Goodfellow Inc. (TSX:GDL) announced today its financial results for
the third quarter ended May 31, 2013. The Company recorded a net
income of $2.5 million or $0.29 per share compared to $1.6 million
or $0.19 per share during the corresponding period a year ago.
Consolidated sales for the three months ended May 31, 2013 were
$138.2 million compared to $141.2 million last year. Sales during
the third quarter declined due to a late spring weather wise and a
progressive slowdown in new housing starts during the latter part
of the third quarter. The Canadian housing market conditions were
sluggish with new housing starts decreasing 18% to 185,800 units on
average (Source: CMHC) for the three months ended May 31, 2013
compared to 227,500 units during the third quarter a year ago. The
sales 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 increased demand for value-added
products helped improve our gross margins closing at 18.5% compared
to 17.1% for the corresponding period a year ago. Cash flow from
operations (excluding non-cash working capital income tax and
interest paid) for the third quarter of Fiscal 2013 closed at $4.2
million from $3.0 million for the same period last year.
On a year-to-date basis, the Company recorded a net income of
$2.3 million or $0.27 per share compared to net income of $1.8
million or $0.22 per share a year ago. Consolidated sales for the
nine months ended May 31, 2013 were $345.7 million compared to
$348.4 million in the corresponding period. Cash flow from
operations (excluding non-cash working capital income tax and
interest paid) for the first nine months of Fiscal 2013 increased
to $4.9 million from $4.3 million for the same period last
year.
"There is no doubt that there is a slowdown in the Canadian
economy with housing starts being weak or non-existent in many
areas." said Richard Goodfellow, President and Chief Executive
Officer. "We expect the 4th Quarter to be more of the same - tough
going into the headwinds of a slowing economy - but the 4th Quarter
has always produced close to or over half of the year's results and
we are postured to push very hard to meet this standard."
Goodfellow Inc. is one of eastern Canada's largest independent
re-manufacturers and distributors of lumber and hardwood flooring
products. Goodfellow shares trade on the Toronto Stock Exchange
under the symbol GDL.
GOODFELLOW INC.
Condensed Interim Consolidated Statements of Comprehensive Income
(in thousands of dollars, except per share amounts)
(unaudited)
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Three Months Nine Months
ended May 31 ended May 31
2013 2012 2013 2012
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$ $ $ $
Sales 138,195 141,242 345,671 348,403
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Expenses
Cost of goods sold 112,687 117,149 281,242 286,814
Selling, administrative and
general expenses 21,454 21,350 59,818 57,791
Financial costs 554 450 1,363 1,135
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134,695 138,949 342,423 345,740
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Earnings before income taxes 3,500 2,293 3,248 2,663
Income taxes 1,015 711 942 826
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Net earnings, being comprehensive
income 2,485 1,582 2,306 1,837
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Earnings per share
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Basic and diluted 0.29 0.19 0.27 0.22
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GOODFELLOW INC.
Condensed Interim Consolidated Statements of Financial Position
(in thousands of dollars)
(unaudited)
----------------------------------------------------------------------------
May 31 May 31 Aug 31
2013 2012 2012
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$ $ $
Assets
Current Assets
Cash and cash equivalents 278 249 707
Trade and other receivables 95,491 89,915 83,083
Income taxes recoverable - 1,336 -
Inventories 91,054 86,465 63,736
Prepaid expenses 5,773 2,470 3,474
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Total Current Assets 192,596 180,435 151,000
Non Current Assets
Property, plant and equipment 35,823 35,691 35,743
Defined benefit plan asset 666 - -
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229,085 216,126 186,743
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Liabilities
Current liabilities
Bank indebtedness 75,997 65,619 37,157
Trade and other payables 31,638 31,342 29,060
Income taxes payable 292 - 22
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Total Current Liabilities 107,927 96,961 66,239
Non-Current Liabilities
Provisions 1,441 1,529 1,442
Long term debt 150 - -
Deferred income taxes 2,514 2,195 2,514
Defined benefit plan obligation - 909 512
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Total Non-Current Liabilities 4,105 4,633 4,468
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112,032 101,594 70,707
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Shareholders' equity
Share capital 9,152 9,176 9,154
Retained earnings 107,901 105,356 106,882
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117,053 114,532 116,036
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229,085 216,126 186,743
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GOODFELLOW INC.
Condensed Consolidated Statements of Cash Flows
(in thousands of dollars)
(unaudited)
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Three Months Nine Months
ended May 31 ended May 31
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2013 2012 2013 2012
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$ $ $ $
Cash Flows Used From Operating
Activities
Net Earnings 2,485 1,582 2,306 1,837
Adjustments for :
Depreciation 701 719 2,049 2,136
Accretion expense on Provisions (16) 11 (1) 26
Income tax expenses 1,015 711 942 826
Interest expenses 364 271 775 614
Funding in excess of pension
plan of expenses (308) (330) (1,177) (1,139)
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4,241 2,964 4,894 4,300
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Changes in non-cash working
capital items (34,343) (37,718) (39,403) (40,220)
Interest paid (362) (186) (822) (678)
Income taxes paid (211) 2,887 (671) 1,546
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(34,916) (35,017) (40,896) (39,352)
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Cash Flows Used By Financing
Activities
(Decrease) Increase in bank loan (7,000) 4,000 1,000 -
Increase in banker's acceptances 37,000 24,000 33,000 33,000
Long term debt - - 150 -
Redemption of shares - (319) (14) (352)
Dividends paid - - (1,275) (857)
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30,000 27,681 32,861 31,791
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Cash Flows Used By Investing
Activities
Acquisition of property, plant and
equipment (271) (230) (2,128) (702)
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(271) (230) (2,128) (702)
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Net cash (outflow) inflow (946) (4,602) (5,269) (3,963)
Cash position, beginning of period (12,773) (8,768) (8,450) (9,407)
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Cash position, end of period (13,719) (13,370) (13,719) (13,370)
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Cash position is comprised of :
Cash and cash equivalents 278 249 278 249
Bank overdraft (13,997) (13,619) (13,997) (13,619)
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(13,719) (13,370) (13,719) (13,370)
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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 - 2,306 2,306
Transactions with owners, recorded directly
in equity
Dividends - (1,275) (1,275)
Share repurchased (2) (12) (14)
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Balance as at May 31, 2013 9,152 107,901 117,053
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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 - 1,837 1,837
Transactions with owners, recorded directly
in equity
Dividends - (857) (857)
Share repurchased (46) (306) (352)
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Balance as at May 31, 2012 9,176 105,356 114,532
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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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