income trust
Northland Power Inc., $17.25, symbol NPI on Toronto (Shares outstanding: 116.5 million; Market cap: $2.0 billion; www.northlandpower.ca), owns interests in 11 power projects, including natural-gas-fired plants and wind and biomass facilities. The company sells almost all of its power under long-term contracts with an average length of 13.6 years. Northland converted from an income trust to a corporation on January 1, 2011. The company now has 1,309 megawatts of power generating capacity after the recent start-up of its $677-million, 260-megawatt natural-gas-fired plant in North Battleford, Saskatchewan. Northland has already sold this facility’s power under a 20-year contract....
CHEMTRADE LOGISTICS INCOME FUND $17.30 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 41.7 million; Market cap: $716.7 million; Dividend yield: 7.0%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors....
CHEMTRADE LOGISTICS INCOME FUND $17.30 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 41.7 million; Market cap: $716.7 million; Dividend yield: 7.0%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors. These companies create sulphur, acid and other by-products as part of their activities. Chemtrade converts these substances into useful chemicals, like sulphuric acid.
Chemtrade’s Marsulex subsidiary provides a range of environmental services, including improving air quality and treating and handling industrial waste.
In the three months ended March 31, 2013, Chemtrade’s revenue fell 7.8%, to $210.0 million from $227.9 million a year earlier. The decline mostly reflects lower prices for sulphuric acid on international markets. However, cash flow per unit rose 7.6%, to $0.71 from $0.66.
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Chemtrade’s Marsulex subsidiary provides a range of environmental services, including improving air quality and treating and handling industrial waste.
In the three months ended March 31, 2013, Chemtrade’s revenue fell 7.8%, to $210.0 million from $227.9 million a year earlier. The decline mostly reflects lower prices for sulphuric acid on international markets. However, cash flow per unit rose 7.6%, to $0.71 from $0.66.
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Medical Facilities Corp., $15.06, symbol DR on Toronto (Shares outstanding: 31.4 million; Market cap: $470.9 million, www.medicalfacilitiescorp.ca), owns majority interests in five specialty surgical hospitals in South Dakota and Oklahoma, as well as an ambulatory surgery centre in California. The specialty hospitals perform scheduled surgical, imaging and diagnostic procedures. Their revenue comes from fees they charge for the use of their facilities. The ambulatory surgery center specializes in outpatient surgical procedures. Patients typically stay in this facility for less than 24 hours. In the three months ended March 31, 2013, Medical Facilities’ revenue rose 23.7%, to $72.9 million from $58.9 million a year earlier (all figures except share price and market cap in U.S. dollars). The gain mostly came from the company’s fifth hospital; it bought a 51% interest in the Arkansas Surgical Hospital, in Little Rock, Arkansas, for $36.7 million in November 2012. Cash flow per share fell 11.4%, to $0.31 from $0.35....
CHEMTRADE LOGISTICS INCOME FUND $17.15 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 41.7 million; Market cap: $710.0 million; Dividend yield: 7.1%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors....
CHEMTRADE LOGISTICS INCOME FUND $17.15 (Toronto symbol CHE.UN; TSINetwork Rating: Speculative) (416-496-5856; www.chemtradelogistics- .com; Units outstanding: 41.7 million; Market cap: $710.0 million; Dividend yield: 7.1%) is one of North America’s largest providers of removal services for resource firms, such as oil refineries and base-metal processors. These companies create sulphur, acid and other by-products as part of their activities. Chemtrade converts these substances into useful chemicals, like sulphuric acid.
Chemtrade’s Marsulex subsidiary provides a range of environmental services, including improving air quality and treating and handling industrial waste.
In the three months ended December 31, 2012, Chemtrade’s revenue fell 9.8%, to $223.0 million from $247.2 million a year earlier. The decline mostly reflects lower prices for sulphuric acid on international markets. However, cash flow per unit rose 13.1%, to $0.69 from $0.61.
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Chemtrade’s Marsulex subsidiary provides a range of environmental services, including improving air quality and treating and handling industrial waste.
In the three months ended December 31, 2012, Chemtrade’s revenue fell 9.8%, to $223.0 million from $247.2 million a year earlier. The decline mostly reflects lower prices for sulphuric acid on international markets. However, cash flow per unit rose 13.1%, to $0.69 from $0.61.
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CML HealthCare Inc., $7.28, symbol CLC on Toronto (Shares outstanding: 90.0 million; Market cap: $656.0 million; www.cmlhealthcare.com), was called CML HealthCare Income Fund before it converted from an income trust to a corporation on January 4, 2011. CML (or Canadian Medical Laboratories) is one of Canada’s largest health-care diagnostic services providers. It has two main divisions: Laboratory Services and Imaging Services. Laboratory Services, which provides 70% of CML’s revenue, performs a wide range of medical tests through its Ontario laboratory network, which consists of 114 specimen-collection centres and a central lab in Mississauga. CML’s large network of labs lets it take advantage of economies of scale that are not available to smaller competitors....
TransForce Inc., $22.24, symbol TFI on Toronto (Shares outstanding: 92.8 million; Market cap: $2.1 billion; www.transforcecompany.com), is a leading Canadian trucking company. Its fleet is the largest in the country, with 11,330 trucks and 11,850 trailers. The company also has exclusive partnerships that extend its reach into the U.S. Montreal-based TransForce was an income trust from September 2002 to May 2008. It has four main divisions: Package and Courier (which supplies 37% of TransForce’s revenue) delivers parcels between businesses under the Canpar, Loomis Express and ICS Courier banners....
Genivar Inc., $20.96, symbol GNV on Toronto (Shares outstanding: 51.1 million; Market cap: $1.1 billion; www.genivar.com), is one of Canada’s largest engineering-services firms by number of employees, with 15,000. It has over 300 offices in 35 countries. The company provides consulting services for all stages of a project, including planning, design, construction and maintenance. It has clients in the public and private sectors. Genivar first sold units to the public at $10 each and began trading on Toronto in May 2006. It converted from an income trust to a corporation on January 1, 2011....
Ag Growth International Inc., $32.80, symbol AFN on Toronto (Shares outstanding: 12.5 million; Market cap: $410.0 million; www.aggrowth.com), is a leading maker of portable and stationary grain-handling, storage and conditioning equipment. The company is based in Winnipeg. Ag Growth sells its products through dealers and distributors in 48 states and nine provinces, as well as overseas, including Russia, Ukraine and Kazakhstan. Ag Growth gets about 54% of its sales from the U.S., followed by Canada (27%) and international markets (19%). The company started out as an income trust. It first sold units to the public at $10 each and began trading on Toronto in May 2004. In June 2009, it converted to a conventional corporation and changed its name from Ag Growth Income Fund to Ag Growth International....