It was probably the most unsettling week in the worldwide financial markets since the downturn of 2008, and the TSX was not exempt from the roller-coaster.
After posting huge losses that carried into Monday’s near five-hundred point dip, the TSX actually scraped out four consecutive days of gains, punching out an impressive 89 point gain on resource strength on Wednesday, a day the Dow Jones lost 519 points.
The TSX tech stocks listed below surfed the chaos impressively, mostly on the back of improved corporate numbers. This list covers the top five performing TSX tech stocks for the week ended August 12th. The number in parentheses represents the particular stock’s overall performance on the exchange.
1. (2) Response Biomedical Corp. (TSX:RBM) +56.1%
Price on August 5th: $.205
Price on August 12th: $.32
Burnaby’s Response Biomedical leapt after Q2 revenues, reported on Wednesday, were up 23% over the same period last year and margins were way up; to 35% from 14%. While the company’s CEO, S. Wayne Kay, warned the company has a history of lumpy revenue, investors seem keen on its potential to sell its diagnostic products, such as the RAMP 200, into the Chinese market. In April, Response received product registration from China’s State Food & Drug Administration to sell there.
2. (14) CryptoLogic Limited (TSX:CRY) +24.5%
Price on August 5th: 1.02
Price on August 12th: 1.27
Since 2008, it hasn’t been pretty for shareholders of Toronto’s Cryptologic. Shares of the company have fallen from over $21 midway through that year to a recent low of $.80 cents. Still the company, which sells customer support and marketing support services to Internet gamers like 888.com and Betfair, has begun to claw back. In its Q2, reported Thursday, Cryptologic reported earnings of (US) $243,000 (U.S.), on revenues of $7 million. The topline was a million dollar increase from the previous quarter.
3. (15) Etrion SA (TSX:ETX) +23.2%
Price on August 5th: $.56
Price on August 12th: $.69
For executives of solar energy companies, talking about the future is just part of the gig. Peruse the corporate materials of many solar pubcos and you’ll inevitably find them filled with projections of increased adoption in the face dwindling natural resources and heightened public awareness. Etrion, a company based in Switzerland and listed on the TSX, strikes a more practical tone. Etrion says it invests in “countries with attractive solar irradiation and government incentives for solar power production” and “feed-in-tariff” environments. Translation: Etrion like to do business where business in sunny and subsidized. Etrion kicked things off in Italy , where it now owns 47 megawatts of solar power plants, with much more in the works. Etrion, which was formerly know as Petrofalcon, went public in 2009 after acquiring the interests of Solar Resources Holding Sarl, or SRH, an Italian company that owned construction permits for solar plants in Italy. Etrion has only recently begun to produce revenue from their interests in Italy. In a recent report GMP Securities analyst Marco Pencak noted that once built these plants “generate very high free cash flow as a percentage of revenue. Although still posting losses, Etrion’s Q3 revenue of $17.82 was another giant leap forward even from the prior quarter’s $7.28 million.
4. (18) Intermap Technologies Corporation (TSX:IMP) +22.6%
Price on August 5th: $.31
Price on August 12th: $.38
You could accuse Intermap, a Calgary based company that has lost gobs of cash and whose stock has been mired in a painful four year slump of many things, but a lack of ambition wouldn’t be one of them. Intermap’s NEXTMap project provides 3D digital elevation models of all of Western Europe, the United States and parts of Southeast Asia. The NEXTMap data library contains more than 12 million square km of high-resolution elevation data, and provides realistic displays of topographic information including vegetation and cultural features such as buildings and roads. To date, InterMap is disappointed with their ability to monetize NextMap, which it believes could be used for uses diverse as floodplain management, energy exploration and insurance risk management. Recently, however, the company launched a new Web-based store. Intermap President and CEO Todd Oseth says he wants to make “…buying 3-D terrain data as easy as buying a book on Amazon.”
5. (27) Call Genie Inc. (TSX:GNE) +20.0%
Price on August 5th: $.10
Price on August 12th $.12
In 2009, the use of social networks eclipsed the use of email. By 2015, says Morgan Stanley, the number of searches made on mobile devices will pass those made on desktop computers. The ramifications for mobile, economically, could be even greater than the initial adoption of the internet itself, says Michael Durance, President of Call Genie. Durance, who cut his teeth at Nortel and Toshiba before taking the helm of the Toronto based mobile solutions provider, believes a generation of “digital natives” are changing the rules of e-commerce right before our eyes. And Call Genie, which has spent at least six years and nearly sixty-million dollars to develop technology that helps networks such as Verizon, AT&T contextualize and monetize their user bases, is set to become the “arms dealer” in the war for the mobile consumer. The company was up this week after its Q2 numbers, reported Thursday, were a record $2.1 million. In a recent comprehensive one on one, Cantech Letter sat down with Durance to talk about his company.