GDL:CC - Goodfellow Reports Its Results for the First Quarter Ended February 29 2024
DELSON, Quebec, April 11, 2024 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 29, 2024.
The Company reported a net loss of $108 thousand or $0.01 per share compared to a net loss of $211 thousand or $0.02 per share a year ago. Consolidated sales for the three months ended February 29, 2024 were $105.3 million compared to $105.9 million last year.
Though under pressure from lingering inflation and cautious consumer sentiment, Goodfellow achieved a comparable overall financial performance in the first quarter thanks to its diversified product offering, expertise in value-added services, and efficient distribution systems, as well as its strong, debt-free balance sheet. With uncertain economic conditions ahead, the Company will continue to protect margins and seize opportunities for growth with new and existing customers.
About Goodfellow
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. Goodfellow has a distribution footprint from coast-to-coast in Canada servicing commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”.
| GOODFELLOW INC. |
| Consolidated Statements of Comprehensive Income |
| For the three months ended February 29, 2024 and February 28, 2023 |
| (in thousands of dollars, except per share amounts) Unaudited |
| For the three months ended |
| February 29 2024 |
| February 28 2023 |
| $ |
| $ |
| Sales |
| 105,334 |
| 105,925 |
| Expenses |
| Cost of goods sold |
| 82,546 |
| 84,260 |
| Selling, administrative and general expenses |
| 22,884 |
| 21,684 |
| Net financial costs |
| 55 |
| 274 |
| 105,485 |
| 106,218 |
| Loss before income taxes |
| (151 |
| ) |
| (293 |
| ) |
| Income taxes |
| (43 |
| ) |
| (82 |
| ) |
| Total comprehensive loss |
| (108 |
| ) |
| (211 |
| ) |
| Net loss per share – Basic and Diluted |
| (0.01 |
| ) |
| (0.02 |
| ) |
| GOODFELLOW INC. |
| Consolidated Statements of Financial Position |
| (in thousands of dollars) |
| Unaudited |
| As at |
| As at |
| As at |
| February 29 2024 |
| November 30 2023 |
| February 28 2023 |
| $ |
| $ |
| $ |
| Assets |
| Current Assets |
| Cash |
| 4,397 |
| 28,379 |
| 1,958 |
| Trade and other receivables |
| 69,672 |
| 53,674 |
| 64,295 |
| Income taxes receivable |
| 8,254 |
| 6,286 |
| 5,539 |
| Inventories |
| 122,802 |
| 98,473 |
| 130,416 |
| Prepaid expenses |
| 3,771 |
| 4,215 |
| 3,663 |
| Total Current Assets |
| 208,896 |
| 191,027 |
| 205,871 |
| Non-Current Assets |
| Property, plant and equipment |
| 33,208 |
| 32,761 |
| 32,368 |
| Intangible assets |
| 1,340 |
| 1,487 |
| 1,945 |
| Right-of-use assets |
| 10,586 |
| 11,354 |
| 13,905 |
| Defined benefit plan asset |
| 15,453 |
| 15,347 |
| 11,690 |
| Other assets |
| 777 |
| 777 |
| 802 |
| Total Non-Current Assets |
| 61,364 |
| 61,726 |
| 60,710 |
| Total Assets |
| 270,260 |
| 252,753 |
| 266,581 |
| Liabilities |
| Current Liabilities |
| Bank indebtedness |
| 11,311 |
| - |
| 18,636 |
| Trade and other payables |
| 44,986 |
| 37,620 |
| 39,070 |
| Provision |
| 2,778 |
| 2,789 |
| 2,259 |
| Dividends payable |
| 4,256 |
| - |
| 4,274 |
| Current portion of lease liabilities |
| 4,419 |
| 4,732 |
| 4,763 |
| Total Current Liabilities |
| 67,750 |
| 45,141 |
| 69,002 |
| Non-Current Liabilities |
| Provision |
| - |
| - |
| 702 |
| Lease liabilities |
| 7,878 |
| 8,497 |
| 11,272 |
| Deferred income taxes |
| 4,112 |
| 4,112 |
| 3,431 |
| Total Non-Current Liabilities |
| 11,990 |
| 12,609 |
| 15,405 |
| Total Liabilities |
| 79,740 |
| 57,750 |
