Goodfellow Inc. (TSX:GDL) announced today its financial results for
the third quarter ended May 31, 2012. The Company recorded a net
income of $1.6 million or $0.19 per share compared to a net income
of $1.2 million or $0.15 per share a year ago. Consolidated sales
for the three months ended May 31, 2012 were $141.2 million
compared to $127.5 million in the previous year. Cash flow from
operations (excluding non-cash working capital items) for the third
quarter of Fiscal 2012 closed at $3.0 million from $2.6 million for
the same period last year. The sales growth was due to strong
demand for hardwood lumber, siding & composite decking products
combined with increased shipments of treated wood products helped
by the early start to the spring season compared to the third
quarter last year. The Canadian housing market remained relatively
active increasing 18.1% to 222,900 units on average (Source: CMHC)
for the three months ended May 31, 2012 compared to 188,700 units
in the third quarter a year ago. The sales increase also reflects
our commitment to grow market share while keeping operational costs
under control. As a result, operating costs during the third
quarter decreased 1.2% compared to the third quarter last year.
On a year-to-date basis, the Company generated net earnings of
$1.8 million or $0.22 per share compared to net earnings of $0.5
million or $0.06 per share a year ago. Consolidated sales for the
nine months ended May 31, 2012 were $348.4 million compared to
$331.8 million in the previous year. Cash flow from operations
(excluding non-cash working capital items) for the first nine
months of Fiscal 2012 increased to $4.3 million from $3.0 million
for the same period last year.
"Our results for the third quarter were a slight improvement
over last year but far from expectations." said Richard Goodfellow,
President and Chief Executive Officer. "We remain cautiously
optimistic for the key fourth quarter with expectations for our
warehouse sales being strong."
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.
Condensed Interim Consolidated Statements of Comprehensive Income
(in thousands of dollars, except per share amounts)
(unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Nine Months
ended May 31 ended May 31
2012 2011 2012 2011
----------------------------------------------------------------------------
$ $ $ $
Sales 141,242 127,535 348,403 331,767
----------------------------------------------------------------------------
Expenses
Cost of goods sold 117,149 103,702 286,814 269,809
Selling, administrative
and general expenses 21,350 21,617 57,791 60,072
Financial costs 450 437 1,135 1,158
----------------------------------------------------------------------------
138,949 125,756 345,740 331,039
----------------------------------------------------------------------------
Earnings before income taxes 2,293 1,779 2,663 728
Income taxes 711 551 826 225
----------------------------------------------------------------------------
Net earnings, being
comprehensive income 1,582 1,228 1,837 503
----------------------------------------------------------------------------
Earnings per share
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic 0.19 0.15 0.22 0.06
----------------------------------------------------------------------------
Diluted 0.18 0.15 0.21 0.06
----------------------------------------------------------------------------
GOODFELLOW INC.
Condensed Interim Consolidated Statements of Financial Position
(in thousands of dollars)
(unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
May 31 May 31 Aug 31 Sep 1
2012 2011 2011 2010
----------------------------------------------------------------------------
$ $ $ $
Assets
Current Assets
Cash and cash equivalents 249 443 210 548
Trade and other
receivables 89,915 77,812 71,284 81,184
Income taxes recoverable 1,336 3,408 3,708 -
Inventories 86,465 82,421 58,722 63,367
Prepaid expenses 2,470 2,916 1,699 1,647
----------------------------------------------------------------------------
Total Current Assets 180,435 167,000 135,623 146,746
Non Current Assets
Property, plant and
equipment 35,691 37,639 37,125 37,854
----------------------------------------------------------------------------
216,126 204,639 172,748 184,600
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current liabilities
Bank indebtedness 65,619 52,158 28,617 27,132
Trade and other payables 31,342 34,119 24,486 34,597
Income taxes payable - - - 1,584
----------------------------------------------------------------------------
Total Current Liabilities 96,961 86,277 53,103 63,313
Non-Current Liabilities
Provisions 1,529 1,482 1,498 1,400
Deferred income taxes 2,195 2,237 2,195 2,234
Defined benefit plan
obligation 909 2,382 2,048 3,323
----------------------------------------------------------------------------
Total Non-Current
Liabilities 4,633 6,101 5,741 6,957
----------------------------------------------------------------------------
101,594 92,378 58,844 70,270
----------------------------------------------------------------------------
Shareholders' equity
Share capital 9,176 9,222 9,222 9,222
Retained earnings 105,356 103,039 104,682 105,108
----------------------------------------------------------------------------
114,532 112,261 113,904 114,330
----------------------------------------------------------------------------
216,126 204,639 172,748 184,600
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GOODFELLOW INC.
