3Macs Research Alerts

Some Bright Spots in a Weak Quarter - written by P. Christopher Sears

Fri, 03 Sep 2010 00:00:00 EDT

Bombardier reported Q2 EPS of $0.08 versus $0.11 last year on revenues of $4.1 billion versus $4.9 billion in the year earlier. The EPS figure was in line with Street expectations while the revenue figure was shy by about $400 million. Cash flow usage amounted to $508 million compared to free cash flow of $18 million last year. The six-month cash flow number was a usage of $725 million versus a usage of $799 million last year. The earnings number also benefited from a lower tax rate in Q2 than that of last year (20.9% versus 30%) due to a number of one-time and permanent differences.

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Second Quarter 2010 Results and Update - written by Ian Nakamoto, CFA

Tue, 31 Aug 2010 00:00:00 EDT

The company reported cash flow of US$0.53 a share versus US$0.49 a share last year. Excluding the gain on sale of $0.17 a share, with its partial divestment of Brookfield Renewable Power (BRC.UN-TSX, now 43% owned) through a bought deal secondary offering during the quarter and last years gain on the sale of their Norbord shares of $65 million or $0.11 a share, the underlying operating cash flow per share after preferred share dividends was $0.35 a share versus $0.40 a share last year.

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Second Quarter Results-Bloom Lake Production Starts - written by Ian Nakamoto, CFA

Wed, 25 Aug 2010 00:00:00 EDT

The company reported a loss for the quarter of $0.12 a share. We do not view this quarter’s earnings as representative of their operations as the start up of the mine has not reached design capacity of 8 million tonnes. The company in the third and fourth quarter will be ramping up production and late in 2010, will be operating at design capacity. At that time more meaningful “sustainable” results will be available. For this quarter there were some start-up problems.

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R�sultats du 4T de l�exercice de 2010. Am�lioration graduelle constat�e pour l�exercice de 2011 - R�dig� par Troy Crandall

Wed, 25 Aug 2010 00:00:00 EDT

Absolute Software a annoncé ses résultats du 4T de l’exercice de 2010 incluant des produits d’exploitation provenant de ses contrats de vente de l’ordre de 19,3 millions de dollars, soit supérieurs aux prévisions des analystes de 18,6 millions de dollars. Bien que ses ventes au 4T aient reculé de 4,5 % sur douze mois, sa monnaie a contribué à cette baisse. En excluant la monnaie, ses contrats de vente ont progressé de 7,4 % sur douze mois pour totaliser 21,7 millions de dollars. Ses flux de trésorerie provenant des activités d’exploitation de 0,3 million de dollars ont été à peu près conformes aux prévisions des analystes de 0,4 million de dollars.

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With Limited Upside Remaining and Competition Increasing, We are Adopting a More Cautious Stance - written by Troy Crandall

Tue, 24 Aug 2010 00:00:00 EDT

BCE reported in-line to slightly better than expected Q1 2010 results with revenue of $4.44 billion growing 3.3% Y/Y. EBITDA of $1.83 billion increased 2.1% Y/Y, while adjusted EPS of $0.77 beat Street expectations of $0.73. BCE’s strong EPS beat was largely driven by a much lower than anticipated tax rate in the quarter.

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�Q2 Results In Line with Expectations; Remainder of Year Looks Positive� - written by P. Christopher Sears

Tue, 24 Aug 2010 00:00:00 EDT

Cominar Real Estate Investment Trust reported adjusted funds from operation (AFFO) of $22.7 million versus $20.2 million on an 8.1% increase in revenues to $72.8 million from $67.4 million last year. On a per unit basis, AFFO came in at 0.37 versus $0.40. The decrease on a per unit basis came as a result of dilution from unit offerings done in 2009 and 2010. For the six-month period, AFFO per unit declined to $0.72 from $0.77. We are of the view that the second half of the year will continue to build on improving trends seen in the first half and that AFFO for the year will increase, albeit nominally.

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A Quarter of Strong Wireless Gains, Margin Growth and Capex Improvements - written by Troy Crandall

Tue, 24 Aug 2010 00:00:00 EDT

Telus reported in-line Q2 2010 results with revenue growing 0.9% Y/Y to $2.40 billion. EBITDA rose 5.3% Y/Y to $919 million, while adjusted EPS of $0.89 strongly beat Street expectations of $0.77. EPS strength was driven by stronger than anticipated EBITDA, lower depreciation and lower restructuring charges.

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All Businesses Achieving Higher Volumes as Economic Growth Broadens - written by William J. Chisholm, CFA

Tue, 24 Aug 2010 00:00:00 EDT

Q2/10: Strong volume growth in all markets allowed CCL to achieve an excellent second quarter with net earnings from operations doubling. Diluted EPS rose to $0.55 up from $0.27. This was the third consecutive quarter of improved earnings and first half EPS rose to $1.27 from $0.85 in H1/09.This included a negative currency adjustment of $0.15 per share.

