Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Ballard Power Systems (BLD-Q; BLDP-T) reported first-quarter revenue of US$20.1-million, a year-over-year decrease of 11 per cent.
Its net loss was US$5.5-million or 3 cents per share versus a loss of US$2.9-million or 2 cents a year earlier.
Analysts were expecting revenue of US$26.7-million and a loss of 2 cents per share.
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goeasy Ltd. (GSY-T) reported first-quarter revenue of $114.8-million, an increase of 21.8 per cent from $94.2-million in the first quarter of 2017.
“The increase was driven by the expansion of easyfinancial and the growth of its consumer loans receivable portfolio,” the company said.
Net income was $11.1-million or 77 cents per share versus $10.3-million or 73 cents a year earlier. Analysts were expecting earnings of 76 cents and revenue of $110.4-million a year earlier.
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Zymeworks Inc. (ZYME-T; ZYME-N), a clinical-stage biopharmaceutical company, reported revenue of $40,000 in the first quarter as compared to $230,000 in the same period in 2017.
The net loss for the three months ended March 31 increased to $21.2-million as compared to $15.9-million for the same period in 2017, “primarily due to increased research and development and general administrative expenses, as well as increase in the fair value of warrant liabilities which was partially offset by impairment charges recorded in 2017.”
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Gran Tierra Energy Inc. (GTE-N; GTE-T), a Calgary-based energy company focused on oil and natural gas exploration and production in Colombia, reported net income of US$17.9-million or 5 cents per share in the first quarter, up from $12.8-milllion or 3 cents a year earlier.
Funds flow from operations were US$74.7-million versus US$45-million a year ago.
Oil and gas sales came in at US$138.2-million versus US$94.7-million a year earlier. Analysts were expecting revenue to be US$146.4-million and earnings of 5 cents in the latest quarter.
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Pengrowth Energy Corp. (PGF-T; PGH-N) reported funds flow from operations of $7.2-million or a penny per share in the first quarter compared to funds flow of $26.9-million or 5 cents per share for the same period in 2017. “The decrease in funds flow year over year was primarily due to the absence of production volumes from divested properties combined with higher diluent expenses at Lindbergh,” the company said.
Its net loss was $27.2-million or 5 cents per share compared to a net loss of $86.3-million or 16 per share a year earlier.
“The smaller net loss is primarily due to the absence of impairment charges and losses on the disposition of properties recorded in the first quarter of 2017,” the company said. “Partly offsetting these were lower funds flow year over year and the absence of unrealized commodity risk management gains recorded in the first quarter of 2017.”
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Wesdome Gold Mines Ltd. (WDO-T) reported first-quarter revenue of $26.2-million, which it says is a 30-per-cent increase over the previous year.
Net income was $2.9-million or 2 cents per share versus $700,000 or a penny per share a year earlier. Analysts were expecting earnings of 3 cents in the latest quarter.
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5N Plus Inc. (VNP-T) reported first-quarter revenue of US$58.5-million compared to US$60.9-million for the same quarter a year earlier.
Net earnings reached US$3-million or 4 cents per share, which was in line with expectations and compared to $4.2-million or 5 cents per share for the same period last year.
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Russel Metals Inc. (RUS-T) reported first-quarter revenue of $931-million up from $804-million a year earlier.
Net income was $38-million or 62 cents per share versus net income of $30-million or 48 cents a year earlier.
Analysts were expecting revenue of $859-million and earnings of 55 cents per share in the latest quarter.
“Higher steel prices and volumes led to higher gross margin dollars. This growth, along with our operating efficiencies, led to improved operating profits in all of our segments,” the company stated.
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First National Financial Corp. (FN-T) reported first-quarter revenue of $256.7-million compared to $232.2-million a year earlier. Net income was $35.9-million or 59 cents per share versus $36.1-million or 58 cents a year earlier, the company said. Analysts were expecting earnings to be 61 cents per share in the latest quarter.
“The results of the first quarter were broadly positive and reflected steady growth in MUA [mortgages under administration] from increases in new single-family and commercial mortgage originations and good customer retention rates,” said CEO Stephen Smith.
