Logs to be processed are pictured at Interfor's Acorn Division mill in Delta, B.C., on Friday September 14, 2012.The Globe and Mail
Our roundup of Canadian small-caps making news and on the move today. This post will be updated through the morning.
Interfor Corp. reported adjusted earnings before interest, taxes, depreciation, and amortization of $37.4-million in the fourth quarter, slightly below the consensus estimate. Raymond James analyst Darly Swetlishoff maintained a "strong buy" rating and $30 (Canadian) price target on the stock in the wake of these results. "Our bullish stance on Interfor is based on the company's rapid accretive growth (focused on the high margin U.S. South region), leverage to tightening lumber markets, strong returns on strategic capital projects and resulting robust free cash flow generation," he said.
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Eagle Energy Trust said it was cutting its 2015 capital budget for U.S. operations to $9.9-million (U.S.) from $11.8-million, a reduction of 16 per cent, while leaving its $1.4-million maintenance capital budget for Canada unchanged. Management also announced an expansion in its credit facility to $95-million. "As I stated in our original budget release in December, a key focus for Eagle is balance sheet strength," said president and chief executive officer Richard Clark. "Our ability to be nimble in timing our capital program, as well as achieving cost savings through active negotiations with our suppliers, underpins our goal to operate a sustainable business. In addition, the expansion of our credit facility affords us some dry powder for future growth as accretive opportunities become available."
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Torex Gold Resources Inc. said construction activities at its El Limon Guajes project in Mexico have resumed following a search and rescue effort for 13 people who were abducted in the area last Friday. "This has been an extraordinarily difficult time for several of the communities that are located within a few kilometers of the El Limon Guajes construction site, and given these communities' concerns and complexities, the interruptions to our construction activities are less pertinent at this time," said president and chief executive officer Fred Stanford. "Now that this area has been extensively searched, unfortunately without the apprehension of the perpetrators, the community has re-opened the road to the Project site. Looking forward, there is a strong interest from the community for a permanent government security presence in the area."
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More to come.