Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
WestJet Airlines Ltd (WJA-T) reported a smaller-than-expected loss on Tuesday as it flew more fuller planes and improved a key revenue metric, offsetting a steep rise in aviation fuel prices.
The country’s second-largest carrier said revenue passenger miles (RPMs) increased 6.2 per cent in the second quarter ended June 30.
The Calgary-based company said aircraft fuel expenses rose 34.4 per cent to $302.3 million, while overall expenses increased 13.8 per cent.
The company’s net loss was $20.8 million, or 18 cents per share, in the second quarter ended June 30, compared with a profit of $48.4 million, or 41 cents per share, a year earlier.
Excluding items, the company lost 18 cents per share, smaller than analysts’ expectation of 28 cents, according to Thomson Reuters I/B/E/S.
Revenue rose to $1.09 billion from $1.06 billion.
- Reuters
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Aphria Inc. (APH-T) says it has secured $25-million in debt financing from WFCU Credit Union. “We are delighted to once again have the support of WFCU Credit Union as Aphria continues to execute on its long-term strategic plan,” said CEO Vic Neufeld in a release.
The term loan is secured by a first charge on the company’s real estate holdings, and a first position on a general security agreement including cash, accounts receivable and inventory, the company stated.
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WPT Industrial Real Estate Investment Trust (WIR.U-T) announced on Tuesday the internalization of management and acquisition of the private capital business of WPT Capital Advisors, LLC.
The changes will lead to a new private capital venture with Canada Pension Plan Investment Board and Alberta Investment Management Corporation. Together with the REIT, the venture will target investing up to US$1-billion of combined equity "to pursue value-add and development investments, creating a significantly expanded proprietary acquisition pipeline for the REIT with a right of first opportunity to acquire managed assets on an off-market basis," the REIT stated.
“We are thrilled to partner with two premier global real estate investors that share our long-term vision for the industrial sector,” said REIT CEO Scott Frederiksen. “We appreciate the continued confidence and support of AIMCo and look forward to building our relationship with CPPIB through the growth and success of the venture.”
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Baytex Energy Corp. (BTE-N; BTE-T) reported second-quarter sales of $347.6-million, up from sales of $277.5-million for the same quarter last year. Its net loss was $58.8-million or 25 cents per share versus a loss of $62.7-million or 27 cents a year ago. Analysts were expecting sales of $317.8-million.
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Slate Retail REIT (SRT.U-T; SRT.UN-T) reported second-quarter rental revenue of US$35.7-million, which it said is an increase of US$9.1-million over the same period in the prior year. “The increase is primarily due to rental rate growth from re-leasing at rates above in-place rents and new leasing in addition to net acquisitions,” the company stated.
Its net loss for the quarter was US$14.2-million, a decrease of US$30.3-million from the same quarter in the prior year. “The decrease is primarily a result of the increase in the fair value of REIT units and exchangeable units of subsidiaries of US$37.3-million,” it stated.
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Aecon Group Inc. (ARE-T) said its new Mikisew Aecon Limited Partnership joint venture with the Mikisew Cree First Nation has been awarded a Master Service Agreement (MSA) by Fort Hills Energy L.P. for work on the Fort Hills oil sands project near Fort McMurray. Aecon said the two initial contracts awarded under the MSA are expected to have an estimated total value of approximately $100-million. It said the new venture with the Mikisew Group of Companies will focus on mining and heavy civil construction activities in Alberta.
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ABcann Global Corp. (ABCN-X) says it’s buying B.C.-based Canna Farms Ltd. for about $133-million, which includes $22-million in cash and 92.5 million in ABcann shares.
“This is a transformational acquisition, and key benefits include increased production capacity, an expanded product offering, operational efficiencies, and a more robust platform to accelerate our growth,” stated Barry Fishman, CEO of ABcann, in a release.
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Guyana Goldfields Inc. (GUY-T) reported second-quarter revenue of US$41.2-million versus US$37.9-million a year ago. Net earnings amounted to US$1.2-million or a penny per share versus a loss of US$3.1-million or 2 cents a year ago. Analysts were expecting earnings to come in at 3 cents in the most recent quarter. The company also lowered its 2018 production guidance and increased the cost guidance. “As communicated in the original guidance, production is expected to be weighted towards the second half of the year due to mine sequencing and higher-grade ore release in the third and fourth quarters,” the company stated.
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Cannabix Technologies Inc. (BLO-CN), developer of the Cannabix Marijuana Breathalyzer issued a statement related to what it said is Ottawa’s authorization of roadside saliva-testing devices under Bill C-46 and said it has received “significant interest for its technology from police and companies in the U.S., Canada and elsewhere.”
The company also said its management is "unaware of any material change in the company's operations that would account for the recent increase in market activity." The stock fell 28.5 per cent on Monday.
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McEwen Mining Inc. (MUX-N; MUX-T) reported a net loss of $1.7-million or a penny per share in the second quarter, versus a loss of $5.4-million or 2 cents a year earlier.
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Alacer Gold Corp. (ASR-T) reported a loss of US$20.1-million or 7 cents per share in the second quarter versus a profit of US$22.8-million or 8 cents a year ago. The loss was primarily due to a currency loss related to a weaker Turkish Lira and a lower income tax benefit as a result of recording fewer incentive tax credits, the company stated in its MD&A on Sedar.
Gold sales of US$32.3 million were 10 per cent lower year-over-year, reflecting a 12-per-cent decrease in gold ounces sold, it said. Analysts were expecting sales to come in at US$38.6-million in the latest quarter.