For the nine months ended
Results for the third quarter of fiscal 2022 were characteristic for this period where seasonal demand is historically strong, which was unexpected given current inflationary pressures. Attention paid to overhead expenses helped maintain margin levels as cost of goods increased. Inventory levels remain high and it will be crucial to level them out before year end in order for Goodfellow to reach its objectives.
The Board of Directors declared an eligible dividend of
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
Consolidated Statements of Comprehensive Income | ||||
For the three and nine months ended | ||||
(in thousands of dollars, except per share amounts) | ||||
Unaudited | ||||
For the three months ended | For the nine months ended | |||
2022 | 2021 | 2022 | 2021 | |
$ | $ | $ | $ | |
Sales | 167,574 | 167,953 | 481,886 | 472,911 |
Expenses | ||||
Cost of goods sold | 129,715 | 133,048 | 374,716 | 369,227 |
Selling, administrative and general expenses | 22,126 | 20,210 | 65,464 | 62,922 |
Net financial costs | 1,038 | 751 | 2,484 | 2,141 |
152,879 | 154,009 | 442,664 | 434,290 | |
Earnings before income taxes | 14,695 | 13,944 | 39,222 | 38,621 |
Income taxes | 4,115 | 3,905 | 10,983 | 10,837 |
Total comprehensive income | 10,580 | 10,039 | 28,239 | 27,784 |
Net earnings per share – Basic and Diluted | 1.24 | 1.17 | 3.30 | 3.24 |
Consolidated Statements of Financial Position | |||
(in thousands of dollars) Unaudited | |||
As at | As at | As at | |
2022 | 2021 | 2021 | |
$ | $ | $ | |
Assets | |||
Current Assets | |||
Cash | 2,279 | 4,253 | 1,726 |
Trade and other receivables | 76,201 | 63,246 | 72,118 |
Income taxes receivable | 33 | - | - |
Inventories | 142,082 | 109,787 | 115,046 |
Prepaid expenses | 3,237 | 4,189 | 4,290 |
Total Current Assets | 223,832 | 181,475 | 193,180 |
Non-Current Assets | |||
Property, plant and equipment | 31,148 | 30,022 | 30,220 |
Intangible assets | 2,235 | 2,650 | 2,789 |
Right-of-use assets | 14,614 | 12,262 | 12,630 |
Defined benefit plan asset | 10,441 | 10,397 | 1,901 |
Other assets | 802 | 785 | 785 |
Total Non-Current Assets | 59,240 | 56,116 | 48,325 |
Total Assets | 283,072 | 237,591 | 241,505 |
Liabilities | |||
Current Liabilities | |||
Bank indebtedness | 31,590 | 9,246 | 24,681 |
Trade and other payables | 42,744 | 37,897 | 41,680 |
Income taxes payable | - | 9,022 | 7,418 |
Provision | 370 | 2,147 | 2,730 |
Current portion of lease liabilities | 4,836 | 4,256 | 4,270 |
Total Current Liabilities | 79,540 | 62,568 | 80,779 |
Non-Current Liabilities | |||
Provision | 2,281 | - | - |
Lease liabilities | 12,338 | 10,924 | 11,405 |
Deferred income taxes | 3,151 | 3,151 | 1,597 |
Defined benefit plan obligation | - | - | 1,280 |
Total Non-Current Liabilities | 17,770 | 14,075 | 14,282 |
Total Liabilities | 97,310 | 76,643 | 95,061 |
Shareholders’ Equity | |||
Share capital | 9,424 | 9,424 | 9,424 |
Retained earnings | 176,338 | 151,524 | 137,020 |
185,762 | 160,948 | 146,444 | |
Total Liabilities and Shareholders’ Equity | 283,072 | 237,591 | 241,505 |
Consolidated Statements of Cash Flows | ||||||||
For the three and nine months ended | ||||||||
(in thousands of dollars) Unaudited | ||||||||
For the three months ended | For the nine months ended | |||||||
2022 | 2021 | 2022 | 2021 | |||||
