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Goodfellow Reports its Results for the First Quarter Ended February 28, 2021

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Goodfellow Inc.
·5 min read
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DELSON, Quebec, April 12, 2021 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the first quarter ended February 28, 2021. The Company reported a net income of $3.8 million or $0.44 per share compared to a net loss of $(2.1) million or $(0.24) per share a year ago.

Consolidated sales for the three months ended February 28, 2021 were $119.4 million compared to $88.9 million last year. Sales in Canada increased 38% compared to the same period a year ago, while sales in the United States increased 6% and export sales increased 24%. Selling, administrative and general expenses increased overall by $0.1 million.

The evolution of COVID-19 remains unpredictable and due to the rise of new variant infection cases worldwide it makes estimating the end of the pandemic impossible at this date. The first-quarter results of fiscal 2021 were characterized by continued pandemic realities and their drastic effects on supply and demand. The Company performed very well and was able to capitalize on surging demand in commodities and seasonal products. The Company also positioned itself to succeed across the country with a firm commitment to maintaining needed inventory levels and ensuring superior customer service from coast to coast.

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 28, 2021 and February 29, 2020

(in thousands of dollars, except per share amounts)

Unaudited

For the three months ended

February 28
2021

February 29
2020

$

$

Sales

119,433

88,856

Expenses (Income)

Cost of goods sold

93,992

71,480

Selling, administrative and general expenses

19,647

19,518

Gain on disposal of property, plant and equipment

(8

)

(15

)

Net financial costs

568

734

114,199

91,717

Earnings (loss) before income taxes

5,234

(2,861

)

Income taxes

1,465

(801

)

Total comprehensive income (loss)

3,769

(2,060

)

Net earnings (loss) per share – Basic and Diluted

0.44

(0.24

)


GOODFELLOW INC.

Consolidated Statements of Financial Position

(in thousands of dollars)
Unaudited

As at

As at

As at

February 28
2021

November 30
2020

February 29
2020

$

$

$

Assets

Current Assets

Cash

4,045

3,466

2,089

Trade and other receivables

70,143

76,093

54,082

Income taxes receivable

79

-

1,096

Inventories

95,798

84,740

99,300

Prepaid expenses

4,339

2,584

4,250

Total Current Assets

174,404

166,883

160,817

Non-Current Assets

Property, plant and equipment

30,709

31,148

32,517

Intangible assets

3,077

3,238

3,746

Right-of-use assets

13,629

14,324

16,304

Defined benefit plan asset

1,933

1,945

2,210

Other assets

785

785

778

Total Non-Current Assets

50,133

51,440

55,555

Total Assets

224,537

218,323

216,372

Liabilities

Current liabilities

Bank indebtedness

34,928

28,570

47,845

Trade and other payables

43,494

39,614

35,549

Income taxes payable

-

4,859

-

Provision

1,484

1,473

1,478

Dividend payable

2,569

2,141

856

Current portion of lease liabilities

4,301

4,315

4,254

Total Current Liabilities

86,776

80,972

89,982

Non-Current Liabilities

Lease liabilities

12,546

13,343

15,547

Deferred income taxes

1,597

1,597

2,269

Defined benefit plan obligation

1,189

1,182

649

Total Non-Current Liabilities

15,332

16,122

18,465

Total Liabilities

102,108

97,094

108,447

Shareholders’ Equity

Share capital

9,424

9,424

9,424

Retained earnings

113,005

111,805

98,501

122,429

121,229

107,925

Total Liabilities and Shareholders’ Equity

224,537

218,323

216,372



GOODFELLOW INC.

Consolidated Statements of Cash Flows

For the three months ended February 28, 2021 and February 29, 2020

(in thousands of dollars)
Unaudited

For the three months ended

February 28
2021

February 29
2020

$

$

Operating Activities

Net earnings (loss)

3,769

(2,060

)

Adjustments for:

Depreciation and amortization of:

Property, plant and equipment

627

651

Right-of-use assets

1,013

1,093

Intangible assets

161

181

Accretion expense on provision

11

18

Decrease in provision

-

(10

)

Income taxes

1,465

(801

)

Gain on disposal of property, plant and equipment

(8

)

(15

)

Interest expense

148

323

Interest on lease liabilities

154

179

Funding in deficit of pension plan expense

19

52

Other

(5

)

-

7,354

(389

)

Changes in non-cash working capital items

(2,968

)

(12,616

)

Interest paid

(317

)

(348

)

Income taxes paid

(6,403

)

(1,029

)

(9,688

)

(13,993

)

Net Cash Flows from Operating Activities

(2,334

)

(14,382

)

Financing Activities

Proceeds from borrowings under bank loans

41,000

14,000

Repayment of borrowings under bank loans

(39,000

)

(17,000

)

Proceeds from borrowings under banker’s acceptances

19,000

15,000

Repayment of borrowings under banker’s acceptances

(16,000

)

(2,000

)

Payment of lease liabilities

(1,116

)

(1,333

)

Dividend paid

(2,141

)

(856

)

1,743

7,811

Investing Activities

Acquisition of property, plant and equipment

(188

)

(361

)

Proceeds on disposal of property, plant and equipment

-

16

(188

)

(345

)

Net cash outflow

(779

)

(6,916

)

Cash position, beginning of period

(1,104

)

1,160

Cash position, end of period

(1,883

)

(5,756

)

Cash position is comprised of:

Cash

4,045

2,089

Bank overdraft

(5,928

)

(7,845

)

(1,883

)

(5,756

)

GOODFELLOW INC.

Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended February 28, 2021 and February 29, 2020

(in thousands of dollars)
Unaudited

Share
Capital

Retained
Earnings

Total

$

$

$

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

Balance as at November 30, 2020

9,424

111,805

121,229

Net earnings

-

3,769

3,769

Total comprehensive income

-

3,769

3,769

Transactions with owners of the Company

Dividend

-

(2,569)

(2,569)

Balance as at February 28, 2021

9,424

113,005

122,429


From:

Goodfellow Inc.

Patrick Goodfellow

President and CEO

Tel: 450 635-6511

Fax: 450 635-3730

Internet: info@goodfellowinc.com