| 84,407 |
| Shareholders’ Equity |
| Share capital |
| 9,370 |
| 9,379 |
| 9,408 |
| Retained earnings |
| 181,150 |
| 185,624 |
| 172,766 |
| 190,520 |
| 195,003 |
| 182,174 |
| Total Liabilities and Shareholders’ Equity |
| 270,260 |
| 252,753 |
| 266,581 |
| GOODFELLOW INC. |
| Consolidated Statements of Cash Flows |
| For the three months ended February 29, 2024 and February 28, 2023 |
| (in thousands of dollars) Unaudited |
| For the three months ended |
| February 28 2024 |
| February 28 2023 |
| $ |
| $ |
| Operating Activities |
| Net loss |
| (108 |
| ) |
| (211 |
| ) |
| Adjustments for: |
| Depreciation and amortization of: |
| Property, plant and equipment |
| 835 |
| 745 |
| Intangible assets |
| 147 |
| 151 |
| Right-of-use assets |
| 1,034 |
| 1,257 |
| Gain on disposal of property, plant and equipment |
| (8 |
| ) |
| (10 |
| ) |
| Accretion expense on provision |
| - |
| 68 |
| Provision |
| (11 |
| ) |
| (22 |
| ) |
| Income taxes |
| (43 |
| ) |
| (82 |
| ) |
| Interest expense |
| 45 |
| 88 |
| Interest on lease liabilities |
| 137 |
| (18 |
| ) |
| Funding in deficit of pension plan expense |
| (106 |
| ) |
| (70 |
| ) |
| Other |
| 1 |
| (129 |
| ) |
| 1,923 |
| 1,767 |
| Changes in non-cash working capital items |
| (32,510 |
| ) |
| (16,280 |
| ) |
| Interest paid |
| (189 |
| ) |
| (180 |
| ) |
| Income taxes paid |
| (1,925 |
| ) |
| (3,018 |
| ) |
| (34,624 |
| ) |
| (19,406 |
| ) |
| Net Cash Flows from Operating Activities |
| (32,701 |
| ) |
| (17,639 |
| ) |
| Financing Activities |
| Net increase in bank indebtedness |
| - |
| 2,000 |
| Net increase in banker’s acceptances |
| - |
| 5,000 |
| Payment of lease liabilities |
| (1,199 |
| ) |
| (1,505 |
| ) |
| Redemption of shares |
| (119 |
| ) |
| (120 |
| ) |
| Net Cash Flows from Financing Activities |
| (1,318 |
| ) |
| 5,375 |
| Investing Activities |
| Acquisition of property, plant and equipment |
| (1,282 |
| ) |
| (844 |
| ) |
| Proceeds on disposal of property, plant and equipment |
| 8 |
| 10 |
| Other assets |
| - |
| - |
| Net Cash Flows from Investing Activities |
| (1,274 |
| ) |
| (834 |
| ) |
| Net cash outflow |
| (35,293 |
| ) |
| (13,098 |
| ) |
| Cash, beginning of period |
| 28,379 |
| 3,420 |
| Cash, end of period |
| (6,914 |
| ) |
| (9,678 |
| ) |
| Cash position is comprised of: |
| Cash |
| 4,397 |
| 1,958 |
| Bank overdraft |
| (11,311 |
| ) |
| (11,636 |
| ) |
| (6,914 |
| ) |
| (9,678 |
| ) |
| GOODFELLOW INC. |
| Consolidated Statements of Changes in Shareholders’ Equity |
| For the three months ended February 29, 2024 and February 28, 2023 |
| (in thousands of dollars) Unaudited |
| Share Capital |
| Retained Earnings |
| Total |
| $ |
| $ |
| $ |
| Balance as at November 30, 2022 |
| 9,419 |
| 177,360 |
| 186,779 |
| Net loss |
| - |
| (211 |
| ) |
| (211 |
| ) |
| Total comprehensive loss |
| - |
| (211 |
| ) |
| (211 |
| ) |
| Dividend |
| - |
| (4,274 |
| ) |
| (4,274 |
| ) |
| Redemption of Shares |
| (11 |
| ) |
| (109 |
| ) |
| (120 |
| ) |
| Balance as at February 28, 2023 |
| 9,408 |
| 172,766 |
| 182,174 |
| Balance as at November 30, 2023 |
| 9,379 |
| 185,624 |
| 195,003 |
| Net loss |
| - |
| (108 |
| ) |
| (108 |
| ) |
| Total comprehensive loss |
| - |
| (108 |
| ) |
| (108 |
| ) |
| Dividend |
| - |
| (4,256 |
| ) |
| (4,256 |
| ) |
| Redemption of Shares |
| (9 |
| ) |
| (110 |
| ) |
| (119 |
| ) |
| Balance as at February 29, 2024 |
| 9,370 |
| 181,150 |
| 190,520 |
Patrick Goodfellow
President and CEO
T: 450 635-6511
F: 450 635-3730
info@goodfellowinc.com