Goodfellow Reports its Results for the First Quarter Ended November 30, 2013
20 December 2013 - 1:03AM
Marketwired Canada
Goodfellow Inc. (TSX:GDL) announced today its financial results for the first
quarter ended November 30, 2013. The Company generated net earnings of $1.2
million or $0.14 per share compared to net earnings of $0.7 million or $0.09 per
share a year ago. Consolidated sales for the first quarter were $110.4 million
compared to $112.0 million for the same period a year ago. Sales in the US and
export activities were strong throughout the first quarter while the economy and
housing starts in Canada faced some headwind. Sales grew in most regions except
Quebec and the Atlantic provinces where demand from retailers and manufacturers
declined rapidly in the latter part of the quarter. Ontario, Western Canada, the
US and exports posted a good performance to offset this decline. On the
operating side, many measures were taken to reduce our cost structure. As a
result, direct, selling and administrative expenses decreased 2.5% or $0.5
million.
"Business conditions remain very tenuous and competitive going into this early
winter in Canada. We must be very careful managing our working capital." said
Richard Goodfellow, President and Chief Executive Officer. "The decline in the
Canadian dollar should yield benefits for us and our manufacturing customer
base."
Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers
and distributors of lumber and hardwood flooring products. Goodfellow shares
trade on the Toronto Stock Exchange under the symbol GDL.
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GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the First Quarter ended November 30, 2013 and 2012
(in thousands of dollars, except per share amounts)
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2013 2012
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$ $
Sales 110,366 112,047
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Expenses
Cost of goods sold 89,104 90,899
Selling, administrative and general expenses 19,177 19,665
Net financial costs 443 442
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108,724 111,006
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Earnings before income taxes 1,642 1,041
Income taxes 476 302
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Net earnings, being comprehensive income 1,166 739
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Earnings per share
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Basic and diluted 0.14 0.09
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GOODFELLOW INC.
Consolidated Statements of Financial Position
As at November 30, 2013 and 2012
(in thousands of dollars)
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2013 2012
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$ $
Assets
Current Assets
Cash and cash equivalents 320 398
Trade and other receivables 52,545 56,196
Income taxes recoverable - -
Inventories 88,644 79,513
Prepaid expenses 2,553 2,010
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Total Current Assets 144,062 138,117
Non-Current Assets
Property, plant and equipment 35,145 36,376
Defined benefit plan asset 1,220 -
Deferred tax asset - 167
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180,427 174,660
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Liabilities
Current liabilities
Bank indebtedness 30,639 28,886
Trade and other payables 27,332 26,140
Income taxes payable 538 9
Current portion of long term debt 50 -
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Total Current Liabilities 58,559 55,035
Non-Current Liabilities
Provisions 1,479 1,449
Long Term Debt 100 -
Deferred income taxes 2,393 -
Defined benefit plan obligation 1,293 10,051
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Total Non-Current Liabilities 5,265 11,500
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63,824 66,535
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Shareholders' equity
Share capital 9,152 9,152
Retained earnings 107,451 98,973
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116,603 108,125
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180,427 174,660
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GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the First Quarter ended November 30, 2013 and 2012
(in thousands of dollars)
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2013 2012
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$ $
Cash Flows Used in Operating Activities
Net Earnings 1,166 739
Adjustments for :
Depreciation 633 661
Accretion expense on environmental provision 8 7
Gain on disposal of fixed assets (5) -
Income tax expense 476 302
Interest expense 214 215
Funding in excess of pension plan expense (552) (503)
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1,940 1,421
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Changes in non-cash working capital items 4,621 9,631
Interest paid (176) (193)
Income taxes paid (680) (314)
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3,765 9,124
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Cash Flows From (Used In) Financing Activities
Decrease in bank loans (8,000) (6,000)
Increase in banker's acceptances 1,000 1,000
Redemption of shares - (14)
Dividends paid (1,701) (1,275)
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(8,701) (6,289)
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Cash Flows Used In Investing Activities
Acquisition of property, plant and equipment (360) (1,294)
Proceeds on disposal of capital assets 10 -
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(350) (1,294)
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Net cash inflow (outflow) (3,346) 2,962
Cash position, beginning of year (4,973) (8,450)
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Cash position, end of year (8,319) (5,488)
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Cash position is comprised of :
Cash and cash equivalents 320 398
Bank overdraft (8,639) (5,886)
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(8,319) (5,488)
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GOODFELLOW INC.
Consolidated Statements of Change in Shareholders' Equity
For the First Quarter ended November 30, 2013 and 2012
(in thousands of dollar)
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Retained
Share Capital Earnings Total
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$ $ $
Balance as at August 31, 2012 9,154 99,521 108,675
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Net earnings - 739 739
Transactions with owners,
recorded directly in
shareholders' equity
Dividends - (1,275) (1,275)
Redemption of Shares (2) (12) (14)
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Balance as at November 30, 2012 9,152 98,973 108,125
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Balance as at August 31, 2013 9,152 107,986 117,138
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Net earnings - 1,166 1,166
Transactions with owners,
recorded directly in
shareholders' equity
Dividends - (1,701) (1,701)
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Balance as at November 30, 2013 9,152 107,451 116,603
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FOR FURTHER INFORMATION PLEASE CONTACT:
Goodfellow Inc.
Richard Goodfellow
President and CEO
450 635-6511
450 635-3730 (FAX)
info@goodfellowinc.com
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