Goodfellow Reports its Results for the Second Quarter Ended May 31, 2020

Nachrichtenquelle: globenewswire
09.07.2020, 23:48  |  107   |   |   

DELSON, Quebec, July 09, 2020 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the second quarter ended May 31, 2020. The Company reported a net income of $3.4 million or $0.40 per share compared to a net income of $1.9 million or $0.22 per share a year ago. Consolidated sales were $103.8 million compared to $123.7 million last year. Sales in Canada decreased 15% compared to the same period a year ago, while sales in the United States decreased 18% (on a Canadian dollar basis) and export sales decreased 35% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $6.2 million.

For the six months ended May 31, 2020, the Company reported a net income of $1.3 million or $0.16 per share compared to a net income of $0.3 million or $0.04 per share a year ago. Consolidated sales were $192.6 million compared to $211.9 million last year. Sales in Canada decreased 8% compared to the same period a year ago, while sales in the United States decreased 11% (on a Canadian dollar basis) and export sales decreased 26% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $5.0 million.

In the face of the COVID-19 pandemic, the Company implemented rigorous hygiene practices and physical distancing measures in its workplaces to mitigate health risks to its employees, business partners and communities where it operates. Although the Company was able to keep most of its facilities opened during the COVID-19 pandemic relying on exemptions from mandatory closures for essential products and services. The Company also implemented a number of cost-reduction measures such as reduced expenses related to non-essential travel and has temporarily reduced its workforce. Furthermore, the Company benefited from the Canada Emergency Wage Subsidy that contributed in particular to maintaining jobs relating to the production and distribution of essential services.

“Our result in the second quarter is as a result of unforeseen pandemic circumstances combined with a contrasting, unprecedented surge in seasonal demand.’’

Despite the fact that the impacts of the COVID-19 pandemic in the coming months remain unpredictable, we expect to continue generating positive cash flows from our operating activities.

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 and six months ended May 31, 2020 and 2019
(in thousands of dollars, except per share amounts)
Unaudited
 
  For the three months ended For the six months ended
  May 31
2020
May 31
2019
May 31
2020
May 31
2019
  $ $ $ $
         
Sales 103,763 123,713 192,619 211,866
Expenses        
Cost of goods sold 84,238 100,007 155,718 171,248
Selling, administrative and general expenses 14,060 20,260 33,578 38,627
Loss (gain) on disposal of property, plant and equipment 5 - (10) 7
Net financial costs 739 863 1,473 1,554
  99,042 121,130 190,759 211,436
         
Earnings before income taxes 4,721 2,583 1,860 430
         
Income taxes 1,322 728 521 125
         
Total comprehensive income 3,399 1,855 1,339 305
         
         
Net earnings per share – Basic 0.40 0.22  0.16 0.04
Net earnings per share – Diluted 0.40 0.21 0.16 0.03
 


GOODFELLOW INC.
Consolidated Statements of Financial Position 
(in thousands of dollars)
Unaudited 
  
  As at As at As at
  May 31
2020
November 30
2019
May 31
2019
  $ $ $
Assets      
Current Assets      
Cash 1,854 2,364 2,942
Trade and other receivables 69,531 48,498 75,939
Income taxes receivable - - 142
Inventories 92,071 87,339 108,594
Prepaid expenses 1,469 2,563 2,626
Total Current Assets 164,925 140,764 190,243
       
Non-Current Assets      
Property, plant and equipment 31,992 32,838 33,186
Intangible assets 3,600 3,927 4,145
Right-of-use assets 15,723 - -
Defined benefit plan asset 2,198 2,222 2,702
Investment in a joint venture 25 25 25
Other assets 753 805 849
Total Non-Current Assets 54,291 39,817 40,907
Total Assets 219,216 180,581 231,150
       
Liabilities      
Current liabilities      
Bank indebtedness 43,562 31,204 68,000
Trade and other payables 40,492 29,048 45,696
Income taxes payable 164 734 -
Provision 1,496 1,470 336
Dividend payable - 856 -
Current portion of lease liabilities 4,242 15 15
Total Current Liabilities 89,956 63,327 114,047
       
