Sector Update: Consumer; Mood Media Sells Canadian Account Portfolio To Stingray Digital, Intermap Launches New GeoPro Server
Consumer Stocks (Discretionary and Staples):
Empire Company (EMP-A.TO): +4.7%
High Liner Foods (HLF.TO): -2.2%
George Weston (WN.TO): +0.5%
Inscape (INQ.TO): flat
Mood Media (MM.TO): -3.9%
Intermap (IMP.TO): flat
In company news, Mood Media will sell its remaining eight thousand Canadian commercial accounts to its long-term affiliate and operating partner, Stingray Digital, for US$11.2 million. Stingray and Mood Media will work together to serve the accounts with Mood Media services.
Under the terms of the agreement, Mood Media will receive an initial cash payment of US$9.5 million and upon the achievement of certain key performance indicators, Stingray will pay Mood Media US$1.7 million via an incremental payment after 12 months. Proceeds from the transaction will be targeted to strengthen the company's balance sheet.
Meanwhile, Intermap Technologies Friday announced the commercial availability of GeoPro Server, which allows users to turn disparate geospatial data into simple-to-use information by providing access to geospatial and non-geospatial data via a web service or web portal regardless of the data's source or original file format.
Lastly, Inscape last night reported net loss of $1.5 million, or $0.10 per share, for Q4 ended April 30, 2014 versus a net loss of $1.4 million, or $0.10 per share, a year earlier. Sales went down to $15.2 million from $16 million. The drop in the year-over-year sales was mainly caused by a decline in the volume of the office furniture projects by 13.1%, while the moveable wall segment had a 3.9% decrease from last year. Analyst estimates weren't available for comparison.