Goodfellow Inc. (TSX:GDL) announced today its financial results for
the second quarter ended February 28, 2013. The Company recorded a
net loss of $(0.9) million or $(0.11) per share compared to $(0.6)
million or $(0.07) per share during the corresponding period a year
ago. Consolidated sales for the three months ended February 28,
2013 were $95.4 million compared to $101.1 million last year. Sales
during the second quarter declined due to unfavourable weather
conditions, and a reduced demand from our retailers business. The
decrease was mitigated by the increased demand for our value-added
product lines and the introduction of new product lines compared to
last year. The Canadian housing market conditions were sluggish
with new housing starts decreasing 11.7% to 178,100 units on
average (Source: CMHC) for the three months ended February 28, 2013
compared to 201,800 units during the second quarter a year ago.
Cash flow from operations (excluding non-cash working capital
income tax and interest paid) for the second quarter of Fiscal 2013
closed at $(0.8) million from $(0.4) million for the same period
last year. Operational costs during the second quarter increased
with the increased production of value added products and higher
maintenance costs during the cold winter months. As a result,
operating costs during the second quarter increased 6% compared to
the second quarter last year.
On a year-to-date basis, the Company recorded a net loss of
$(0.2) million or $(0.02) per share compared to net income of $0.3
million or $0.03 per share a year ago. Consolidated sales for the
six months ended February 28, 2013 were $207.5 million compared to
$207.2 million in the previous year. Cash flow from operations
(excluding non-cash working capital income tax and interest paid)
for the first six months of Fiscal 2013 decreased to $0.7 million
from $1.3 million for the same period last year.
"Continued global financial uncertainties, the harsh winter
across the country, and the sharp reduction in demand at the retail
customer level all added up to making Q2 a difficult one." said
Richard Goodfellow, President and Chief Executive Officer. "We
continue to be however cautiously optimistic for the spring period
with a strong order file in hand."
Goodfellow Inc. is one of eastern Canada's largest independent
re-manufacturers and distributors of lumber and hardwood flooring
products. Goodfellow shares trade on the Toronto Stock Exchange
under the symbol GDL.
GOODFELLOW INC.
Condensed Interim Consolidated Statements of Comprehensive Income
(in thousands of dollars, except per share amounts)
(unaudited)
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Three Months Six Months
ended Feb 28 ended Feb 28
2013 2012 2013 2012
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$ $ $ $
Sales 95,429 101,122 207,476 207,161
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Expenses
Cost of goods sold 77,655 84,095 168,555 169,665
Selling, administrative
and general expenses 18,700 17,595 38,364 36,441
Financial costs 367 351 809 685
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96,722 102,041 207,728 206,791
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Earnings before income taxes (1,293) (919) (252) 370
Income taxes (375) (285) (73) 115
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Net earnings, being
comprehensive income (918) (634) (179) 255
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Earnings per share
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Basic and diluted (0.11) (0.07) (0.02) 0.03
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GOODFELLOW INC.
Condensed Interim Consolidated Statements of Financial Position
(in thousands of dollars)
(unaudited)
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Feb 28 Feb 29 Aug 31
2013 2012 2012
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$ $ $
Assets
Current Assets
Cash and cash equivalents 572 267 707
Trade and other receivables 58,838 58,976 83,083
Income taxes recoverable 511 4,934 -
Inventories 85,868 72,679 63,736
Prepaid expenses 3,670 1,874 3,474
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Total Current Assets 149,459 138,730 151,000
Non Current Assets
Property, plant and equipment 36,253 36,180 35,743
Defined benefit plan asset 358 - -
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186,070 174,910 186,743
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Liabilities
Current liabilities
Bank indebtedness 45,345 33,035 37,157
Trade and other payables 22,036 23,658 29,060
Income taxes payable - - 22
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Total Current Liabilities 67,381 56,693 66,239
Non-Current Liabilities
Provisions 1,457 1,513 1,442
Long term debt 150 - -
Deferred income taxes 2,514 2,195 2,514
Defined benefit plan obligation - 1,239 512
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Total Non-Current Liabilities 4,121 4,947 4,468
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71,502 61,640 70,707
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Shareholders' equity
Share capital 9,152 9,218 9,154
Retained earnings 105,416 104,052 106,882
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114,568 113,270 116,036
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186,070 174,910 186,743
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GOODFELLOW INC.
Condensed Consolidated Statements of Cash Flows
(in thousands of dollars)
(unaudited)
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Three Months Six Months
ended Feb 28 ended Feb 28
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2013 2012 2013 2012
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$ $ $ $
Cash Flows Used From
Operating Activities
Net Earnings (918) (634) (179) 255
Adjustments for :
Depreciation 687 713 1,348 1,416
Accretion expense on
Provisions 8 7 15 15
Income tax expenses (375) (284) (73) 115
Interest expenses 197 184 411 343
Funding in excess of
pension plan of
expenses (367) (361) (869) (809)
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(768) (375) 653 1,335
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Changes in non-cash
working capital items (14,711) (3,335) (5,060) (2,592)
Interest paid (247) (274) (460) (402)
Income taxes paid (146) (432) (460) (1,341)
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(15,104) (4,041) (5,980) (4,335)
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Cash Flows Used By Financing
Activities
Increase (Decrease) in
bank loan 14,000 2,000 8,000 (4,000)
(Decrease) Increase in
banker's acceptances (5,000) 4,000 (4,000) 9,000
Long term debt 150 - 150 -
Redemption of shares - (32) (14) (32)
Dividends paid - - (1,275) (857)
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9,150 5,968 2,861 4,111
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Cash Flows Used By Investing
Activities
Acquisition of property,
plant and equipment (563) (157) (1,857) (472)
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(563) (157) (1,857) (472)
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Net cash (outflow) inflow (7,285) 1,395 (4,323) 639
Cash position, beginning of
period (5,488) (10,163) (8,450) (9,407)
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Cash position, end of period (12,773) (8,768) (12,773) (8,768)
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Cash position is comprised
of :
Cash and cash equivalents 572 267 572 267
Bank overdraft (13,345) (9,035) (13,345) (9,035)
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(12,773) (8,768) (12,773) (8,768)
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GOODFELLOW INC.
Condensed Consolidated Statements of Change in Shareholder's Equity
(in thousands of dollars)
(unaudited)
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Share Retained
Capital Earnings Total
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$ $ $
Balance as at August 31, 2012 9,154 106,882 116,036
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Net earnings - (179) (179)
Transactions with owners, recorded
directly in equity
Dividends - (1,275) (1,275)
Share repurchased (2) (12) (14)
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Balance as at February 28, 2013 9,152 105,416 114,568
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Share Retained
Capital Earnings Total
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$ $ $
Balance as at August 31, 2011 9,222 104,682 113,904
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Net earnings - 255 255
Transactions with owners, recorded
directly in equity
Dividends - (857) (857)
Share repurchased (4) (28) (32)
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Balance as at February 29, 2012 9,218 104,052 113,270
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Contacts: Goodfellow Inc. Richard Goodfellow President and CEO
(450) 635-6511 (450) 635-3730 (FAX)info@goodfellowinc.com
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