Welcome!

News Feed Item

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
----------------------------------------------------------------------------

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
----------------------------------------------------------------------------
                                       335,577   342,423   131,108   134,695
----------------------------------------------------------------------------


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
----------------------------------------------------------------------------
----------------------------------------------------------------------------



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
----------------------------------------------------------------------------

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
After more than five years of DevOps, definitions are evolving, boundaries are expanding, ‘unicorns’ are no longer rare, enterprises are on board, and pundits are moving on. Can we now look at an evolution of DevOps? Should we? Is the foundation of DevOps ‘done’, or is there still too much left to do? What is mature, and what is still missing? What does the next 5 years of DevOps look like? In this Power Panel at DevOps Summit, moderated by DevOps Summit Conference Chair Andi Mann, panelists loo...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, paneli...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
SYS-CON Events announced today that TMC has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo and Big Data at Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Global buyers rely on TMC’s content-driven marketplaces to make purchase decisions and navigate markets. Learn how we can help you reach your marketing goals.
Managing mission-critical SAP systems and landscapes has never been easy. Add public cloud with its myriad of powerful cloud native services and this may not change any time soon. Public cloud offers exciting new possibilities for enterprise workloads. But to make use of these possibilities and capabilities, IT teams need to re-think everything they have done before. Otherwise, they will just end up using public cloud as a hosting platform for their workloads, aka known as “lift and shift.”
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
SYS-CON Events announced today that TechTarget has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...