Goodfellow Inc. (TSX:GDL) announced today its financial results for the second
quarter ended February 28, 2010. Net income from operations stood at $1.9
million or $0.22 per share compared to a net operating loss (before
extraordinary gain) of $0.8 million or $0.09 per share a year ago. The results
from operations for the second quarter of fiscal 2009 includes a non recurring
gain of $3.2 million or $0.37 per share which represents the revaluation at fair
value of fixed assets exchanged resulting from the expropriation of part of our
Delson facility. Consequently, net results including extraordinary gain at
February 28, 2009 were $2.4 million or $0.28 per share. Consolidated sales for
the second quarter of fiscal 2010 were $107.8 million compared to $91.5 million
for the same period a year ago. Finally, cash flow from operations (excluding
non-cash working capital) for the second quarter of fiscal 2010 increased to
$2.5 million from $41,000 for the same period last year. Sales in Canada grew
25% partly due to strong distribution sales into our retail customers due to the
increase in demand relating to the Home Renovation Tax Credit. Sales in US
decreased 36% due to our reduced presence in the Western US and continued low
housing starts. Export sales increased 38% compared to last year due mainly to a
strong performance in the UK and an important industrial order shipped to the
Middle East. General expenses, selling and administrative costs for the second
quarter ended February 28, 2010 increased from $16.5 million (excluding
extraordinary gain) last year to $18.4 million. The increase reflects the
variable portion of our operating and selling costs to address the added volume
of business processed during the second quarter.
"The strong second quarter was a result of the effect of the renovation tax
credit, the lack of any substantive winter across the country and the decline in
the U.S. dollar which favoured our imported U.S. building materials." said
Richard Goodfellow, President and Chief Executive Officer. "We are making every
effort now to carry this benefit through to year-end."
For the 6 months ended February 28, 2010, Consolidated Sales reached $217.1
million compared to $202.4 million for the same period last year. Net results
from operations for the 6 months ended February 28, 2010 was $4.0 million or
$0.46 per share compared to $0.3 million or $0.03 per share. Including the
extraordinary gain of $3.2 million or $0.37 per share related to the revaluation
at fair value, net income for the 6 months of fiscal 2009 reached $3.4 million
or $0.40 per share.
Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers
and distributors of lumber and hardwood flooring products. Goodfellow shares
trade on the Toronto Stock Exchange under the symbol GDL.
GOODFELLOW INC.
Consolidated statements of earnings
(in thousands of dollars, except per share amounts)
(unaudited)
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Three Months ended Six Months ended
February 28 February 28
2010 2009 2010 2009
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$ $ $ $
Sales 107,832 91,515 217,078 202,435
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Expenses
Cost of goods sold,
selling, administrative
and general
expenses 104,217 91,674 209,767 200,202
Amortization 370 337 726 654
Financial 261 298 492 661
Foreign currency loss 159 326 306 539
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105,007 92,635 211,291 202,056
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Earnings before income
taxes and extraordinary
item 2,825 (1,120) 5,787 379
Income taxes 891 362 1,825 122
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Net earnings before
extraordinary item 1,934 (757) 3,962 257
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Extraordinary gain, net of
income taxes of $1,143 - 3,191 - 3,191
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Net earnings 1,934 2,434 3,962 3,448
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Earnings per share
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Net earnings before
extraordinary item 0.22 (0.09) 0.46 0.03
Extraordinary item -- 0.37 -- 0.37
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Basic and diluted 0.22 0.28 0.46 0.40
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GOODFELLOW INC.
Consolidated statements of retained earnings
(in thousands of dollars)
(unaudited)
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Six Months ended February
28
2010 2009
$ $
Balance, beginning of year 101,932 94,559
Net earnings 3,962 3,448
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105,894 98,007
Dividends (2,572) (2,144)
Redemption of shares - (30)
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Balance, end of year 103,322 95,833
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Consolidated statements of
comprehensive income
(in thousands of dollars)
-
(unaudited)
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Three Months ended Six Months ended
February 28 February 28
2010 2009 2010 2009
---------------------------------------------------------------------------
$ $ $ $
Net Income 1,934 2,434 3,962 3,448
Other comprehensive income
Foreign currency
translation adjustment - 303 - 303
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Total other comprehensive
income - 303 - 303
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Comprehensive income 1,934 2,737 3,962 3,751
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GOODFELLOW INC.
Consolidated balance sheets
As at February 28, 2010 and 2009
(in thousands of dollars)
(unaudited)
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2010 2009
---------------------------------------------------------------------------
$ $
Assets
Current assets
Cash 560 629
Accounts receivable 61,805 51,265
Income taxes recoverable - 2,495
Inventories 72,714 63,051
Prepaid expenses 2,230 2,969
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137,309 120,409
Capital assets 30,558 30,682
Deferred pension asset 4,938 4,301
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172,805 155,392
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Liabilities
Current liabilities
Bank indebtedness 24,078 23,850
Accounts payable and accrued liabilities 33,197 23,796
Income taxes payable 311 -
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57,586 47,646
Future income taxes 2,674 2,690
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60,260 50,336
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Shareholders' equity
Capital stock 9,222 9,223
Retained earnings 103,322 95,833
Accumulated other comprehensive income - -
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112,545 105,056
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172,805 155,392
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-
GOODFELLOW INC.
Consolidate statements of cash flows
(in thousands of dollars)
(unaudited)
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Three Months ended Six Months ended
February 28 February 28
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2010 2009 2010 2009
---------------------------------------------------------------------------
$ $ $ $
Cash flows from operating
activities
Net earnings 1,934 2,434 3,962 3,448
Adjustments for :
Extraordinary item - (4,334) - (4,334)
Amortization 370 337 726 654
Amortization included
in cost of good sold 258 225 510 426
Gain on disposal of
capital assets 14 132 6 36
Future Income Taxes - 1,192 - 1,192
Impact of foreign
exchange on cash - 303 - 303
Shortage of expense
over pension plan
funding (126) (248) (237) (472)
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2,450 41 4,967 1,253
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Changes in non-cash
working capital items (9,695) 5,861 (19,636) 376
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(7,245) 5,902 (14,669) 1,629
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Cash flows used by
financing activities
(Decrease) increase in
bank loan 4,000 2,105 9,000 (3,369)
Increase in banker's
acceptances 5,000 (7,000) 10,000 2,000
Redemption of common
shares - (18) - (30)
Dividends - - (2,572) (2,144)
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9,000 (4,913) 16,428 (3,543)
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Cash flows used by
investing activities
Acquisition of capital
assets (470) (1,212) (1,452) (1,778)
Proceeds on disposal of
capital assets 12 30 21 181
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(458) (1,182) (1,432) (1,597)
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Net cash (outflow) inflow 1,297 (193) 327 (3,511)
(Bank overdraft), beginning
of year (5,817) (6,212) (4,847) (2,894)
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Bank overdraft, end of year (4,520) (6,405) (4,520) (6,405)
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Bank overdraft is comprised
of :
Cash 560 629 560 629
Bank overdraft (5,080) (7,034) (5,080) (7,034)
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(4,520) (6,405) (4,520) (6,405)
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