Editor’s Note: What happened in this space used to be called Maple Leaf Memo; as of last week it’s Canadian Edge Weekly, to better reflect a close association with Canadian Edge.

You may still see the Maple Leaf Memo name floating around the KCI universe; that’ll be the “free” version of what you read, the “above the fold” discussion of themes and issues relevant to investing generally and in Canada particularly. What the free version of MLM doesn’t include–what makes this CE Weekly–is the “below the fold” content: The Roundup. That’s where we provide between-issue updates on Portfolio Holdings, including synopses of quarterly and annual earnings reports, new debt and/or equity issuance, mergers, acquisitions, and any other news or developments that may impact dividends and share prices. We also cover members of the How They Rate coverage universe in The Roundup; it’s often the proving ground where future Portfolio Holdings show their quality.

This change is completely superficial for you–the content you’ve enjoyed under the Maple Leaf Memo banner will stay the same under the name Canadian Edge Weekly.

Obviously, markets would prefer a prompt, peaceful conclusion to the revolution in Egypt. Although things are moving rapidly, the toppling of a leader in power for 30 years and a regime entrenched for more than 60 is never a smooth event. Peaceful transitions of power after four years still inspire wonder, even among observes of longstanding Western democracies. This recognition of power’s allure is useful as we look out to what may happen in coming days, a period that is almost certain to arouse as much fear in some quarters as it does hope in others.

In the deep background of this story is a quiet victory for US military policy, at least within the limited context of Egypt and the Middle East, over the past four decades. In the early days of this uprising, at least, the US-supported Egyptian military and the revolutionaries are working in common purpose to establish a new government.

President Hosni Mubarak’s rambling speech on Thursday was seen at first as defiant by those Egyptians gathered in Tahrir Square to demand a new government. Once enough time passed to pull on all the various strands it became clear that Mr. Mubarak had ceded “powers” to his recently appointed vice president and would remain a figurehead until free and fair September elections.

Then, at around 6 p.m. local time Friday, it was announced that President Mubarak had stepped down.

Political uncertainty and the simple fact that millions of Egyptians are in the streets have already harmed the domestic economy. Egypt’s role as one of two major power brokers in the Middle East is in question until a stable successor regime emerges, diminishing its geopolitical prestige. These, however, are relatively short-term problems. A peaceful transition from dictatorship to democracy will set a powerful example for the Middle East. It is also of vital importance to the US and to the global economy.

The Obama administration can do nothing at this point to influence the outcome, though I’ve read plenty enough espionage literature, fiction and non-, to know intelligence is often a “nothing ventured, nothing ventured” type of game. Let’s just say if Americans are seen to influence an outcome whatever regime it enables would be of questionable legitimacy in the eyes of Egyptians and citizens of other Middle Eastern nations.

At the same time, we are enjoying the payoff from a long-term investment in the Egyptian military, an institution that did not attempt a coup; that refused to fire on its own people; that brokered a resolution that would likely have satisfied what became an irresistible uprising; and that has secured vital energy infrastructure, including the Suez Canal and the Sumed Pipeline, to maintain major functions in the international economy.

Israel and Egypt have been the two key players in a bipolar regional power structure that at least furthered whatever stability existed in the Middle East. The US sent USD1.492 billion to Egypt in 2010, USD1.291 billion of it in military aid. That doesn’t sound like a lot, in isolation. But consider that Anwar Sadat dumped the Soviets for the Americans in 1972, clearing the way for the eventual 1979 peace deal that established Egypt and Israel is the lynchpins of US security policy in the Middle East. The long-term average for US military aid to Egypt is above USD2 billion per year, for decades.

Afghanistan (USD6.012 billion) and Iraq (USD4.369 billion) of course consume most of the US foreign military budget. Israel is No. 3, at USD2.381 billion per year, followed by its partner Egypt. The two still-hot situations in Afghanistan and Iraq merit their own consideration, and that’s beyond our scope today. With regard to Israel and Egypt, it seems fair to conclude that decades of US aid and training have resulted in useful relationships and lines of communications.

Deep American involvement in Egyptian military affairs may have bred a vital institution capable of surviving this revolution. Having guaranteed peace during the initial uprising, the Egyptian military may soon buttress a legitimately constituted successor regime that will preserve the Israel-Egypt balance. Ensuring regional stability and the free flow of oil to and from the Mediterranean have already limited whatever negative impact the chaotic situation may have had on global markets.

US markets have been relatively stable since Jan. 25, when the revolution in Tahrir Square reached critical mass. As at least one estimable pundit has pointed out, it’s hard for markets to go down when there’s so much liquidity in the system. Asia, emerging markets in particular, is having a tough time. The Hang Seng Index had declined more than 3 percent in February before reversing after the 20-second announcement by recently appointed Vice President Omar Suleiman that Mubarak would step down.

The longer Mubarak stuck around the greater the risk became that the scene would turn violent in Egypt. This phase of the uncertainty is over. Harnessing the energy of the revolution and putting it to work at governance is the question now. If Egypt succeeds at a peaceful democratic revolution from within the implications for the broader Middle East are immense.

My 13-year old daughter asked me Thursday afternoon whether Egypt “still had pharaohs.” The answer, today, is “not anymore.”

The Roundup

Hollywood was a bit unkind to moviegoers and to Canadian Edge Income Portfolio Holding Cineplex Inc (TSX: CGX, OTC: CPXGF) in the fourth quarter, but strong offerings from Tinseltown put many people in seats over the balance of the year as Canada’s largest theater operator surpassed CAD1 billion in revenue for the first time in 2010.