Non-Current Liabilities      
Provision - - 1,324
Lease liabilities 14,975 28 36
Deferred income taxes 2,269 3,209 3,652
Defined benefit plan obligation 692 609 125
Total Non-Current Liabilities 17,936 3,846 5,137
Total Liabilities 107,892 67,173 119,184
       
Shareholders’ Equity      
Share capital 9,424 9,424 9,152
Retained earnings 101,900 103,984 102,814
  111,324 113,408 111,966
Total Liabilities and Shareholders’ Equity 219,216 180,581 231,150
 


GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2020 and 2019
(in thousands of dollars)
Unaudited
  
  For the three months ended
  For the six months ended
 
  May 31
2020
  May 31
2019
  May 31
2020
  May 31
2019
 
 
  $   $   $   $  
Operating Activities        
Net earnings 3,399   1,855   1,339   305  
Adjustments for:        
Depreciation and amortization of:        
Property, plant and equipment 673   684   1,324   1,380  
Right-of-use assets 1,088   -   2,181   -  
Intangible assets 182   172   363   343  
Accretion expense on provision 18   4   36   7  
Decrease in provision -   -   (10 ) -  
Income taxes 1,322   728   521   125  
Loss (gain) on disposal of property, plant and equipment 5   -   (10 ) 7  
Interest expense 315   623   638   1,105  
Interest on lease liabilities 174   -   353   -  
Funding in deficit of pension plan expense 54   36   106   71  
Other assets -   -   -   67  
Other 41   -   41   -  
  7,271   4,102   6,882   3,410  
         
Changes in non-cash working capital items (538 ) (13,424 ) (13,154 ) (25,205 )
Interest paid (271 ) (725 ) (619 ) (1,211 )
Income taxes paid (62 ) (223 ) (1,091 ) (676 )
  (871 ) (14,372 ) (14,864 ) (27,092 )
Net Cash Flows from Operating Activities 6,400   (10,270 ) (7,982 ) (23,682 )
         
Financing Activities        
Net (decrease) increase in bank loans (2,000 ) 5,000   (5,000 ) 2,000  
Net increase in banker’s acceptances 3,000   10,000   16,000   25,000  
Payment of lease liabilities (1,309 ) (2 ) (2,642 ) (6 )
Dividend Paid (856 ) (851 ) (1,712 ) (851 )
  (1,165 ) 14,147   6,646   26,143  
         
Investing Activities        
Acquisition of property, plant and equipment (149 ) 87   (510 ) (225 )
Increase in intangible assets (36 ) (26 ) (36 ) (45 )
Proceeds on disposal of property, plant and equipment (2 ) -   14   8  
  (187 ) 61   (532 ) (262 )
         
Net cash inflow (outflow) 5,048   3,938   (1,868 ) 2,199  
Cash position, beginning of period (5,756 ) (996 ) 1,160   743  
Cash position, end of period (708 ) 2,942   (708 ) 2,942  
         
Cash position is comprised of:        
Cash 1,854   2,942   1,854   2,942  
Bank overdraft (2,562 ) -   (2,562 ) -  
  (708 ) 2,942   (708 ) 2,942  
 


GOODFELLOW INC.
Consolidated Statements of Change in Shareholders’ Equity 
For the six months ended May 31, 2020 and 2019
(in thousands of dollars)
Unaudited 
       
  Share Retained Total
Capital Earnings
    $ $ $
       
Balance as at November 30, 2018  9,152 103,711 112,863
       
Net earnings - 305 305
       
Total comprehensive income - 305 305
       
Transactions with owners of the Company      
       
Dividend  - (851) (851)
Modification of share-based payment - (351) (351)
       
Balance as at May 31, 2019 9,152 102,814 111,966
       
       
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 earnings - 1,339 1,339
       
Total comprehensive income - 1,339 1,339
       
Transactions with owners of the Company      
   
   
Dividend  - (856) (856)
       
Balance as at May 31, 2020 9,424 101,900 111,324
 


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



Diesen Artikel teilen

0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Meistgelesene Nachrichten des Autors

Titel
Titel
Titel
Titel