Goodfellow Reports Its Results for the Fiscal Year Ended August 31, 2011
09 Novembro 2011 - 7:36PM
Marketwired
Goodfellow Inc. (TSX:GDL) announced today its financial results for
the fiscal year ended August 31, 2011. The Company generated net
earnings of $3.0 million or $0.35 per share compared to a net
earnings of $12.7 million or $1.48 per share a year ago.
Consolidated sales for the fiscal year 2011 were $466.8 million
compared to $504.5 million for the same period a year ago. Cash
flow from operations (excluding non-cash working capital items) for
fiscal 2011 decreased to $4.7 million from $13.8 million for the
same period last year. The sales decline was in big part due to the
lower demand for flooring products linked with the absence of the
Home Renovation Tax Credit which was in full effect during the
first six months last year and the slowing business conditions
overall in the lumber distribution. The Canadian housing market
declined slightly during fiscal 2011 compared to last year.
The Company generated net income of $2.5 million or $0.29 per
share during the fourth quarter of fiscal 2011 compared to a net
income of $4.9 million or $0.57 per share a year ago. Consolidated
sales for the fourth quarter of fiscal 2011 were $135.0 million
compared to $147.4 million for the same period a year ago. Cash
flow from operations (excluding non-cash working capital) for the
fourth quarter of fiscal 2011 decreased to $2.8 million from $5.6
million for the same period last year.
"As warned in last year's annual report, fiscal 2011 was a
slowing situation" said Richard Goodfellow, President and Chief
Executive Officer. "Despite these declines, we continued to grow
our market share in most areas of activity while attempting to
operate at a lower cost level with reduced inventories."
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 Earnings and Comprehensive Income
Years ended August 31, 2011 and 2010
(in thousands of dollars, except per share amounts)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2011 2010
----------------------------------------------------------------------------
$ $
Sales 466,809 504,477
----------------------------------------------------------------------------
Expenses
Cost of goods sold, selling, administrative, and
general expenses 458,968 483,254
Amortization 1,556 1,507
Financial 1,559 1,251
Foreign currency loss 523 368
----------------------------------------------------------------------------
462,606 486,380
----------------------------------------------------------------------------
Earnings before income taxes 4,203 18,097
Income taxes 1,221 5,434
----------------------------------------------------------------------------
Net earnings, being Comprehensive Income 2,982 12,663
----------------------------------------------------------------------------
Earnings per share
----------------------------------------------------------------------------
Basic and diluted 0.35 1.48
----------------------------------------------------------------------------
GOODFELLOW INC.
Consolidated Statements of Retained Earnings
Years ended August 31, 2011 and 2010
(in thousands of dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2011 2010
----------------------------------------------------------------------------
$ $
Balance, beginning of year 106,880 101,932
Net earnings 2,982 12,663
----------------------------------------------------------------------------
109,862 114,595
Dividends (3,428) (7,715)
----------------------------------------------------------------------------
Balance, end of year 106,434 106,880
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GOODFELLOW INC.
Consolidated Balance Sheets as at August 31, 2011 and 2010
(in thousands of dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2011 2010
----------------------------------------------------------------------------
$ $
Assets
Current assets
Cash 210 548
Accounts receivable 71,284 81,184
Income taxes recoverable 3,708 -
Inventories 58,722 63,367
Prepaid expenses 1,699 1,647
----------------------------------------------------------------------------
135,623 146,746
Capital assets 30,339 30,538
Deferred pension asset 7,199 6,520
----------------------------------------------------------------------------
173,161 183,804
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities
Current liabilities
Bank indebtedness 28,617 27,132
Accounts payable and accrued liabilities 25,913 35,964
Income taxes payable - 1,584
----------------------------------------------------------------------------
54,530 64,680
Future income taxes 2,975 3,022
----------------------------------------------------------------------------
57,505 67,702
----------------------------------------------------------------------------
Shareholders' equity
Capital stock 9,222 9,222
Retained earnings 106,434 106,880
----------------------------------------------------------------------------
115,656 116,102
----------------------------------------------------------------------------
173,161 183,804
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GOODFELLOW INC.
Consolidated Statements of Cash Flows
Years ended August 31, 2011 and 2010
(in thousands of dollars)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
2011 2010
----------------------------------------------------------------------------
$ $
Cash Flows from Operating Activities
Net earnings 2,982 12,663
Adjustments for:
Amortization 1,556 1,507
Amortization included in cost of goods sold 1,002 1,046
Future income taxes (47) 348
(Gain) loss on disposal of capital assets (117) 8
Funding of pension plan in excess of expense (679) (1,819)
----------------------------------------------------------------------------
4,697 13,753
Changes in non-cash working capital items (812) (25,057)
----------------------------------------------------------------------------
3,885 (11,304)
----------------------------------------------------------------------------
Cash Flows (used in) from Financing Activities
(Decrease) increase in bank loan (4,000) 13,000
Increase in banker's acceptances - 10,000
Dividends (3,428) (7,715)
----------------------------------------------------------------------------
(7,428) 15,285
----------------------------------------------------------------------------
Cash flows used in investing activities
Acquisition of capital assets (2,448) (2,745)
Proceeds on disposal of capital assets 168 27
----------------------------------------------------------------------------
(2,280) (2,718)
----------------------------------------------------------------------------
Net cash (outflow) inflow (5,823) 1,263
Cash Position, beginning of year (3,584) (4,847)
----------------------------------------------------------------------------
Cash Position, end of year (9,407) (3,584)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Position is comprised of:
Cash 210 548
Bank overdraft (9,617) (4,132)
----------------------------------------------------------------------------
(9,407) (3,584)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional cash flow information
Interest paid 1,052 777
Income taxes paid 6,560 3,741
Unpaid fixed assets 3 41
Contacts: Goodfellow Inc. Richard Goodfellow President and CEO
(450) 635-6511 (450) 635-3730 (FAX)info@goodfellowinc.com
Goodfellow (TSX:GDL)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Goodfellow (TSX:GDL)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
