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Inside the Market's roundup of some of the Canadian small caps making news and on the move today. This post will be updated during the trading day.
Tucows Inc. missed estimates in the second quarter, reporting an EPS of 12 cents compared to consensus estimates of 15 cents. The Internet services company saw revenues rise to $35.5-million compared to $31.1-million a year ago, with retail sales and the number of customers also seeing growth.
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Gear Energy Ltd. went above expectations in the second quarter, reporting an EPS of 9 cents compared to estimates of 5 cents. Net income has risen to $6.4-million from $0.6-million last year, while oil and liquids production has doubled to a record production. The rise in volume is due to the company's recent acquisition of oil assets in Alberta and Saskatchewan. Shares have jumped 69 per cent since the beginning of the year, though shares have slipped 13 per cent since the end of June from its high of $6.29.
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Russel Metals Inc. just beat expectations with a second-quarter adjusted EPS of 48 cents compared to estimates of 47 cents. Earnings are up to $31-million compared to $20-million a year ago, with revenues from its metals service center segments and energy products both seeing increases of 11 per cent and 17 per cent, respectively. Energy product sales were also buoyed by two recent acquisitions which both saw stronger-than-expected results. Shares are up 12 per cent year-to-date.
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Klondex Mines Ltd. posted disappointing results, coming in well below estimates of 10 cents per share at 4 cents per share. Revenue was at $36-million, made off of its Midas mine in Nevada, which was acquired from Newmont Mining Corporation back in February.
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NorthWest Healthcare Properties Real Estate Investment Trust reported a second quarter EPs of 25 cents, beating expectations of 24 cents. While revenues and operating income remains much the same from last year, the quarter saw the sale of a non-core property in Toronto for $10-million, along with securing a $15.5-million fixed-rate mortgage for its Springbank Medical Centre.
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HealthLease Properties Real Estate Investment Trust just missed estimates with an EPS of 26 cents compared to consensus expectations of 27 cents. Revenues are up 103 per cent to $17.5-million from $8.6-million, while net profit is also up 114 per cent to $5-million. The REIT also recently completed a bought-deal offering of shares which generated $75-million, with the proceeds doing towards the acquisition of seven senior homes and paying down debt. Shares have risen steadily 10 per cent year-to-date. It was also announced today that American-based Health Care REIT Inc would be acquiring HealthLease for $950-million (U.S.) including debt, at $13 per share.
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Fortuna Silver Mines Inc. missed expectations, reporting a second-quarter EPS of 2 cents compared to expectations of 6 cents. Net income was up to $2.9-million from a loss of $10.6-million last year, while silver sales were up 44 per cent. Metal production was also up by
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Raging River Exploration Inc. reported a second-quarter EPS of 16 cents, beating expectations of 14 cents. Revenues are up 145 per cent to $88.9-million compared to last year's $36.2-million. Oil and gas sales are also up by 14 per cent, while production of crude oil and natural gas liquids increased 117 per cent to 9500 barrels per day.
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Crescent Point Energy Corp. said it is upwardly revising its 2014 guidance for average daily production, exit production and funds flow from operations, while keeping estimated capital expenditures for the year unchanged at $1.8-billion. It generated record funds flow from operations of $636.7-million, or $1.55 per share, in the second quarter, representing a 26 per cent increase from a year earlier.
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Emerita Resources Corp. said it has increased the size of its non-brokered private placement financing due to demand from investors in Spain. Emerita intends to issue up to 12.28 million common shares at 10 cents each.
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Canterra Minerals Corp. said it has commenced a diamond exploration program on its property portfolio in the Northwest Territories. The properties are located in the Southern Slave region, located between the Snap Lake Diamond Mine owned by De Beers and the Gahcho Kue Project owned by De Beers and Mountain Province Diamonds.
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Brick Brewing Co. Ltd. has agreed to sell its King Street property in Waterloo for $4-million, part of a strategy to consolidate its operating facilities to improve manufacturing competitiveness. "The buyer, HIP Developments, is expected to pursue re-development of the site, located in the thriving King Street corridor in Uptown Waterloo," Brick said in a statement. Brick plans to lease the property back while completing an expansion project at its Bingemans Centre Drive location in Kitchener.
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Fiera Capital Corp. said its second-quarter assets under management rose 2 per cent from the previous quarter and 26 per cent from a year earlier. The firm recorded net earnings of $7.7-million, or $0.11 per share, compared to $3.4-million a year earlier.
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KP Tissue Inc. declared a quarterly dividend of $0.18 per common share, payable on October 15 to shareholders of record at the close of business on September 30.
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Spyglass Resources Corp. said it has made progress in its strategy of enhancing financial flexibility, including streamlining the organization and non-core asset sales to reduce net debt, improve cost efficiencies, increase capital program and further focus operations. Spyglass also declared a cash dividend payment of 1.5 cents a share (18 cents annualized) payable September 15. "The current outlook for commodity prices, coupled with Spyglass' net capital program, hedging position and current dividend level is expected to result in a 2014 target all-in payout ratio of approximately 75 per cent," it said.