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Goodfellow Reports Its Results for the First Quarter Ended February 28, 2022

Goodfellow Inc.
Goodfellow Inc.

DELSON, Quebec, April 13, 2022 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 28, 2022. The Company reported net earnings of $5.1 million or $0.60 per share compared to net earnings of $3.8 million or $0.44 per share a year ago.

Consolidated sales for the three months ended February 28, 2022 were $129.4 million compared to $119.4 million last year. Sales in Canada increased 8% compared to the same period a year ago, while sales in the United States increased 21% and export sales decreased 8% compared to the same period a year ago. Selling, administrative and general expenses increased overall by $0.8 million.

Demand from residential, manufacturing, retail and industrial sectors delivered for Goodfellow a strong start to fiscal 2022. The uncharacteristic demand for this period is carried over from a busy Q4 2021 and is set against uncertain and disrupted global markets. Despite these conditions, the Company performed very well by focusing on the diversity of its offering, smart logistics solutions and increased customer communications.

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 28, 2022 and 2021

(in thousands of dollars, except per share amounts)

Unaudited

For the three months ended

February 28
2022

February 28
2021

$

$

Sales

129,365

119,433

Expenses

Cost of goods sold

101,256

93,992

Selling, administrative and general expenses

20,438

19,639

Net financial costs

564

568

122,258

114,199

Earnings before income taxes

7,107

5,234

Income taxes

1,990

1,465

Total comprehensive income

5,117

3,769

Net earnings per share – Basic and Diluted

0.60

0.44


GOODFELLOW INC.

Consolidated Statements of Financial Position

(in thousands of dollars)
Unaudited

As at

As at

As at

February 28
2022

November 30
2021

February 28
2021

$

$

$

Assets

Current Assets

Cash

3,038

4,253

4,045

Trade and other receivables

71,104

63,246

70,143

Income taxes receivable

2,679

-

79

Inventories

129,308

109,787

95,798

Prepaid expenses

12,482

4,189

4,339

Total Current Assets

218,611

181,475

174,404

Non-Current Assets

Property, plant and equipment

29,891

30,022

30,709

Intangible assets

2,500

2,650

3,077

Right-of-use assets

13,370

12,262

13,629

Defined benefit plan asset

10,411

10,397

1,933

Other assets

785

785

785

Total Non-Current Assets

56,957

56,116

50,133

Total Assets

275,568

237,591

224,537

Liabilities

Current Liabilities

Bank indebtedness

50,440

9,246

34,928

Trade and other payables

37,590

37,897

43,494

Income taxes payable

-

9,022

-

Provision

2,172

2,147

1,484

Dividend payable

3,425

-

2,569

Current portion of lease liabilities

4,395

4,256

4,301

Total Current Liabilities

98,022

62,568

86,776

Non-Current Liabilities

Lease liabilities

11,755

10,924

12,546

Deferred income taxes

3,151

3,151

1,597

Defined benefit plan obligation

-

-

1,189

Total Non-Current Liabilities

14,906

14,075

15,332

Total Liabilities

112,928

76,643

102,108

Shareholders’ Equity

Share capital

9,424

9,424

9,424

Retained earnings

153,216

151,524

113,005

162,640

160,948

122,429

Total Liabilities and Shareholders’ Equity

275,568

237,591

224,537




GOODFELLOW INC.

Consolidated Statements of Cash Flows

For the three months ended February 28, 2022 and 2021

(in thousands of dollars)
Unaudited

For the three months ended



February 28
2022

February 28
2021

$

$

Operating Activities

Net earnings

5,117

3,769

Adjustments for:

Depreciation and amortization of:

Property, plant and equipment

575

627

Intangible assets

150

161

Right-of-use assets

1,050

1,013

Accretion expense on provision

25

11

Income taxes

1,990

1,465

Gain on disposal of property, plant and equipment

(25)

(8)

Interest expense

114

148

Interest on lease liabilities

131

154

Funding in (excess) deficit of pension plan expense

(14)

19

Other

(1)

(5)

9,112

7,354

Changes in non-cash working capital items

(35,954)

(2,968)

Interest paid

(270)

(317)

Income taxes paid

(13,691)

(6,403)

(49,915)

(9,688)

Net Cash Flows from Operating Activities

(40,803)

(2,334)

Financing Activities

Net increase in bank loans

11,000

2,000

Net increase in banker’s acceptances

21,000

3,000

Payment of lease liabilities

(1,187)

(1,116)

Dividend paid

-

(2,141)

30,813

1,743

Investing Activities

Acquisition of property, plant and equipment

(444)

(188)

Proceeds on disposal of property, plant and equipment

25

-

(419)

(188)

Net cash outflow

(10,409)

(779)

Cash position, beginning of period

(2,993)

(1,104)

Cash position, end of period

(13,402)

(1,883)

Cash position is comprised of:

Cash

3,038

4,045

Bank overdraft

(16,440)

(5,928)

(13,402)

(1,883)


GOODFELLOW INC.

Consolidated Statements of Changes in Shareholders’ Equity

For the three months ended February 28, 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

-

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

Balance as at November 30, 2021

9,424

151,524

160,948


Net earnings

-

5,117

5,117

Total comprehensive income

-

5,117

5,117


Transactions with owners of the Company


Dividend

-

(3,425)

(3,425)

Balance as at February 28, 2022

9,424

153,216

162,640


From:

Goodfellow Inc.

Patrick Goodfellow

President and CEO

T: 450 635-6511

F: 450 635-3730

info@goodfellowinc.com