$ | $ | $ | $ | |||||
Operating Activities | ||||||||
Net earnings | 10,580 | 10,039 | 28,239 | 27,784 | ||||
Adjustments for: | ||||||||
Depreciation and amortization of: | ||||||||
Property, plant and equipment | 636 | 636 | 1,788 | 1,901 | ||||
Intangible assets | 153 | 153 | 455 | 467 | ||||
Right-of-use assets | 1,175 | 1,055 | 3,365 | 3,111 | ||||
Accretion expense on provision | 25 | 11 | 76 | 33 | ||||
(Decrease) increase in provision | (34 | ) | (76 | ) | 428 | 1,224 | ||
Income taxes | 4,115 | 3,905 | 10,983 | 10,837 | ||||
Gain on disposal of property, plant and equipment | (10 | ) | (1 | ) | (45 | ) | (8 | ) |
Interest expense | 508 | 247 | 1,007 | 707 | ||||
Interest on lease liabilities | 152 | 143 | 430 | 446 | ||||
Funding in (excess) deficit of pension plan expense | (15 | ) | 63 | (44 | ) | 142 | ||
Other | (13 | ) | 21 | (38 | ) | (10 | ) | |
17,272 | 16,196 | 46,644 | 46,634 | |||||
Changes in non-cash working capital items | 29,012 | 24,168 | (39,462 | ) | (25,824 | ) | ||
Interest paid | (539 | ) | (287 | ) | (1,426 | ) | (1,300 | ) |
Income taxes paid | (3,070 | ) | (914 | ) | (20,038 | ) | (8,278 | ) |
25,403 | 22,967 | (60,926 | ) | (35,402 | ) | |||
Net Cash Flows from Operating Activities | 42,675 | 39,163 | (14,282 | ) | 11,232 | |||
Financing Activities | ||||||||
Net (decrease) increase in bank loans | (5,000 | ) | 14,000 | 6,000 | 9,000 | |||
Net (decrease) increase in banker’s acceptances | (35,000 | ) | (50,000 | ) | 18,000 | (12,000 | ) | |
Payment of lease liabilities | (1,282 | ) | (1,156 | ) | (3,702 | ) | (3,390 | ) |
Dividend paid | - | - | (3,425 | ) | (4,710 | ) | ||
(41,282 | ) | (37,156 | ) | 16,873 | (11,100 | ) | ||
Investing Activities | ||||||||
Acquisition of property, plant and equipment | (1,002 | ) | (238 | ) | (2,914 | ) | (975 | ) |
Increase in intangible assets | - | - | (40 | ) | (18 | ) | ||
Proceeds on disposal of property, plant and equipment | 10 | - | 45 | 10 | ||||
(992 | ) | (238 | ) | (2,909 | ) | (983 | ) | |
Net cash inflow (outflow) | 401 | 1,769 | (318 | ) | (851 | ) | ||
Cash position, beginning of period | (3,712 | ) | (3,724 | ) | (2,993 | ) | (1,104 | ) |
Cash position, end of period | (3,311 | ) | (1,955 | ) | (3,311 | ) | (1,955 | ) |
Cash position is comprised of: | ||||||||
Cash | 2,279 | 1,726 | 2,279 | 1,726 | ||||
Bank overdraft | (5,590 | ) | (3,681 | ) | (5,590 | ) | (3,681 | ) |
(3,311 | ) | (1,955 | ) | (3,311 | ) | (1,955 | ) |
GOODFELLOW INC. | |||
Consolidated Statements of Changes in Shareholders’ Equity | |||
For the nine months ended | |||
(in thousands of dollars) | |||
Unaudited | |||
Share | Retained | Total | |
Capital | Earnings | ||
$ | $ | $ | |
Balance as at | 9,424 | 111,805 | 121,229 |
Net earnings | - | 27,784 | 27,784 |
Total comprehensive income | - | 27,784 | 27,784 |
Transactions with owners of the Company | |||
Dividend | - | (2,569) | (2,569) |
Balance as at | 9,424 | 137,020 | 146,444 |
Balance as at | 9,424 | 151,524 | 160,948 |
Net earnings | - | 28,239 | 28,239 |
Total comprehensive income | - | 28,239 | 28,239 |
Transactions with owners of the Company | |||
Dividend | - | (3,425) | (3,425) |
Balance as at | 9,424 | 176,338 | 185,762 |
From: | President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com |
Source:
2022 GlobeNewswire, Inc., source