluted earnings per share (EPS) was 13 cents compared to nil for the comparative period. Adjusted diluted EPS was 13 cents compared to 14 cents for the same period in 2019. Analysts were expecting adjusted EPS of 14 cents.