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Canadian holiday travel operator Transat A.T. Inc. hit its lowest levels in more than two years after reporting a net loss for the fiscal third quarter of $2.9 million or 8 cents per share, down from a profit of $20.9 million or 55 cents per share a year earlier on higher fuel costs. Before non-cash and non-operating items, Transat reported an adjusted after-tax income of $2.8 million ($0.07 per share on a diluted basis), compared with $26.8 million ($0.70 per share on a diluted basis) in 2010, which was reportedly well below the average expectations of 54 cents per share. Revenue rose to $937 million from $867.3 million.

Xceed Mortgage Corporation , a Canadian provider of residential mortgages, dropped 20 per cent early today after announcing its financial results for the third quarter of fiscal 2011 ended July 31, 2011. The company reported $1.7 million net loss for the current quarter, as compared with net income of $0.7 million in the second quarter of 2011 and net income of $0.05 million in the first quarter of 2011. Results included a $1.7 million one-time pre-tax expense reflecting the company's settlement agreement with HSBC Financial Corporation Limited and its related parties ending all outstanding litigation between the two companies.

Descartes Systems Group , involved in logistics technology, announced financial results for its fiscal 2012 second quarter ended July 31, 2011. It had revenues of $28.8 million, up 14 per cent from $25.2 million in the second quarter and services revenues of $26.7 million, up 12 per cent from $23.9 million in Q2FY11. Services revenues comprised 93 per cent of total revenues for the quarter. Net income was $2.6 million, up 30 per cent from $2.0 million in Q2FY11 while earnings per share on a diluted basis came in at $0.04, up 33 per cent from $0.03 in Q2FY11.

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Silvercorp Metals Inc. continues to recoup ground lost last week when the Chinese miner was accused in an anonymous letter of an accounting fraud. It was up another 4 per cent early today, adding to similar gains on Wednesday after saying Canadian federal police have contacted the company and offered to help find who made the allegations.

Aurizon Mines Ltd. added more than 3 per cent soon after the opening bell after saying recent drilling in the 123 Zone at its Casa Berardi gold mine in northwestern Quebec confirms the commercial potential of the exploration tract between 200 metres and 550 metres below the surface. Zone 123 is located about 1.0 kilometre east of the West Mine shaft and Aurizon said 23 of 49 new holes drilled so far returned a metal factor of 10 or higher when calculated by true width in metres and the gold grade in grams per ton. Previous reserve estimates found the 123 Zone contains at least 117,700 ounces of gold and an inferred resource of 234,100 ounces.

Tethys Petroleum Ltd. was ahead about 2 per cent in intial trade after the energy company said its Kalypso exploration well drilled in the Kul-Bas block in Kazakhstan has now reached a total depth in what is initially interpreted to be rocks of Carboniferous age with hydrocarbon shows during drilling. Additional testing is planned although that work will first require receiving approvals from Kazakh authorities, a process that could take two months. Tethys also said its AKD06 Doris oil appraisal well elsewhere in Kazakhstan is drilling ahead at a depth of 1,755 metres towards the Aptian sandstone target.

Artek Exploration Ltd. recouped early losses that saw it touch $1.91, rebounding back in to positive territory and then rising by more than 3% after saying it has successfully drilled and completed a new oil pool horizontal discovery well in the Inga region of British Columbia. Following a five-day extended clean-up test, the 60 per cent owned well was flowing at a restricted rate of 1,070 barrels of oil per day and 3.7 million cubic feet of natural gas daily. Two other wells are planned yet this year with the second well already cased and currently drilling out the horizontal lateral portion. A third well is anticipated to spud the final week of September. All petroleum produced in the Inga area will be processed at the Artek's owned and operated facility.

Mosaid Technologies Inc. early Thursday added to the 1 per cent lost yesterday when it recommended shareholders reject Wi-LAN Inc.'s hostile $480 million takeover bid, calling it "inadequate and highly opportunistic." Wi-Lan, which offered $38 a share for Mosaid.

March Networks fell as much as 10 per cent and touched below the $5 a share mark after slipping to a $900,000 net loss, or 5 cents per share, during the three months ended July 31 compared to a $30,000 gain during the same quarter last year. Revenues during the first quarter of 2012 also fell compared to the year-ago results, declining 11 per cent from the $25.3 million in sales reported during the first quarter of fiscal 2011 to the $22.4 million recorded in the latest quarter due to slack demand from large end users in North America and fewer than expected project opportunities in the Middle East. The manufacturer of Internet-Protocol video equipment also said it is continuing to review strategic alternatives with help from an independent financial advisor.

Pacific North West Capital Corp. has selected a new president and chief operating officer, appointing William Stone to the position at the mineral exploration company. Stone has held senior management positions with several mining and exploration firms over the past 25 years, most recently at Magma Metal Ltd. where he was responsible for finding a recently discovered platinum group and copper-nickel deposit near Thunder Bay, Ont. . Stone replaces Harry Barr as president at Pacific North after Barr chose to give up the post Wednesday,

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Bolivar Energy Corp. last night announced a $70.7 million plan to merge with privately held Anatolia Energy Inc., forming a new company 71-per cent owned by existing Anatolia shareholders and focused on gas and oil exploration and production in Turkey. The proposed deal also would end Anatolia's bid to enter the public markets through an initial public offering of stock, first announced in July. Bolivar intends to issue 884 million shares of its stock valued at 8 cents each in exchange for all existing Anatolia stock, which will then be followed by a 20-for-1 consolidation of Bolivar shares. The companies are continuing work on finalizing a definite merger agreement later this month with shareholder votes slated by the end of November.

Compass Petroleum Ltd. is selling all of its oil and natural gas assets in the Grand Forks, Vilna, Lacombe, Craigend, Valhalla and Grassland areas of Alberta to an unidentified private company for $29.5 million. According to Compass, daily production by the assets averaged 348 barrels of oil, 823 million cubic feet of natural gas and 3 barrels of natural gas liquids. If the sale goes through as planned, Compass no longer will own any property or working interests in Alberta and will instead focus solely on its Viking light-oil resource play in Saskatchewan. The company also said the deal will pay off all of its bank debt and leave the firm with about $15.8 million in net cash.

Southern Andes Energy Inc. , which had been trading near a year low 14.5 cents, said a recent field exploration program at its Tupuramani project in southeastern Peru identified five new zones of high grade uranium mineralization. This year's program was designed to follow up reconnaissance work last year that identified significant high grade uranium mineralization believed to be the westerly extension of the anomaly underlying the Colibri II-III uranium deposit owned by Macusani Yellowcake Inc. and thought to contain as much as 15.1 million pounds of U3O8.

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