GOODFELLOW REPORTS ITS RESULTS FOR THE FIRST QUARTER ENDED FEBRUARY 29, 2020

Nachrichtenquelle: globenewswire
10.04.2020, 00:00  |  108   |   |   

DELSON, Quebec, April 09, 2020 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the first quarter ended February 29, 2020. The Company reported a net loss of $2.1 million or $0.24 per share compared to a net loss of $1.6 million or $0.18 per share a year ago.

Consolidated sales for the three months ended February 29, 2020 were $88.9 million compared to $88.2 million last year. Sales in Canada increased 2% compared to the same period a year ago, while sales in the United States decreased 1% (on a Canadian dollar basis) and export sales decreased 13% compared to the same period a year ago. On the operating side, selling, administrative and general expenses increased overall by $1.1 million and overall gross profit before selling and administrative costs increased by $0.5 million.

"During Fiscal year 2019-2020 Goodfellow will put strong emphasis on market share growth within and outside its customer base. In what is lining up to be a very difficult year for Canadians, Goodfellow will pursue a responsible and conservative strategy. Our concentration on value added product lines will be front and center to support construction, renovation and infrastructure projects. The company will put great emphasis on cost control and right sizing its inventories to adapt to what certainly will be an unprecedented year of challenges and obstacles in North America & Overseas."

Subsequent to February 29, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The current challenging economic climate should have a direct or indirect impact on the Company’s operating results and financial position in the future. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on our business is not known at this time.

Goodfellow Inc. is a distributor of lumber products, building materials and floor coverings. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.

GOODFELLOW INC. 
Consolidated Statements of Comprehensive Income 
For the three months ended February 29, 2020 and February 28, 2019
(in thousands of dollars, except per share amounts) 
Unaudited 
 
  For the three months ended
 
  February 29
2020
  February 28
2019
 
  $   $  
     
Sales 88,856   88,153  
Expenses    
Cost of goods sold 71,480   71,241  
Selling, administrative and general expenses 19,518   18,367  
(Gain) loss on disposal of property, plant and equipment (15 ) 7  
Net financial costs 734   691  
  91,717   90,306  
     
Loss before income taxes (2,861 ) (2,153 )
     
Income taxes (801 ) (603 )
     
Total comprehensive loss (2,060 ) (1,550 )
   
   
Net loss per share – Basic and Diluted  (0.24 ) (0.18 )


GOODFELLOW INC. 
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
 
  As at As at As at
  February 29
2020
November 30
2019
February 28
2019
  $ $ $
Assets      
Current Assets      
Cash 2,089 2,364 2,159
Trade and other receivables 54,082 48,498 54,342
Income taxes receivable 1,096 - 647
Inventories 99,300 87,339 107,879
Prepaid expenses 4,250 2,563 2,133
Total Current Assets 160,817 140,764 167,160
       
Non-Current Assets      
Property, plant and equipment 32,517 32,838 33,958
Intangible assets 3,746 3,927 4,292
Right-of-use assets 16,304 - -
Defined benefit plan asset 2,210 2,222 2,703
Investment in a joint venture 25 25 25
Other assets 753 805 849
Total Non-Current Assets 55,555 39,817 41,827
Total Assets 216,372 180,581  208,987
       
Liabilities      
Current liabilities      
Bank indebtedness 47 845 31,204 56,155
Trade and other payables 35 549 29,048 36,066
Income taxes payable - 734 -
Provision 1 478 1,470 336
Dividend payable 856 856 851
Current portion of lease liabilities 4 254 15 14
Total Current Liabilities 89 982 63,327 93,422
       
Non-Current Liabilities      
Provision - - 1,321
Lease liabilities 15,547 28 39
Deferred income taxes 2,269 3,209 3,652
Defined benefit plan obligation 649 609 91
Total Non-Current Liabilities 18,465 3,846 5,103
Total Liabilities 108,447 67,173 98,525
       
Shareholders’ Equity      
Share capital 9,424 9,424 9,152
Retained earnings 98,501 103,984 101,310
  107,925 113,408 110,462
Total Liabilities and Shareholders’ Equity 216,372 180,581 208,987


GOODFELLOW INC. 
Consolidated Statements of Cash Flows 
For the three months ended February 29, 2020 and February 28, 2019
(in thousands of dollars)
Unaudited
    For the three months ended
  February 29 February 28
  2020 2019
  $ $
Operating Activities    
Net loss (2,060) (1,550)
Adjustments for:    
Depreciation and amortization of:    
Property, plant and equipment 651 696
Right-of-use assets 1,093
Intangible assets 181 171
Accretion expense on provision 18 3
Decrease in provision (10) -
Income taxes  (801) (603)
(Gain) loss on disposal of property, plant and equipment (15) 7
Interest expense 323 482
Interest on lease liabilities 179 -
Funding in deficit of pension plan expense 52 35
Other assets - 67
  (389) (692)
     
Changes in non-cash working capital items  (12,616) (11,781)
Interest paid (348) (486)
Income taxes paid (1,029) (453)
  (13,993) (12,720)
Net Cash Flows from Operating Activities  (14,382) (13,412)
     
Financing Activities    
Net decrease in bank loans (3,000) (3,000)
Net increase in banker’s acceptances 13,000 15,000
Payment of lease liabilities (1,333) (4)
Dividend Paid (856) -
  7,811 11,996
     
Investing Activities    
Acquisition of property, plant and equipment (361) (312)
Increase in intangible assets (19)
Proceeds on disposal of property, plant and equipment 16 8
  (345) (323)
     
Net cash outflow (6,916) (1,739)
Cash position, beginning of period 1,160 743
Cash position, end of period (5,756) (996)
     
Cash position is comprised of:    
Cash 2,089 2,159
Bank overdraft  (7,845) (3,155)
  (5,756) (996)
     


GOODFELLOW INC.
Consolidated Statements of Change in Shareholders’ Equity
For the three months ended February 29, 2020 and February 28, 2019
(in thousands of dollars)
Unaudited
       
  Share Retained Total
Capital Earnings
    $ $ $
       
Balance as at November 30, 2018  9,152 103,711 112,863
       
Net loss - (1,550) (1,550)
       
Total comprehensive loss - (1,550) (1,550)
       
Transactions with owners of the Company      
       
Dividend - (851) (851)
       
Balance as at February 28, 2019 9,152 101,310 110,462
       
       
Balance as at November 30, 2019 9,424 103,984 113,408
       
IFRS 16 adoption adjustment, net of taxes of $940  - (2,567) (2,567)
       
Balance as at December 1, 2019  9,424 101,417 110,841
       
Net loss - (2,060) (2,060)
       
Total comprehensive loss - (2,060) (2,060)
       
Transactions with owners of the Company      
   
   
Dividend  - (856) (856)
       
Balance as at February 29, 2020 9,424 98,501 107,925

From:
Goodfellow inc.
Patrick Goodfellow

President and CEO
Tel: 450 635-6511
Fax: 450 635-3730
Internet: info@goodfellowinc.com

Goodfellow Aktie jetzt ab 0€ handeln - auf Smartbroker.de



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