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Goodfellow Reports its Results for the Third Quarter Ended May 31, 2014

DELSON, QUEBEC -- (Marketwired) -- 06/27/14 -- Goodfellow Inc. (TSE:GDL) announced today its financial results for the third quarter ended May 31, 2014. The Company reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $2.5 million or $0.29 per share a year ago. Consolidated sales for the third quarter were $134.0 million compared to $138.2 million last year. Sales in the US and export activities maintained their growth throughout the third quarter while sales in Canada declined due to the late spring, the provincial election in Quebec and decreasing housing starts in Eastern Canada. Ontario and Western Canada sales posted a stronger performance again to mitigate this decline. On the operating side, costs remained under control in the face of a challenging third quarter. As a result, direct, selling, and administrative expenses decreased slightly compared to last year at $21.2 million ($21.5 million last year).

For the nine months ended May 31, 2014, the Company generated net earnings of $3.0 million or $0.35 per share compared to net earnings of $2.3 million or $0.27 per share a year ago. Consolidated sales for the nine months of fiscal 2014 were $339.8 million compared to $345.7 million for the same period a year ago.

"The most difficult winter at most of our customers carried through into Q3 and results were far from expectations." said Richard Goodfellow, President and Chief Executive Officer. "There have been strong signs of confidence in most of the business community and some recovery since. All sectors and product groups were sluggish overall as retail and manufacturing were particularly hard hit in most areas. We do not hold out any unusual expectations for the 4th Quarter but clearly our year to August 31st will be determined by the results to come."

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                             
(in thousands of dollars, except per share amounts)                         
Unaudited                                                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                       Nine months ended  Three months ended
                                                  May 31              May 31
                                          2014      2013      2014      2013
----------------------------------------------------------------------------
                                             $         $         $         $
                                                                            
Sales                                  339,756   345,671   134,035   138,195
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Expenses                                                                    
  Cost of goods sold                   275,045   281,242   109,310   112,687
  Selling, administrative and                                               
   general expenses                     59,104    59,818    21,231    21,454
  Net financial costs                    1,428     1,363       567       554
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                                       335,577   342,423   131,108   134,695
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Earnings before income taxes             4,179     3,248     2,927     3,500
                                                                            
Income taxes                             1,212       942       849     1,015
                                                                            
----------------------------------------------------------------------------
Net earnings, being comprehensive                                           
 income                                  2,967     2,306     2,078     2,485
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
----------------------------------------------------------------------------
  Basic and diluted                       0.35      0.27      0.25      0.29
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
GOODFELLOW INC.                                                             
Consolidated Statements of Financial Position                               
(in thousands of dollars)                                                   
Unaudited                                                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                         May 31    August 31
                                            May 31         2013         2013
                                              2014   (Restated)   (Restated)
----------------------------------------------------------------------------
                                                 $            $            $
Assets                                                                      
Current Assets                                                              
  Cash and cash equivalents                    394          278          197
  Trade and other receivables               86,380       95,491       72,838
  Income taxes receivable                        -            -            -
  Inventories                              102,153       91,054       74,255
  Prepaid expenses                           5,014        5,774        3,433
----------------------------------------------------------------------------
Total Current Assets                       193,941      192,597      150,723
                                                                            
Non-Current Assets                                                          
  Property, plant and equipment             37,807       35,823       35,422
  Defined benefit plan asset                 1,531            -        1,041
  Deferred tax asset                             -          167            -
----------------------------------------------------------------------------
Total Non-Current Assets                    39,338       35,990       36,463
----------------------------------------------------------------------------
                                           233,279      228,587      187,186
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Liabilities                                                                 
Current liabilities                                                         
  Bank indebtedness                         76,326       75,997       34,169
  Trade and other payables                  32,522       31,638       29,457
  Income taxes payable                         359          292          742
  Current portion of long term debt            216            -           38
----------------------------------------------------------------------------
Total Current Liabilities                  109,423      107,927       64,406
                                                                            
Non-Current Liabilities                                                     
  Provisions                                 1,502        1,441        1,471
  Long Term Debt                               769          150          112
  Deferred income taxes                      2,393            -        2,393
  Defined benefit plan obligation              788        9,377        1,666
----------------------------------------------------------------------------
Total Non-Current Liabilities                5,452       10,968        5,642
----------------------------------------------------------------------------
                                           114,875      118,895       70,048
----------------------------------------------------------------------------
                                                                            
