Goodfellow Inc. (TSX:GDL) today reported its financial results for the third
quarter ended May 31, 2011. Net income from operations were $1.2 million or
$0.15 per share compared to a net income of $3.8 million or $0.45 per share a
year ago. Consolidated sales for the third quarter of fiscal 2011 were $127.5
million compared to $140.0 million for the same period a year ago. Cash flow
from operations (excluding non-cash working capital) for the third quarter of
fiscal 2011 decreased to $1.8 million from $3.2 million last year. Sales in
Canada decreased 9% compared to the same period last year. This was mainly due
to lower housing starts and slower demand from the retailers due to bad weather
conditions throughout the third quarter. Consequently, flooring sales were
affected by the reduced demand in the retail industry and commodity plywood
sales decreased due to the slower new housing market. Sales in the US decreased
31% due to declining housing starts in the Northeast US combined with the
economic uncertainty. Export sales increased 39% compared to last year due
mainly to strong hardwood lumber sales in China and the Middle East. Selling,
General and Administrative expenses for the third quarter of fiscal 2011
increased slightly at $21.1 million compared to $21.0 million for the
corresponding period a year ago. The increase is due to higher direct labour due
to the growth in value-added production items during the 3rd quarter and higher
energy costs due to the fuel price increase effect of our distribution and
production equipment.
For the nine months ended May 31, 2011, the Company reported net income from
operations of $0.5 million or $0.06 per share compared to a net income of $7.8
million or $0.91 per share a year ago. Consolidated sales were $331.8 million
compared to $357.1 million for the same period a year ago. Cash flow from
operations (excluding non-cash working capital) decreased to $1.9 million from
$8.2 million for the same period last year.
"The 3rd quarter results reflect the sluggish business conditions across the
country not helped by the very poor weather and the election period." said
Richard Goodfellow, President and Chief Executive Officer. "We remain positive
about our 4th quarter prospects while keeping a close eye on our costs".
Goodfellow Inc. is one of Canada's largest independent re-manufacturers and
distributors of lumber and hardwood flooring products. Goodfellow shares trade
on the Toronto Stock Exchange under the symbol GDL.
GOODFELLOW INC.
Consolidated statements of earnings
(in thousands of dollars, except per share amounts)
(unaudited)
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Three Months Nine Months
ended May 31 ended May 31
2011 2010 2011 2010
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$ $ $ $
Sales 127,535 140,014 331,767 357,092
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Expenses
Cost of goods sold, selling,
administrative and
general expenses 124,895 133,625 328,376 343,392
Amortization 401 380 1,151 1,106
Financial 409 324 1,076 816
Foreign currency loss 53 141 447 447
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125,758 134,470 331,050 345,761
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Earnings before income taxes 1,777 5,544 717 11,331
Income taxes 551 1,748 222 3,573
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Net earnings 1,226 3,796 495 7,758
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Earnings per share
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Basic and diluted 0.15 0.45 0.06 0.91
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GOODFELLOW INC.
Consolidated statements of retained earnings
(in thousands of dollars)
(unaudited)
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Nine Months
ended May 31
2011 2010
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$ $
Balance, beginning of year 106,880 101,932
Net earnings 495 7,758
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107,375 109,690
Dividends (2,572) (5,143)
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Balance, end of year 104,804 104,547
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Consolidated statements of comprehensive income
(in thousands of dollars)
(unaudited)
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Three Months Nine Months
ended May 31 ended May 31
2011 2010 2011 2010
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$ $ $ $
Net Income 1,226 3,796 495 7,758
Other comprehensive income
Foreign currency translation
adjustment - - - -
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Total other comprehensive income - - - -
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Comprehensive income 1,226 3,796 495 7,758
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GOODFELLOW INC.
Consolidated balance sheets
As at May 31, 2011 and 2010, August 31, 2010
(in thousands of dollars)
(unaudited)
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May 31 May 31 August 31
2011 2010 2010
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$ $ $
Assets
Current assets
Cash 443 302 548
Accounts receivable 77,812 81,186 81,184
Income taxes recoverable 3,408 - -
Inventories 82,421 80,038 63,367
Prepaid expenses 2,916 3,298 1,647
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167,000 164,824 146,746
Capital assets 30,724 30,489 30,538
Deferred pension asset 7,013 6,185 6,520
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204,737 201,498 183,804
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Liabilities
Current liabilities
Bank indebtedness 52,158 47,214 27,132
Accounts payable and accrued liabilities 35,531 36,823 35,964
Income taxes payable - 1,018 1,584
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87,689 85,055 64,680
Future income taxes 3,022 2,674 3,022
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90,711 87,729 67,702
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Shareholders' equity
Capital stock 9,222 9,222 9,222
Retained earnings 104,804 104,547 106,880
Accumulated other comprehensive income - - -
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114,026 113,769 116,102
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204,737 201,498 183,804
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GOODFELLOW INC.
Consolidated statements of cash flows
(in thousands of dollars)
(unaudited)
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Three Months Nine Months
ended May 31 ended May 31
2011 2010 2011 2010
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$ $ $ $
Cash flows from operating activities
Net earnings 1,226 3,796 495 7,758
Adjustments for :
Amortization 401 380 1,151 1,106
Amortization included in cost of
good sold 257 265 743 775
Loss on disposal of capital assets 30 - 30 6
Shortage of expense over pension
plan funding (163) (1,247) (493) (1,484)
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1,751 3,194 1,926 8,161
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Changes in non-cash working
capital items (19,808) (23,438) (22,373) (43,076)
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(18,057) (20,244) (20,447) (34,915)
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Cash flows used by financing
activities
(Decrease) increase in bank loan (4,000) 1,000 (5,000) 10,000
(Decrease) increase in banker's
acceptances 26,000 15,000 26,000 25,000
Dividends - (2,571) (2,572) (5,143)
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22,000 13,429 18,428 29,857
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Cash flows used by investing
activities
Acquisition of capital assets (367) (577) (2,112) (2,028)
Proceeds on disposal of capital
assets - - - 21
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(367) (577) (2,112) (2,007)
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Net cash (outflow) inflow 3,576 (7,392) (4,131) (7,065)
(Bank overdraft), beginning of year (11,291) (4,520) (3,584) (4,847)
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Bank overdraft, end of year (7,715) (11,912) (7,715) (11,912)
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Bank overdraft is comprised of :
Cash 443 302 443 302
Bank overdraft (8,158) (12,214) (8,158) (12,214)
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(7,715) (11,912) (7,715) (11,912)
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