File photo of Jose Boisjoli, president and chief executive officer of BRP Inc.Reuters
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Ski-Doo snowmobile maker BRP Inc. (DOO-T) reported a 76 per cent rise in quarterly profit helped by higher sales of seasonal products. The results were better than analysts' expectations.
BRP, which has operations across the Americas and Europe, said quarterly revenue from seasonal products rose 5.1 per cent to $476-million. The revenue increase was mainly due to a favourable foreign exchange rate variation of $75-million, the company said.
BRP now expects total company revenue for the fiscal year 2016 to rise 6-9 per cent, up from 5-9 per cent that the company had earlier expected. The company's net profit soared to $65.5-million, or 56 cents per share, in the third quarter ended Oct. 31 from $37.2-million, or 31 cents per share, a year earlier. Valcourt, Quebec-based BRP's revenue rose 10 per cent to $1.01-billion.
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Nautilus Minerals Inc. (NUS-T) says it has an offtake agreement with Tongling Nonferrous Metals Group Co. Ltd for the sale of products extracted from the company's Solwara 1 deposit in the Bismarck Sea of Papua New Guinea. First delivery expected in the first half of 2018.
"Following a series of detailed negotiations focused on achieving a mutually beneficial and workable arrangement, the parties finalized the terms of a new take or pay agreement," Nautilus stated on Friday.
It said the new agreement offers "significant cost savings and reduced business risk to Nautilus, whilst giving Tongling the freedom to process the Solwara 1 material in a manner which optimizes its return."
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Canadian Energy Services & Technology Corp. (CEU-T) is cutting its dividend by 35 per cent and buying specialty chemical manufacturing company Sialco Materials Limited.
The company said its dividend will fall to 21.6 cents per share on an annualized basis, down from 33 cents per share.
It also said the acquisition of Delta, B.C.-based Sialco compliments some of its business units and "will augment our product lines and capabilities."
In a statement, the company summed up the two moves saying: "To capitalize on opportunities like Sialco and preserve balance sheet strength we have decided to reduce our monthly dividend by 35 per cent. We believe this is a prudent reallocation of approximately $25 million of capital in these difficult times."
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Raging River Exploration Inc. (RRX-T) says it's buying privately held Anegada Energy Corp.
The Calgary-based company said Anegada's assets will compliment its Viking assets in southwestern Saskatchewan and southeastern Alberta.
Raging River also said the board of directors has approved a 2016 capital budget of $190 million.
"The combination of the acquisition and budgeted capital expenditures is expected to result in year-over-year production per share growth of 19 per cent in 2016," the company stated.
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The Intertain Group Ltd (IT-T) says its common shares will begin trading today (Dec. 11) on the OTCQX market under the symbol ITTNF.
The online gaming company said its stock will continue to trade on the TSX under the symbol IT, the company said in a statement.
"Intertain is a global company that holds significant appeal to investors worldwide," stated Keith Laslop, Chief Financial Officer of Intertain. "Trading on OTCQX is a first step to make our stock more globally available and will improve accessibility for our U.S. shareholders."
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With a file from Reuters