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home / news releases / GDL:CC - Goodfellow Reports Its Results for the Second Quarter Ended May 31 2022

GDL:CC - Goodfellow Reports Its Results for the Second Quarter Ended May 31 2022

Goodfellow Inc.

DELSON, Quebec, July 07, 2022 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the second quarter ended May 31, 2022. The Company reported net earnings of $12.5 million or $1.46 per share compared to net earnings of $14.0 million or $1.63 per share a year ago. Consolidated sales for the three months ended May 31, 2022 were $184.9 million compared to $185.5 million last year.

For the six months ended May 31, 2022, the Company reported net earnings of $17.7 million or $2.06 per share compared to net earnings of $17.7 million or $2.07 per share a year ago. Consolidated sales were $314.3 million compared to $305.0 million last year.

Following the unanticipated high return in the first quarter, Goodfellow delivered a strong second quarter through a well diversified offering of wood products and services, and by meeting the needs of customers. The Company also successfully navigated looming economic issues and signs of supply catching up with demand. Going forward, close attention will be paid to inflation and consumer behaviour, as well as overhead expenses and inventory levels.

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 and six months ended May 31, 2022 and 2021
(in thousands of dollars, except per share amounts)
Unaudited
For the three months ended
For the six months ended
May 31
2022
May 31
2021
May 31
2022
May 31
2021
$
$
$
$
Sales
184,947
185,525
314,312
304,958
Expenses
Cost of goods sold
143,745
142,187
245,001
236,179
Selling, administrative and general expenses
22,900
23,073
43,338
42,712
Net financial costs
882
822
1,446
1,390
167,527
166,082
289,785
280,281
Earnings before income taxes
17,420
19,443
24,527
24,677
Income taxes
4,878
5,467
6,868
6,932
Total comprehensive income
12,542
13,976
17,659
17,745
Net earnings per share – Basic and Diluted
1.46
1.63
2.06
2.07


GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
As at
As at
As at
May 31
2022
November 30
2021
May 31
2021
$
$
$
Assets
Current Assets
Cash
2,608
4,253
2,534
Trade and other receivables
101,654
63,246
107,788
Income taxes receivable
1,078
-
-
Inventories
141,126
109,787
115,285
Prepaid expenses
9,451
4,189
5,910
Total Current Assets
255,917
181,475
231,517
Non-Current Assets
Property, plant and equipment
30,782
30,022
30,617
Intangible assets
2,388
2,650
2,942
Right-of-use assets
13,663
12,262
13,020
Defined benefit plan asset
10,426
10,397
1,919
Other assets
802
785
785
Total Non-Current Assets
58,061
56,116
49,283
Total Assets
313,978
237,591
280,800
Liabilities
Current Liabilities
Bank indebtedness
72,320
9,246
63,258
Trade and other payables
44,322
37,897
54,938
Income taxes payable
-
9,022
4,427
Provision
405
2,147
2,795
Current portion of lease liabilities
4,605
4,256
4,241
Total Current Liabilities
121,652
62,568
129,659
Non-Current Liabilities
Provision
2,255
-
-
Lease liabilities
11,738
10,924
11,904
Deferred income taxes
3,151
3,151
1,597
Defined benefit plan obligation
-
-
1,235
Total Non-Current Liabilities
17,144
14,075
14,736
Total Liabilities
138,796
76,643
144,395
Shareholders’ Equity
Share capital
9,424
9,424
9,424
Retained earnings
165,758
151,524
126,981
175,182
160,948
136,405
Total Liabilities and Shareholders’ Equity
313,978
237,591
280,800


GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2022 and 2021
(in thousands of dollars)
Unaudited

For the three months ended
For the six months ended
May 31
2022
May 31
2021
May 31
2022
May 31
2021
$
$
$
$
Operating Activities
Net earnings
12,542
13,976
17,659
17,745
Adjustments for:
Depreciation and amortization of:
Property, plant and equipment
577
638
1,152
1,265
Intangible assets
152
153
302
314
Right-of-use assets
1,140
1,043
2,190
2,056
Accretion expense on provision
26
11
51
22
Increase in provision
462
1,300
462
1,300
Income taxes
4,878
5,467
6,868
6,932
(Gain) Loss on disposal of property, plant and equipment
(10
)
1
(35
)
(7
)
Interest expense
385
312
499
460
Interest on lease liabilities
147
149
278
303
Funding in (excess) deficit of pension plan expense
(15
)
60
(29
)
79
Other
(24
)
(26
)
(25
)
(31
)
20,260
23,084
29,372
30,438
Changes in non-cash working capital items
(32,520
)
(47,024
)
(68,474
)
(49,992
)
Interest paid
(617
)
(696
)
(887
)
(1,013
)
Income taxes paid
(3,277
)
(961
)
(16,968
)
(7,364
)
(36,414
)
(48,681
)
(86,329
)
(58,369
)
Net Cash Flows from Operating Activities
(16,154
)
(25,597
)
(56,957
)
(27,931
)
Financing Activities
Net (decrease) increase in bank loans
-
(7,000
)
11,000
(5,000
)
Net increase in banker’s acceptances
32,000
35,000
53,000
38,000
Payment of lease liabilities
(1,233
)
(1,118
)
(2,420
)
(2,234
)
Dividend paid
(3,425
)
(2,569
)
(3,425
)
(4,710
)
27,342
24,313
58,155
26,056
Investing Activities
Acquisition of property, plant and equipment
(1,468
)
(549
)
(1,912
)
(737
)
Increase in intangible assets
(40
)
(18
)
(40
)
(18
)
Proceeds on disposal of property, plant and equipment
10
10
35
10
(1,498
)
(557
)
(1,917
)
(745
)
Net cash inflow (outflow)
9,690
(1,841
)
(719
)
(2,620
)
Cash position, beginning of period
(13,402
)
(1,883
)
(2,993
)
(1,104
)
Cash position, end of period
(3,712
)
(3,724
)
(3,712
)
(3,724
)
Cash position is comprised of:
Cash
2,608
2,534
2,608
2,534
Bank overdraft
(6,320
)
(6,258
)
(6,320
)
(6,258
)
(3,712
)
(3,724
)
(3,712
)
(3,724
)


GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the six months ended May 31, 2022 and 2021
(in thousands of dollars)
Unaudited

Share
Capital
Retained
Earnings
Total
$
$
$
Balance as at November 30, 2020
9,424
111,805
121,229

Net earnings

-
17,745
17,745
Total comprehensive income
-
17,745
17,745

Transactions with owners of the Company

Dividend
-
(2,569
)
(2,569
)
Balance as at May 31, 2021
9,424
126,981
136,405
Balance as at November 30, 2021
9,424
151,524
160,948

Net earnings

-
17,659
17,659
Total comprehensive income
-
17,659
17,659

Transactions with owners of the Company

Dividend
-
(3,425
)
(3,425
)
Balance as at May 31, 2022
9,424
165,758
175,182


From:
Goodfellow Inc.
Patrick Goodfellow
President and CEO
T: 450 635-6511
F: 450 635-3730
info@goodfellowinc.com

Stock Information
Company Name: Goodfellow Inc.
Stock Symbol: GDL:CC
Market: TSXC
Website: goodfellowinc.com
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