Goodfellow Reports Its Results for the First Quarter of Fiscal 2013
19 Dezember 2012 - 3:23PM
Marketwired
Goodfellow Inc. (TSX:GDL) announced today its financial results for
the first quarter ended November 30, 2012. The Company generated
net earnings of $0.7 million or $0.09 per share compared to net
earnings of $0.9 million or $0.10 per share a year ago.
Consolidated sales for the first quarter were $112.0 million
compared to $106.0 million for the same period a year ago. Cash
flow from operations (excluding non-cash working capital, income
tax paid and interest paid) for the first quarter decreased to $1.4
million from $1.7 million for the same period last year.
Management's focus on growing sales growth was maintained and as
such, consolidated sales grew 6% during the first quarter. Sales
grew in most regions except BC and Ontario where demand from
retailers and industrial projects declined compared to the first
quarter a year ago. Our sales team focused its efforts on
value-added lumber products in order to diversify our product mix
in many areas of our business. On the operating side, direct,
selling and administrative expenses increased 4.4% or $0.8 million
due to increased production throughput and lease and rental
increases.
"Our first quarter results although minimal in profit met
expectations." said Richard Goodfellow, President and Chief
Executive Officer. "Business conditions remain sluggish and very
competitive. All efforts are being made to improve margins and
control costs.
Goodfellow Inc. is one of eastern Canada's largest independent
re-manufacturers and distributors of lumber and hardwood flooring
products. Goodfellow shares trade on the Toronto Stock Exchange
under the symbol GDL.
GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the First Quarter ended November 30, 2012 and 2011
(in thousands of dollars, except per share amounts)
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2012 2011
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$ $
Sales 112,047 106,039
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Expenses
Cost of goods sold 90,899 85,571
Selling, administrative and general expenses 19,665 18,846
Net financial costs 442 334
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111,006 104,751
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Earnings before income taxes 1,041 1,288
Income taxes 302 399
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Net earnings, being comprehensive income 739 889
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Earnings per share
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Basic and diluted 0.09 0.10
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GOODFELLOW INC.
Consolidated Statements of Financial Position
As at November 30, 2012 and 2011
(in thousands of dollars)
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2012 2011
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$ $
Assets
Current Assets
Cash and cash equivalents 398 328
Trade and other receivables 56,196 55,689
Income taxes recoverable - 4,217
Inventories 79,513 72,339
Prepaid expenses 2,010 3,314
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Total Current Assets 138,117 135,887
Non-Current Assets
Property, plant and equipment 36,376 36,737
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174,493 172,624
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Liabilities
Current liabilities
Bank indebtedness 28,886 28,491
Trade and other payables 26,140 24,896
Income taxes payable 9 -
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Total Current Liabilities 55,035 53,387
Non-Current Liabilities
Provisions 1,449 1,506
Deferred income taxes 2,514 2,195
Defined benefit plan obligation 9 1,600
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Total Non-Current Liabilities 3,972 5,301
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59,007 58,688
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Shareholders' equity
Share capital 9,152 9,222
Retained earnings 106,334 104,714
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115,486 113,936
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174,493 172,624
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GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the First Quarter ended November 30, 2012 and 2011
(in thousands of dollars)
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2012 2011
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$ $
Cash Flows Used in Operating Activities
Net Earnings 739 889
Adjustments for :
Depreciation 661 703
Accretion expense on environmental provision 7 8
Income tax expense 302 399
Interest expense 215 159
Funding in excess of pension plan expense (503) (448)
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1,421 1,710
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Changes in non-cash working capital items 9,631 743
Interest paid (193) (129)
Income taxes paid (314) (908)
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9,124 (294)
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Cash Flows From (Used In) Financing Activities
Decrease in bank loans (6,000) (6,000)
Increase in banker's acceptances 1,000 5,000
Redemption of shares (14) -
Dividends paid (1,275) (857)
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(6,289) (1,857)
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Cash Flows Used In Investing Activities
Acquisition of property, plant and equipment (1,294) (315)
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(1,294) (315)
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Net cash inflow (outflow) 2,962 (756)
Cash position, beginning of year (8,450) (9,407)
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Cash position, end of year (5,488) (10,163)
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Cash position is comprised of :
Cash and cash equivalents 398 328
Bank overdraft (5,886) (10,491)
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(5,488) (10,163)
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GOODFELLOW INC.
Consolidated Statements of Change in Shareholders' Equity
For the First Quarter ended November 30, 2012 and 2011
(in thousands of dollar)
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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 - 889 889
Transactions with owners, recorded directly in
shareholders' equity
Dividends - (857) (857)
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Balance as at November 30, 2011 9,222 104,714 113,936
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Balance as at August 31, 2012 9,154 106,882 116,036
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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 9,152 106,334 115,486
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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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