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�Q2 Ahead of Forecast; Remainder of Year appears Solid� - written by P. Christopher Sears

Tue, 24 Aug 2010 00:00:00 EDT

SNC reported Q2 EPS of $0.64 versus $0.53 on a 3% decline in revenue to $1.43 billion from $1.47 billion. The EPS figure was ahead of Street expectations while the revenue figure was right in line with forecasts. For the six-month period, EPS rose to $1.11 versus $1.04 on revenues of $2.8 billion, down from $3.1 billion.

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Q4 f2010 Results: Decent Quarter but CEO Offers Cautious Guidance - written by Troy Crandall

Tue, 24 Aug 2010 00:00:00 EDT

Cisco reported Q4 f2010 results with revenue growing 26.9% Y/Y to $10.84 billion. This was mildly short of analysts’ consensus estimates of $10.88 billion. Adjusted EPS grew 38.7% Y/Y to $0.43, beating Street expectations of $0.42, while gross margin of 64.1% was below Street forecasts of 64.8%.

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Benefiting From Improving Economy & Resolve Acquisition - written by William J. Chisholm, CFA

Tue, 24 Aug 2010 00:00:00 EDT

Q1/10: Davis+Henderson continued its steady performance in Q2/10. Reflecting the Resolve acquisition revenues and EBITDA rose 78.4% and 32.7% respectively. Adjusted income per unit rose 5.1% to $0.65 up from $0.615. Adjusted EPU for the first half rose 5.6% to $1.20 from $1.135.

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�Strong Q2 Bodes Well for the Rest of the Year� - written by P. Christopher Sears

Tue, 24 Aug 2010 00:00:00 EDT

Tim Hortons reported EPS of $0.54 versus $0.43 on a 5.7% increase in revenues to $639.9 million for the second quarter of 2010 (revenues on a constant currency basis were up 9.2%). Strength was driven by existing and new operations. Both the EPS and revenue figures were ahead of Street forecast of $0.50 and $599.0 million, respectively. The EPS figure also benefited from a slightly lower tax rate and 4.2% fewer shares outstanding due to the company’s share repurchase plan.

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Q2 2010 Results: Better than Anticipated Dividend and Signs of Improvement in U.S. Operations - written by Troy Crandall

Tue, 24 Aug 2010 00:00:00 EDT

CML Healthcare reported Q2 2010 results with revenue of $119.7 million (-10.6% Y/Y), EBITDA of $32.7 million (-11.2% Y/Y) and distributable cash of $23.1 million (-5.0% Y/Y). The payout ratio in the quarter was 103.9% versus 98.6% a year ago. We note that due to a number of timing issues with working capital, Q2 is seasonally a higher-than-average payout quarter.

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�A Surprisingly Good Second Quarter and a Dividend Increase� - written by P. Christopher Sears

Tue, 24 Aug 2010 00:00:00 EDT

Toromont reported a surprisingly solid quarter with positive trends evident in bookings and backlog. EPS for Q2 came in at $0.28 versus $0.51 on revenues of $594 million, which were up 23%. Street expectations were for EPS of $0.25 and for revenues of $520 million. For the six-month period, EPS came in at $0.49 versus $0.88 on 10% higher revenues of $1.04 billion. While the earnings were lower, the per-share weakness was exacerbated by the higher share count associated with the acquisition of Enerflex.

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Second Quarter Results-Production Up, but Operational Problems Exists - written by Ian Nakamoto, CFA

Tue, 24 Aug 2010 00:00:00 EDT

The company reported second quarter adjusted earnings of $20.6 million versus $10.8 million in the same time last year a 96% increase. The increase in earnings was a result of higher copper prices and higher production of copper. The adjusted earnings per share were $0.15 a share versus $0.11 a share last year. Cash cost for the quarter were $1.95 a pound.The earnings per share increase of 36% failed to match the earnings increase of 92% due to more shares outstanding as the Quadra and FNX merger resulted in many more shares outstanding. The merger closed on May 20, 2010.

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Q4 f2010 Results: Gradual Improvement Seen for f2011 - written by Troy Crandall

Tue, 24 Aug 2010 00:00:00 EDT

Absolute Software reported Q4 f2010 results with sales contract revenue of $19.3 million, beating Street estimates of $18.6 million. Although Q4 sales were down 4.5% Y/Y, currency drove the decline. Excluding currency, sales contracts grew 7.4% Y/Y to $21.7 million. Cash from operations of $0.3 million was roughly in-line with the Street’s forecast of $0.4 million.

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