DragonWave Inc. , a leading global supplier of packet microwave radio systems for mobile and access networks that gained 10 per cent during normal trading hours on both the TSX and NASAQ yesterday but then fell as much in U.S. after hours trading, announced financial results for the third quarter of fiscal year 2012, ended Nov. 30, 2011. Revenue for the third quarter of fiscal year 2012 was $11.8-million (U.S.), compared with $13.6-million in the second quarter of fiscal year 2012 and $27.0-million in the third quarter of fiscal year 2011.
EXFO Electro-Optical Engineering Inc. , which rose 7 per cent on the TSX and 8 per cent on the NASDAQ during normal trading hours but then fell 5 per cent in U.S. after hours trading Wednesday, reported financial results for the first quarter ended Nov. 30, 2011. Sales reached $66.4-million (U.S.) in the first quarter of fiscal 2012 compared to $65.7-million in the first quarter of 2011 and $64.4-million in the fourth quarter of 2011.
Connacher Oil and Gas Limited today announced that effective immediately, Richard A Gusella relinquished his positions as Chairman, Chief Executive Officer, President and Interim Chief Operating Officer of the company. In addition, Gusella is no longer a director of Connacher.
Jaguar Mining Inc. , which rose around 4.5 per cent on the TSX yesterday, provided an update regarding the previously announced strategic review process, which was initiated by the Board of Directors on Nov. 16, 2011. JAG also announced that G. Rogerio F. Fernandes has been appointed to succeed Lucio Cardoso as the Chief Operating Officer following Cardoso's planned retirement at the end of January 2012.
Petroamerica Oil Corp. , which continues to trade near year lows, announced that its wholly owned subsidiary Petroamerica International Corp. has been recognized by the ANH (National Hydrocarbon Agency) as to its participating interests in the El Porton, El Eden and Los Ocarros Blocks in the Llanos basin of Colombia. In front of the ANH the company now officially holds a 50 per cent participating interest in the Los Ocarros block, which includes a 100 per cent participating interest in the Las Maracas discovery subject to a potential back-in by the non-consenting party, a 25 per cent participating interest in the El Porton Block and a 25 per cent participating interest in the El Eden Block.
Bauer Performance Sports Ltd. announced that its Adjusted Net Income grew by 76 per cent in the second quarter and 52 per cent in the first half of fiscal 2012, compared to the same periods last year. In addition to the strong growth in revenue and gross profit, the company said it is gaining leverage on its SG&A spending. Despite growing investments in marketing, SG&A as a percentage of revenues is 17.6 per cent year-to-date, down from 19.5 per cent in the comparable period of last year. Through the first half of fiscal 2012, the benefit of lower interest expense and taxes has been largely offset by the year over year change in realized gains/losses on foreign exchange.
Midas Gold Corp. announced that its board of directors has approved an initial budget and work plan for its 11,600 hectare Golden Meadows Project in Valley County, Idaho.
RMP Energy Inc. announced today that it has successfully drilled and completed its exploration Montney light oil well at Ante Creek in West Central Alberta to a total measured depth of 3,629 meters with a horizontal leg of 1,555 meters. The company said that with the successful acquisition of a contiguous section, RMP now holds 6 sections (6 net) of land at Ante Creek.
Shoreline Energy Corporation announced today that it exited December 2011 with an average monthly production rate of approximately 1,570 barrels of oil equivalent per day (Boe/d) (21 per cent oil and liquids), an increase of 109 per cent from May 2011 production rates. It is currently drilling a horizontal well in the Bonanza area, which spud on December 29th, 2011. Meanwhile, total net capital expenditures are anticipated to be $5.5-million to $6.5-million in the first quarter of 2012 to drill 5 (3.2 net) oil wells and 1 (1.0 net) gas well as Shoreline continues to develop projects, which further its goal of reaching a 50/50 oil to gas production weighting.
Sandvine Corporation announced today that its Board of Directors has approved the adoption of an open market stock buyback program for the purchase of up to approximately 12 million common shares. Dave Caputo, Sandvine's President and CEO, said: "We are confident in Sandvine's opportunity and believe that the shares repurchased will enhance shareholder value in the long-term.".