Its MUA increased 3 per cent to $102.2-billion at the end of the quarter from $99.1-billion at March 31, 2017 on “higher new mortgage originations and good execution of available renewal opportunities.”
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Morguard North American Residential REIT (MRG.UN-T) reported first-quarter net operating income of $17.1-million, up 1.1 per cent versus the same quarter a year earlier.
Net income was $80.4-million, an increase of $77.9 million compared to 2017. “The increase was primarily due to higher non-cash changes to fair value on income producing properties and fair value on Class B LP Units compared to 2017, partially offset by an increase in deferred income tax compared to 2017,” the REIT stated.
Funds from operations came in at $14.7-million, which was down 3.5 per cent over the same period in 2017.
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Obsidian Energy Ltd. (OBE-T; OBE-N) says it has regained compliance with the New York Stock Exchange’s continued listing standard regarding the price of its common stock.
“The company has been notified by the NYSE that it has cured the price condition and regained compliance with all NYSE continued listing requirements as of April 30,” it stated.
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Medicure Inc. (MPH-X), a cardiovascular pharmaceutical company, recorded net revenue from the sale of its Aggrastat product of $5-million in the fourth quarter ended Dec. 31 compared to $7.3-million for the same quarter a year earlier.
Net income was $51.5-million or $3.27 per share, “primarily relating to the gain on the sale of the Apicore business,” compared to net income of $23.8-million or $1.53 per share for the same period a year earlier.
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Cineplex Inc. (CGX-T) raised its dividend as it reported its first-quarter profit fell to $15.2-million compared with $23-million a year ago.
The movie theatre company says it will now pay a dividend of $1.74 per share on an annual basis, up from the current annual rate of $1.68 per share.
The increase came as Cineplex says its first-quarter profit amounted to 24 cents per diluted share compared with 37 cents per diluted share a year ago.
Revenue totalled $390.9-million, down from $394.2 -million. Analysts were expecting revenue of $398.6-million in the latest quarter.
--The Canadian Press
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Badger Daylighting Ltd. (BAD-T) says the Alberta Securities Commission has closed its investigation into allegations by short sellers against the company. It said the commission concluded with “no enforcement action taken.”
Badger says it takes the actions of abusive short sellers “very seriously and is pursuing all avenues to bring parties engaged in abusive practices to account.”
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Emerald Health Therapeutics Inc. (EMH-X) says it has acquired 8611165 Canada Inc., a licensed producer in Québec, and its affiliate 9353-8460 Québec Inc., which are together known as Agro-Biotech.
Emerald will pay $90-million, half in cash and half in shares.
“The acquisition enhances this local startup’s resources to serve Québec consumers with high-quality cannabis products in the anticipated legalized adult-use market, and further strengthens Emerald’s ability to market throughout eastern Canada and nationwide,” the company stated.
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Slate Retail REIT (SRT-UN-T) reported first-quarter rental revenue of US$36.5-million up from US$27.2-million a year earlier.
Net income was US$26.7-million up from US$8.7-million a year earlier.
Funds from operations per unit increased by a penny to 33 cents per unit, which was in line with expectations.
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The Green Organic Dutchman Holdings Ltd. (TGOD-T) will begin trading on the Toronto Stock Exchange today after the company completed an initial public offering of 31.5 million units at $3.65 each for proceeds of $115-million.
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Mitel Networks (MITL-Q; MNW-T), which is set to be taken private after accepting an all-cash US$2-billion offer from private equity firm Searchlight Capital Partners LP, reported GAAP revenue of $313.8-million in the first quarter versus $223.1-million a year ago.
Its GAAP net loss was $21-million or 17 cents per share versus a loss of $19.7-million or 16 cents a year ago. Analysts were expecting a loss of 19 cents in the latest quarter.
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Rogers Sugar Inc. (RSI-T) reported total revenue of $189.5-million in the second quarter versus $163.6-million a year earlier.
Net earnings were $7.6-million or 7 cents per share versus $4.8-million or 5 cents a year ago.
Results from operating activities, or EBIT, came in at $14.9-million compared to $8.8-million a year earlier.
Analysts were expecting revenue of $203.3-million and earnings of 12 cents in the latest quarter.