GlobeNewswire
Goodfellow Reports its Results for the First Quarter Ended February 28, 2021
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 IncomeFor 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 282021 February 29 2020 $ $ Sales 119,433 88,856 Expenses (Income) Cost of goods sold93,992 71,480 Selling, administrative and general expenses19,647 19,518 Gain on disposal of property, plant and equipment(8)(15)Net financial costs568 734 114,199 91,717 Earnings (loss) before income taxes5,234 (2,861) Income taxes1,465 (801) Total comprehensive income (loss)3,769 (2,060) Net earnings (loss) per share – Basic and Diluted0.44 (0.24) GOODFELLOW INC. Consolidated Statements of Financial Position (in thousands of dollars)Unaudited As atAs atAs at February 282021November 302020February 292020 $$$Assets Current Assets Cash4,045 3,4662,089Trade and other receivables70,143 76,09354,082Income taxes receivable79 -1,096Inventories95,798 84,74099,300Prepaid expenses4,339 2,5844,250Total Current Assets174,404 166,883160,817 Non-Current Assets Property, plant and equipment30,709 31,14832,517Intangible assets3,077 3,2383,746Right-of-use assets13,629 14,32416,304Defined benefit plan asset1,933 1,9452,210Other assets785 785778Total Non-Current Assets50,133 51,44055,555Total Assets224,537 218,323216,372 Liabilities Current liabilities Bank indebtedness34,928 28,57047,845Trade and other payables43,494 39,61435,549Income taxes payable- 4,859-Provision1,484 1,4731,478Dividend payable2,569 2,141856Current portion of lease liabilities4,3014,3154,254Total Current Liabilities86,77680,97289,982 Non-Current Liabilities Lease liabilities 12,54613,34315,547Deferred income taxes1,597 1,5972,269Defined benefit plan obligation1,189 1,182649Total Non-Current Liabilities15,332 16,12218,465Total Liabilities102,108 97,094108,447 Shareholders’ Equity Share capital9,424 9,4249,424Retained earnings113,005 111,80598,501 122,429 121,229107,925Total Liabilities and Shareholders’ Equity224,537 218,323216,372 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 282021 February 292020 $ $ Operating Activities Net earnings (loss)3,769 (2,060)Adjustments for: Depreciation and amortization of: Property, plant and equipment627 651 Right-of-use assets1,013 1,093 Intangible assets161 181 Accretion expense on provision11 18 Decrease in provision- (10)Income taxes1,465 (801)Gain on disposal of property, plant and equipment(8)(15)Interest expense148 323 Interest on lease liabilities154 179 Funding in deficit of pension plan expense19 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 loans41,000 14,000 Repayment of borrowings under bank loans(39,000)(17,000)Proceeds from borrowings under banker’s acceptances19,000 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: Cash4,045 2,089 Bank overdraft(5,928)(7,845) (1,883)(5,756) GOODFELLOW INC.Consolidated Statements of Changes in Shareholders’ EquityFor the three months ended February 28, 2021 and February 29, 2020(in thousands of dollars)Unaudited Share CapitalRetained EarningsTotal $$$ Balance as at November 30, 20199,424103,984113,408 IFRS 16 adoption adjustment, net of taxes of $940-(2,567)(2,567) Balance as at December 1, 20199,424101,417110,841 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, 20209,42498,501107,925 Balance as at November 30, 20209,424 111,805 121,229 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, 20219,424 113,005 122,429 From:Goodfellow Inc. Patrick Goodfellow President and CEO Tel: 450 635-6511 Fax: 450 635-3730 Internet: info@goodfellowinc.com
Dear immortals, I need some wow gold inspiration to create.