Goodfellow Inc. (TSX:GDL) announced today its financial results for the third
quarter ended May 31, 2009. Consolidated sales reached $110.2 million compared
to $131.5 million a year ago. Results from operations for the third quarter of
fiscal 2009 show a net income of $2.1 million or $0.24 per share compared to
$1.7 million or $0.20 per share a year ago. The third quarter of fiscal 2009 was
impacted by the overall slowdown in the Canadian and US economy combined with
the depressed housing market on both sides of the border. The Company's gross
margin increased to an average of 19.1% compared to 18.1% last year impacted by
a strong performance of our traditional value-added product mix. In addition,
the Company focused on controlling its operating costs to adapt to the business
conditions which remained difficult. With the weakened economy and tight credit
conditions, additional bad debt provisions were taken during the third quarter.
Finally, low interest rate combined with lower bank indebtedness resulted in
savings which helped the Company achieve these results.
For the nine months ended May 31, 2009, consolidated sales reached $312.6
million compared to $348.8 million for the same period a year ago. The Company
generated net income from operations for the nine months ended May 31, 2009 of
$2.3 million or $0.27 per share. The results from operations excludes a non
recurring gain of $3.1 million or $0.37 per share which represents the
revaluation at fair value of fixed assets exchanged resulting from the
expropriation of part of our Delson facility. Consequently net income for the
first nine months of fiscal 2009 reached $5.5 million or $0.64 per share
compared to $3.6 million or $0.42 per share a year ago. Finally, cash flow from
operations (excluding non-cash working capital) for the first nine months ended
May 31, 2009 decreased to $3.5 million from $4.8 million for the same period
last year.
"Challenging times continue for us in most of our market areas but decisions
taken recently helped us return to operating profitability during the third
quarter" said Richard Goodfellow, President and Chief Executive Officer. "We are
now poised for our key fourth quarter and it is expected sales levels will
continue below expectations but we should remain at similar profit levels to
last year. Our order files continue to remain relatively strong and the fourth
quarter has traditionally been the best one for the company."
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.
STATEMENT OF INCOME
(in thousands of dollars except
earnings per share)
(unaudited) Nine Months Three Months
Ended May 31 Ended May 31
2009 2008 2009 2008
$ $ $ $
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Sales 312,612 348,760 110,177 131,506
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Expenses
Cost of goods sold,
selling,
administrative and
general expenses 302,183 339,972 106,202 127,746
Depreciation and
amortization 1,735 1,690 655 569
Financial 913 1,657 252 609
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304,831 343,319 107,109 128,925
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Income before
income taxes 7,781 5,441 3,068 2,581
Income taxes 2,258 1,823 993 865
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Net income 5,523 3,618 2,075 1,716
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Earnings per share 0.64 0.42 0.24 0.20
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Earnings per share
diluted 0.64 0.42 0.24 0.20
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CONSOLIDATED BALANCE SHEETS
(in thousand of dollars) As at As at As at
May 31, May 31, August 31,
2009 2008 2008
(unaudited) (unaudited) (audited)
$ $ $
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Assets
Current assets
Cash 433 734 860
Accounts receivable 66,553 78,667 72,843
Income taxes recoverable 1,309 2,362 2,045
Inventories 59,806 65,776 47,135
Prepaid expenses 2,931 4,905 3,810
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131,032 152,445 126,693
Capital assets 30,345 26,097 25,873
Deferred pension asset 4,500 3,537 3,828
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165,877 182,080 156,394
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Liabilities
Current liabilities
Bank indebtedness 28,185 46,412 21,940
Accounts payable and
accrued liabilities 27,875 32,670 29,471
Income taxes payable - - -
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56,060 79,082 51,411
Future income taxes 2,690 1,678 1,498
Shareholders' equity
Capital stock 9,222 9,234 9,229
Retained earnings 97,905 92,389 94,559
Accumulated other
comprehensive income - (303) (303)
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107,127 101,320 103,485
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165,877 182,080 156,394
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CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(in thousands of dollars)
(unaudited) Nine Months
Ended May 31
2009 2008
$ $
-------------------------------------------------------------------------
Balance at beginning 94,559 91,801
Net income for the period 5,523 3,618
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100,082 95,419
Redemption of shares 33 26
Dividends 2,144 3,005
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Balance at end 97,905 92,389
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of dollars)
(unaudited) Nine Months Three Months
Ended May 31 Ended May 31
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Operating activities
Net income 5,523 3,618 2,075 1,716
Items not
affecting cash
Depreciation and
amortization 1,735 1,690 655 569
Excess (shortage)
of expense over
pension plan
funding (671) (484) (199) (14)
Gain on disposal
of assets (4,298) (1) - (1)
Deferred income
taxes 1,192 - - -
-------------------------------------------------------------------------
3,481 4,823 2,531 2,271
Changes in non-cash
operating working
capital balances
Decrease (increase)
in accounts
receivable 6,291 4,182 (15,288) (21,297)
Decrease (increase)
in inventories (12,671) (13,493) 3,245 8,933
Decrease (increase)
in prepaid expenses 878 (72) 37 920
Increase (decrease)
in accounts payable (1,598) 1,319 4,079 8,819
Increase (decrease)
in income taxes 736 (2,554) 1,186 (12)
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(2,883) (5,794) (4,210) (366)
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Financing activities
Dividends (2,144) (3,005) - -
Purchase of
common shares (33) (26) (3) (26)
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(2,177) (3,031) (3) (26)
-------------------------------------------------------------------------
Investing activities
Acquisition of
fixed assets (2,097) (1,301) (318) (257)
Disposal of
fixed assets 181 120 - 120
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(1,916) (1,181) (318) (137)
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Other comprehensive
income 303 (119) - -
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-------------------------------------------------------------------------
Net cash inflow
(outflow) (6,673) (10,125) (4,531) (529)
-------------------------------------------------------------------------
Cash and cash
equivalents,
beginning of period (21,079) (35,553) (23,221) (45,149)
-------------------------------------------------------------------------
Cash and cash
equivalents, end
of period (27,752) (45,678) (27,752) (45,678)
-------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands of dollars,
except earnings per share)
(unaudited) Nine months Three months
Ended May 31 Ended May 31
2009 2008 2009 2008
$ $ $ $
-------------------------------------------------------------------------
Net income 5,523 3,618 2,075 1,716
Other comprehensive
income
Net investments in
self-sustaining
foreign operations 303 (119) - -
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Total other
comprehensive income 303 (119) - -
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Comprehensive income 5,826 3,499 2,075 1,716
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