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
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...