CORRECTION FROM SOURCE/Goodfellow Reports Its Results for the First Quarter Ended November 30, 2010
20 Dicembre 2010 - 8:20PM
Marketwired
A correction from source is being issued with respect to the
release sent out earlier today December 20 at 12:24 PM ET. In the
title it should read "Goodfellow Reports Its Results for the First
Quarter Ended November 30, 2010" instead of "Goodfellow Reports
Improved Results for the First Quarter Ended November 30, 2010".
Goodfellow Inc. (TSX: GDL) today reported its financial results
for the first quarter ended November 30, 2010. Net income from
operations was $1.0 million or $0.11 per share compared to a net
income of $2.0 million or $0.24 per share a year ago. Consolidated
sales for the first quarter of fiscal 2011 were $109.4 million
compared to $109.2 million for the same period a year ago. Cash
flow from operations (excluding non-cash working capital) for the
first quarter of fiscal 2011 decreased to $1.4 million from $2.5
million for the same period last year. Sales in Canada remained
stable compared to last year despite the absence of the Home
Renovation Tax Credit. Nevertheless, our industrial and
manufacturing sales group posted a strong performance while
flooring sales in the retail industry slowed down throughout the
fall. Sales in the US increased 7% due to some recovery in the
Northeast US retail lumber market. Export sales increased 10%
compared to last year due mainly to strong flooring sales in the UK
and increasing sales to China and the Middle East. General
expenses, selling and administrative costs for the first quarter
ended November 30, 2010 increased from $17.4 million last year to
$19.2 million. The increase reflects labour and energy costs to
respond to the growth in industrial and value added production
across our plants in the first quarter, an increase in warehousing
lease costs and logistics requirements to reduce our inventory
levels throughout the quarter. On the other hand, selling costs
remained level with last year due to reduced commissions and lower
bad debt provisions. Administrative costs increased 6% due to
salary increase and training activities.
"It is clear our results reflect the tightening retail market
across Canada along with the absence of the Home Renovation Tax
Credit." said Richard Goodfellow, President and Chief Executive
Officer. "All efforts are being made to adjust our cost base to the
new reality.".
Goodfellow Inc. is one of eastern Canada's largest independent
re-manufacturers and distributors of lumber and hardwood flooring
products. Goodfellow shares trade on the Toronto Stock Exchange
under the symbol GDL.
GOODFELLOW INC.
Consolidated Statements of Earnings
(in thousands of dollars, except per share amounts)
(unaudited)
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Three Months
ended Nov 30
2010 2009
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$ $
Sales 109,378 109,246
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Expenses
Cost of goods sold, selling, administrative and general
expenses 107,056 105,550
Amortization 366 356
Financial 371 231
Foreign currency loss 198 147
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107,991 106,284
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Earnings Before Income Taxes 1,387 2,962
Income Taxes 430 934
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Net Earnings 957 2,028
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Earnings per share
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Basic and Diluted 0.11 0.24
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GOODFELLOW INC.
Consolidated Statements of Retained Earnings
(in thousands of dollars)
(unaudited)
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Three Months
ended Nov 30
2010 2009
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$ $
Balance, beginning of year 106,881 101,932
Net earnings 957 2,028
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107,838 103,960
Dividends (2,572) (2,572)
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Balance, end of year 105,266 101,388
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Consolidated Statements of Comprehensive Income
(in thousands of dollars)
(unaudited)
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Three Months
ended Nov 30
2010 2009
--------------------------------------------------------------------------
$ $
Net Income 957 2,028
Other comprehensive income
Foreign currency translation adjustment - -
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Total other comprehensive income - -
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Comprehensive Income 957 2,028
GOODFELLOW INC.
Consolidated Balance Sheets
(in thousands of dollars)
(unaudited)
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Nov 30 Nov 30 Aug 31
2010 2009 2010
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$ $ $
Assets
Current Assets
Cash 562 924 548
Accounts receivable 58,418 56,548 81,184
Income tax receivable 486 - -
Inventories 71,819 65,635 63,367
Prepaid expenses 2,171 2,851 1,647
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133,456 125,958 146,746
Capital assets 30,875 30,742 30,538
Deferred pension asset 6,653 4,812 6,520
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170,984 161,512 183,804
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Liabilities
Current liabilities
Bank indebtedness 24,058 16,741 27,132
Accounts payable and accrued liabilities 29,416 31,295 35,964
Income taxes payable - 192 1,584
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53,474 48,228 64,680
Future income taxes 3,022 2,674 3,022
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56,496 50,902 67,702
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Shareholders' Equity
Capital stock 9,222 9,222 9,222
Retained earnings 105,266 101,388 106,880
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114,488 110,610 116,102
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170,984 161,512 183,804
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GOODFELLOW INC.
Consolidate Statements of Cash Flows
(in thousands of dollars)
(unaudited)
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Three Months
ended Nov 30
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2010 2009
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$ $
Cash Flows From Operating Activities
Net earnings 957 2,028
Adjustments for :
Amortization 366 356
Amortization included in cost of good sold 238 252
Gain on disposal of capital assets - (8)
Shortage of expense over pension plan Funding (133) (111)
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1,428 2,517
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Changes in non-cash working capital items 5,174 (9,941)
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6,602 (7,424)
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Cash Flows Used By Financing Activities
(Decrease) increase in bank loan (13,000) 5,000
Increase in banker's acceptances 10,000 5,000
Dividends (2,572) (2,572)
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(5 572) 7,428
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Cash Flows Used By Investing Activities
Acquisition of capital assets (942) (983)
Proceeds on disposal of capital assets - 9
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(942) (974)
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Net cash (outflow) inflow 88 (970)
(Bank overdraft), beginning of year (26,584) (4,847)
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Bank Overdraft, end of period (26,496) (5,817)
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Bank overdraft is comprised of :
Cash 562 924
Bank overdraft (27,058) (6,741)
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(26,496) (5,817)
Contacts: Goodfellow Inc. Richard Goodfellow President and CEO
450-635-6511 450-635-3730 (FAX) info@goodfellowinc.com
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