Revenue was up 4.8 percent last year, as Cineplex continued to roll out state-of-the-art display systems that support higher ticket prices and to take advantage of opportunities to earn customers’ entertainment dollars.  Earnings surged 17.8 percent despite a 0.9 percent attendance decline, and distributable cash flow per unit was up 3.5 percent.

Box office declined by 8 percent during the last 12 weeks of the year compared to corresponding 2009 attendance. Ticket sales were off by 1.4 million, while concessions fell 6.2 percent overall. Total revenue was CAD240.8 million, down 2.6 percent from CAD247.2 in the fourth quarter of 2009, when James Cameron’s latest epic Avatar pulled in eyeballs and mouths. On the bright side, average revenue per customer rose 1.9 percent.

Net income was CAD10.9 million (CAD0.458 per unit), up from CAD9.5 million (CAD0.462 per unit) a year ago, as premium prices for high-tech 3D and IMAX offset lower attendance. Cineplex’s media division, which includes on-screen and lobby advertising, generated a 9 percent revenue increase to CAD25.2 million, a sign of a recovering economy.

Premium ticket sales, for Real 3D, 3D IMAX, and Cineplex’s own new UltraAVX theaters accounted for 28.3 percent of ticket revenue, nearly double the 14.4 percent of 2009. Management warned that the Avatar effect will linger in the early quarters of 2011, as it was one of the top-grossing films of all time and continued to drive attendance well into 2010. CEO Ellis Jacob is optimistic about the late second quarter and third quarter of the year, as Hollywood is set to release a number of “tent-pole” movies for the summer season.

Cineplex completed its conversion from Cineplex Galaxy Income Fund without cutting its distribution. The company paid CAD1.26 per unit in 2010, from CAD2.217 distributable cash flow per unit, a payout ratio of 57 percent. Cineplex Inc–yielding 5.5 percent as of Friday’s close–is a buy up to USD23.

We’ll have details on other companies that have reported–including ARC Resources Ltd (TSX: ARX, OTC: AETUF), Just Energy Group (TSX: JE, OTC: JSTEF) and Yellow Media (TSX: YLO, OTC: YLWPF) in a Flash Alert next week.

Here’s than up-to-date list estimated (except where indicated) earnings announcement intentions for Canadian Edge Portfolio Holdings.

Aggressive Holdings

• Ag Growth International (TSX: AFN, OTC: AGGZF)–Mar. 14 (confirmed)
• ARC Resources Ltd (TSX: ARX, OTC: AETUF)–Feb. 10 (announced)
• Chemtrade Logistics Income Fund (TSX: CHE-U, OTC: CGIFF)–Feb. 23 (confirmed)
• Daylight Energy Ltd (TSX: DAY, OTC: DAYYF)–Mar. 2
• EnerCare Inc (TSX: ECI, OTC: CSUWF)–Feb. 23 (confirmed)
• Enerplus Corp (TSX: ERF, NYSE: ERF)–Feb. 25 (confirmed)
• Newalta Corp (TSX: NAL, OTC: NWLTF)–Mar. 2
• Parkland Fuel Corp (TSX: PKI, OTC: PKIUF)–Mar. 2
• Penn West Petroleum Ltd (TSX: PWT, NYSE: PWE)–Feb. 17
• Perpetual Energy (TSX: PMT, OTC: PMGYF)–Mar. 8 (confirmed)
• Peyto Exploration & Development Corp (TSX: PEY, OTC: PEYUF)–Mar. 9 (confirmed)
• PHX Energy Services Corp (TSX: PHX, OTC: PHXHF)–Mar. 3
• Provident Energy Ltd (TSX: PVE, NYSE: PVX)–Mar. 9 (confirmed)
• Vermillion Energy Inc (TSX: VET, OTC: VEMTF)–Mar. 3
• Yellow Media Inc (TSX: YLO, OTC: YLWPF)–Feb. 10 (announced)

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–Feb. 23
• Artis REIT (TSX: AX-U, OTC: ARESF)–Mar. 2 (confirmed)
• Atlantic Power Corp (TSX: ATP, NYSE: AT)–Mar. 29
• Bird Construction Inc (TSX: BDT, OTC: BIRDF)–Mar. 11
• Brookfield Renewable Power Fund (TSX: BRC-U, OTC: BRPFF)–Feb. 16 (confirmed)
• Canadian Apartment Properties REIT (TSX: CAR-U, OTC: CDPYF)–Feb. 22 (confirmed)
• Cineplex Inc (TSX: CGX, OTC: CPXGF)–Feb. 10 (announced)
• CML Healthcare Inc (TSX: CLC, OTC: CMHIF)–Mar. 4
• Colabor Group (TSX: GCL, OTC: COLFF)–Feb. 24
• Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF)–Mar. 2
• IBI Group Inc (TSX: IBG, OTC: IBIBF)–Mar. 17
• Innergex Renewable Energy (TSX: INE, OTC: INGXF)–Mar. 23 (confirmed)
• Just Energy Group Inc (TSX: JE, OTC: JSTEF)–Feb. 10 (announced)
• Keyera Corp (TSX: KEY, OTC: KEYUF)–Feb. 17 (confirmed)
• Macquarie Power & Infrastructure Corp (TSX: MPT-U, OTC: MCQPF)–Mar. 10 (confirmed)
• Northern Property REIT (TSX: NPR-U, OTC: NPRUF)–Mar. 9 (confirmed)
• Pembina Pipeline Corp (TSX: PPL, OTC: PBNPF)–Mar. 3
• RioCan REIT (TSX: REI-U, OTC: RIOCF)–Feb. 28 (confirmed)
• TransForce (TSX: TFI, OTC: TFIFF)–Mar. 2, 2011 (confirmed)