Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hudson’s Bay Company (HBC-T) is exploring the possibility of closing some of its namesake department stores in Canada, according to a BNN Bloomberg report, citing “a source familiar with the company’s plans.” The report says HBC is also actively looking to restructure some of its leases with store landlords.
HBC’s deliberations behind the scenes come as executive chairman Richard Baker leads a $1.74-billion bid to take the company private amid mounting pressure from shareholders to improve performance.
“The source added that while HBC is exploring possibilities for its stores, there is no guarantee strategic changes will be made,” the BNN Bloomberg report states. It also stated that Tiffany Bourré, a spokesperson for HBC, did not provide comment.
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Tecsys Inc. (TCS-T) reported that its fourth-quarter revenue came in at $23.2-million, 23-per-cent higher than $18.9-million for the same period a year earlier, “primarily attributable to [the]inclusion of revenues from OrderDynamics and PCSYS (fiscal 2019 acquisitions) in the quarter.” Analysts were expecting revenue to come in at $24.4-million in the quarter ended April 30.
Its loss from operations was $800,000 compared to a profit of $1.7-million a year earlier. “The decline was the result of OrderDynamics losses and increased operating expenses as well as the decline in perpetual software license revenue (influenced by a shift to SaaS) partially offset by higher professional services and cloud, maintenance and subscription margins and PCSYS profit,” the company stated. Profit was a penny per share compared to a profit of 13 cents per share for the same period in fiscal 2018.
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