Condensed Consolidated Statements of Cash Flows
(in thousands of dollars)
(unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Nine Months
ended May 31 ended May 31
----------------------------------------------------------------------------
2012 2011 2012 2011
----------------------------------------------------------------------------
$ $ $ $
Cash Flows Used From
Operating Activities
Net Earnings 1,582 1,228 1,837 503
Adjustments for :
Depreciation 719 791 2,136 2,295
Accretion expense on
Provisions 11 27 26 81
Future income tax - 3 - 3
Gain/Loss on disposal of
fixed assets - 30 - 30
Income tax expenses 711 551 826 225
Interest expenses 271 324 614 797
Funding in excess of
pension plan of
expenses (330) (313) (1,139) (940)
----------------------------------------------------------------------------
2,964 2,641 4,300 2,994
----------------------------------------------------------------------------
Changes in non-cash
working capital items (37,718) (19,068) (40,220) (17,409)
Interest paid (186) (256) (678) (817)
Income taxes paid 2,887 (1,374) 1,546 (5,216)
----------------------------------------------------------------------------
(35,017) (20,698) (39,352) (23,442)
----------------------------------------------------------------------------
Cash Flows Used By Financing
Activities
Increase (Decrease) in
bank loan 4,000 (4,000) - (5,000)
Increase in banker's
acceptances 24,000 26,000 33,000 26,000
Redemption of shares (319) - (352) -
Dividends paid - - (857) (2,572)
----------------------------------------------------------------------------
27,681 22,000 31,791 18,428
----------------------------------------------------------------------------
Cash Flows Used By Investing
Activities
Acquisition of property,
plant and equipment (230) (367) (702) (2,111)
----------------------------------------------------------------------------
(230) (367) (702) (2,111)
----------------------------------------------------------------------------
Net cash (outflow) inflow (4,602) 3,576 (3,963) (4,131)
Cash position, beginning of
period (8,768) (11,291) (9,407) (3,584)
----------------------------------------------------------------------------
Cash position, end of period (13,370) (7,715) (13,370) (7,715)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash position is comprised
of :
Cash and cash equivalents 249 443 249 443
Bank overdraft (13,619) (8,158) (13,619) (8,158)
----------------------------------------------------------------------------
(13,370) (7,715) (13,370) (7,715)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GOODFELLOW INC.
Condensed Consolidated Statements of Change in Shareholder's Equity
(in thousands of dollars, except per share amounts)
(unaudited)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Retained
Share Capital Earnings Total
----------------------------------------------------------------------------
$ $ $
Balance as at September 1, 2011 9,222 104,682 113,904
----------------------------------------------------------------------------
Net earnings - 1,837 1,837
Transactions with owners,
recorded directly in equity
Dividends - (857) (857)
Share repurchased (46) (306) (352)
----------------------------------------------------------------------------
Balance as at May 31, 2012 9,176 105,356 114,532
----------------------------------------------------------------------------
Retained
Share Capital Earnings Total
----------------------------------------------------------------------------
$ $ $
Balance as at September 1, 2010 9,222 105,108 114,330
----------------------------------------------------------------------------
Net earnings - 503 503
Transactions with owners,
recorded directly in equity
Dividends - (2,572) (2,572)
----------------------------------------------------------------------------
Balance as at May 31, 2011 9,222 103,039 112,261
----------------------------------------------------------------------------
Contacts: Goodfellow Inc. Richard Goodfellow President and CEO
(450) 635-6511 (450) 635-3730 (FAX)info@goodfellowinc.com
Grafico Azioni Goodfellow (TSX:GDL)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Goodfellow (TSX:GDL)
Storico
Da Giu 2023 a Giu 2024
