Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Management teams and boards of directors are being tested like never before by the COVID-19 pandemic, and every day brings a long list of updates ranging from forecast suspensions, to job cuts, and more. And we want to make it easier for you to track those disclosures. So every morning, in this space, you can look forward to a quick snapshot of some of the notable updates from Corporate Canada on how they’re managing COVID-19 uncertainty.

• Corus Entertainment today said it’s going to refrain from buying back shares and will also defer its decision on the June dividend payment as a result of the uncertainty caused by COVID-19. The company also reported a slight decline in overall fiscal second-quarter revenue, while adjusted profit narrowly beat estimates.
• Kinross has withdrawn its forecasts as a result of the pandemic. It also disclosed today it tapped US$750 million from its US$1.5-billion revolving credit facility.
• Dollarama is suspending its fiscal 2021 forecasts, saying it’s “impossible to forecast the impact of the pandemic on the Canadian economy.” The retailer said its sales activity “surged” in late February and early March before transactions slowed as health officials and governments ramped up social distancing efforts. For its fiscal fourth quarter that just wrapped, Dollarama reported a two per cent rise in same-store sales and profit that’s in line with estimates.
• BlackBerry has declined to offer a full-year forecast due to the virus. CEO John Chen also warned of a “tough first quarter.” Shares are down almost 10 per cent pre-market.
• Teck Resources suspended its full-year forecasts overnight and said it’s unknown when construction will resume at the Quebrada Blanca Phase 2 (QB2) project in Chile. The miner is now estimating it will be required to contribute US$880 million toward QB2 project capital. 
• A&W Revenue Royalties Income Fund is suspending payment of distributions, while saying 200 of its restaurants have been temporarily closed and traffic is “down significantly” at those that remain open. 
• Uni-Select this morning said half of its employees are being furloughed and one-third of its sites are closed temporarily. Beyond the employees temporarily laid off, the rest have seen their hours cut by 20 per cent.