Chief Executive Officer Frédéric Perron says the U.S. cable sector is experiencing “significant turbulence.”
In June, Cogeco and its cable and Internet subsidiary Cogeco Communications Inc. said they’d take an impairment charge of about $1.7 billion related to their U.S. telecommunications segment.
Cogeco’s U.S. telecommunications revenue fell 10% within the quarter resulting from a smaller subscriber base in comparison with a 12 months earlier, a bigger share of consumers subscribing to Internet-only services and a competitive pricing environment.
The company offers wireless services to customers in 13 states under its Breezeline Mobile brand.
Shares of lithium-ion battery company Electrovaya rise after Amazon deal
BlackBerry Ltd. (TSX:BB)
Numbers for the primary quarter:
- Benefit: $8.5 million (up from $1.9 million a 12 months ago)
- Revenue: $152.9 million (versus $121.7 million a 12 months ago)
Shares of lithium-ion battery company Electrovaya Inc. rose nearly 50% after it announced a take care of Amazon that would see the tech giant take a big stake in the corporate. Electrovaya said the deal will help support the expansion of its battery technology in materials handling, with possible expansion into robotics and energy storage.
Under the terms of the agreement, Amazon will receive warrants to buy as much as 13,880,345 shares of Electrovaya’s common stock. The warrants will vest in full upon Amazon’s purchase of $280 million in products from Electrovaya, with a portion vesting immediately.
As of March 31, the Company had 49,507,480 shares outstanding and 4,013,901 options outstanding. If Amazon exercises all of its warrants to purchase Electrovaya shares, it could own a virtually 21 percent stake in the corporate as of the last share count.
The company’s shares rose C$5.36, or about 48%, to C$16.42 in trading on the Toronto Stock Exchange.
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Blue Ant Media reports third-quarter loss, Thunderbird deal helps revenue greater than double
Blue Ant Media Corp. (TSX:BAMI)
Numbers for the third quarter:
- Loss: $17.5 million (in comparison with a lack of $11.2 million a 12 months ago)
- Revenue: $125.6 million (vs. $56 million last 12 months)
Blue Ant Media Corp. said it swung to a $17.5 million loss in its most up-to-date quarter as revenue greater than doubled from a 12 months ago, helped by its acquisition of Thunderbird Entertainment.
The streaming and production company said its loss for the quarter ended May 31 was 64 cents per diluted share, because it took a $33.1 million non-cash impairment charge related to broadcast licenses in the corporate’s Canadian media segment.
The result compares with a lack of $11.2 million, or 73 cents per diluted share, within the year-ago quarter.
Quarterly revenue was $125.6 million, up from $56 million a 12 months earlier, before the corporate purchased Thunderbird Entertainment. Blue Ant CEO Michael MacMillan says the outcomes provide a transparent picture of the corporate’s expanded scale, production and profitability.
Blue Ant has a portfolio of free streaming and pay TV channels in addition to the subscription streaming service MagellanTV.
Loblaw joins EQB stock purchase plan following take care of PC Financial
Loblaw Cos. Ltd. has announced that it has entered into an automatic stock purchase plan to accumulate common shares of EQB Inc. Under the Stock Purchase Plan, Loblaw’s broker may purchase as much as a maximum variety of shares of EQB common stock, which, when combined with shares already purchased, is the same as the lesser of 10.6 million shares or 24.9% of the issued and outstanding shares of EQB.
Loblaw said additional shares could also be purchased at its discretion outside of the stock purchase plan period.
Earlier this month, EQB announced it had accomplished its acquisition of PC Financial while also adding two Loblaw nominees to its board.