Shareholders' equity                                                        
  Share capital                              9,152        9,152        9,152
  Retained earnings                        109,252      100,540      107,986
----------------------------------------------------------------------------
                                           118,404      109,692      117,138
----------------------------------------------------------------------------
                                           233,279      228,587      187,186
----------------------------------------------------------------------------
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GOODFELLOW INC.                                                             
Consolidated Statements of Cash Flows                                       
(in thousands of dollars)                                                   
Unaudited                                                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                      Nine months ended  Three months ended 
                                                 May 31              May 31 
                                         2014      2013      2014      2013 
----------------------------------------------------------------------------
                                            $         $         $         $ 
                                                                            
Cash Flows Used in Operating                                                
 Activities                                                                 
  Net Earnings                          2,967     2,306     2,078     2,485 
  Adjustments for :                                                         
    Depreciation                        2,042     2,049       765       701 
    Accretion expense on                                                    
     environmental provision               31        (1)       11       (16)
    Gain on disposal of fixed assets       (5)        -         -         - 
    Income tax expense                  1,212       942       849     1,015 
    Interest expense                      842       775       398       364 
    Funding in excess of pension                                            
     plan expense                      (1,367)   (1,177)     (362)     (308)
----------------------------------------------------------------------------
                                        5,722     4,894     3,739     4,241 
----------------------------------------------------------------------------
                                                                            
  Changes in non-cash working                                               
   capital items                      (39,853)  (39,403)  (34,442)  (34,343)
  Interest paid                          (945)     (822)     (417)     (362)
  Income taxes paid                    (1,596)     (671)     (453)     (211)
----------------------------------------------------------------------------
                                      (42,394)  (40,896)  (35,312)  (34,916)
----------------------------------------------------------------------------
                                                                            
Cash Flows From (Used In) Financing                                         
 Activities                                                                 
  (Decrease) Increase in bank loans    (3,800)    1,000    (9,800)   (7,000)
  Increase in banker's acceptances     42,000    33,000    40,000    37,000 
  Long term debt                          835       150       (74)        - 
  Redemption of shares                      -       (14)        -         - 
  Dividends paid                       (1,701)   (1,275)        -         - 
----------------------------------------------------------------------------
                                       37,334    32,861    30,126    30,000 
----------------------------------------------------------------------------
                                                                            
Cash Flows Used In Investing                                                
 Activities                                                                 
  Acquisition of property, plant and                                        
   equipment                           (4,431)   (2,128)     (477)     (271)
  Proceeds on disposal of capital                                           
   assets                                  10         -         -         - 
----------------------------------------------------------------------------
                                       (4,421)   (2,128)     (477)     (271)
----------------------------------------------------------------------------
                                                                            
Net cash outflow                       (3,759)   (5,269)   (1,924)     (946)
Cash position, beginning of year       (4,972)   (8,450)   (6,807)  (12,773)
----------------------------------------------------------------------------
Cash position, end of year             (8,731)  (13,719)   (8,731)  (13,719)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Cash position is comprised of :                                             
  Cash and cash equivalents               394       278       394       278 
  Bank overdraft                       (9,125)  (13,997)   (9,125)  (13,997)
----------------------------------------------------------------------------
                                       (8,731)  (13,719)   (8,731)  (13,719)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                                                            
GOODFELLOW INC.                                                             
Consolidated Statements of Change in Shareholders' Equity                   
For The Nine Months Ended May 31, 2014 and 2013                             
(in thousands of dollar)                                                    
Unaudited                                                                   
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                          Share      Retained               
                                        Capital      Earnings         Total 
----------------------------------------------------------------------------
                                              $             $             $ 
                                                                            
Balance as at August 31, 2012             9,154        99,521       108,675 
----------------------------------------------------------------------------
                                                                            
Net earnings                                  -         2,306         2,306 
Transactions with owners, recorded                                          
 directly in shareholders' equity                                           
  Dividends                                   -        (1,275)       (1,275)
  Redemption of Shares                       (2)          (12)          (14)
                                                                            
----------------------------------------------------------------------------
Balance as at May 31, 2013                9,152       100,540       109,692 
----------------------------------------------------------------------------
                                                                            
Balance as at August 31, 2013             9,152       107,986       117,138 
----------------------------------------------------------------------------
                                                                            
Net earnings                                  -         2,967         2,967 
                                                                            
Transactions with owners, recorded                                          
 directly in shareholders' equity                                           
  Dividends                                   -        (1,701)       (1,701)
                                                                            
                                                                            
----------------------------------------------------------------------------
Balance as at May 31, 2014                9,152       109,252       118,404 
----------------------------------------------------------------------------

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