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Goodfellow Reports its Results for the Fiscal Year Ended November 30, 2020

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Goodfellow Inc.
·6 min read
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DELSON, Quebec, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the fourth quarter ended November 30, 2020. The Company reported a net income of $5.8 million or $0.67 per share compared to a net income of $0.3 million or $0.03 per share a year ago. Consolidated sales for the three months ended November 30, 2020 were $122.6 million compared to $107.1 million last year. Sales in Canada increased 19% compared to the same period a year ago, while sales in the United States decreased 14% and export sales decreased 12% compared to the same period a year ago. Selling, administrative and general expenses decreased overall by $0.9 million.

For the fiscal year ended November 30, 2020, the Company reported a net income of $13.8 million or $1.61 per share compared to a net income of $3.1 million or $0.36 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2020 were $454.1 million compared to $449.6 million last year. Sales in Canada increased 4% compared to the same period a year ago, while sales in the United States decreased 10% and export sales decreased 22% compared to the same period a year ago. Selling, administrative and general expenses decreased overall by $7.5 million.

Fiscal 2020 was 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. This trend extended well into late November which is uncharacteristic and unprecedented in the previous fourth quarters.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.30 per share payable on March 19, 2021, to shareholders of record at the close of business on March 5, 2021.

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 years ended November 30, 2020 and 2019

(in thousands of dollars, except per share amounts)

Unaudited

Years ended

November 30
2020

November 30
2019

$

$

Sales

454,103

449,587

Expenses (Income)

Cost of goods sold

362,354

364,545

Selling, administrative and general expenses

70,053

77,639

Gain on disposal of property, plant and equipment

(45)

(3)

Net financial costs

2,719

3,137

435,081

445,318

Earnings before income taxes

19,022

4,269

Income taxes

5,211

1,215

Net earnings

13,811

3,054

Items that will not subsequently be reclassified to net earnings

Remeasurement of defined benefit plan obligation, net of taxes of $165 ($265 in 2019)

(426)

(723)

Total comprehensive income

13,385

2,331

Net earnings per share – Basic

1.61

0.36

Net earnings per share – Diluted

1.61

0.35


GOODFELLOW INC.

Consolidated Statements of Financial Position

(in thousands of dollars)

Unaudited

As at

As at

November 30
2020

November 30
2019

$

$

Assets

Current Assets

Cash

3,466

2,364

Trade and other receivables

76,093

48,498

Inventories

84,740

87,339

Prepaid expenses

2,584

2,563

Total Current Assets

166,883

140,764

Non-Current Assets

Property, plant and equipment

31,148

32,838

Intangible assets

3,238

3,927

Right-of-use assets

14,324

-

Defined benefit plan asset

1,945

2,222

Other assets

785

830

Total Non-Current Assets

51,440

39,817

Total Assets

218,323

180,581

Liabilities

Current liabilities

Bank indebtedness

28,570

31,204

Trade and other payables

39,614

29,048

Income taxes payable

4,859

734

Provision

1,473

1,470

Dividend payable

2,141

856

Current portion of lease liabilities

4,315

15

Total Current Liabilities

80,972

63,327

Non-Current Liabilities

Lease liabilities

13,343

28

Deferred income taxes

1,597

3,209

Defined benefit plan obligation

1,182

609

Total Non-Current Liabilities

16,122

3,846

Total Liabilities

97,094

67,173

Shareholders’ Equity

Share capital

9,424

9,424

Retained earnings

111,805

103,984

121,229

113,408

Total Liabilities and Shareholders’ Equity

218,323

180,581


GOODFELLOW INC.

Consolidated Statements of Cash Flows

For the years ended November 30, 2020 and 2019

(in thousands of dollars)

Unaudited

Years ended

November 30
2020

November 30
2019

$

$

Operating Activities

Net earnings

13,811

3,054

Adjustments for:

Depreciation and amortization of:

Property, plant and equipment

2,705

2,786

Right-of-use assets

4,324

-

Intangible assets

728

693

Accretion expense on provision

72

14

Decrease in provision

(69)

(197)

Income taxes

5,211

1,215

Gain on disposal of property, plant and equipment

(45)

(3)

Interest expense

950

2,134

Interest on lease liabilities

681

-

Funding in deficit of pension plan expense

259

47

Other assets

(7)

111

Share-based compensation

-

(79)

Other

25

-

28,645

9,775

Changes in non-cash working capital items

(14,117)

6,856

Interest paid

(1,495)

(2,154)

Income taxes paid

(1,592)

(1,069)

(17,204)

3,633

Net Cash Flows from Operating Activities

11,441

13,408

Financing Activities

Proceeds from borrowings under bank loans

104,000

115,000

Repayment of borrowings under bank loans

(97,000)

(113,000)

Proceeds from borrowings under banker’s acceptances

33,000

40,000

Repayment of borrowings under banker’s acceptances

(46,000)

(53,000)

Payment of lease liabilities

(4,572)

(14)

Dividend paid

(1,712)

(851)

(12,284)

(11,865)

Investing Activities

Acquisition of property, plant and equipment

(1,431)

(968)

Increase in intangible assets

(39)

(176)

Proceeds on disposal of property, plant and equipment

49

18

(1,421)

(1,126)

Net cash (outflow) inflow

(2,264)

417

Cash position, beginning of year

1,160

743

Cash position, end of year

(1,104)

1,160

Cash position is comprised of:

Cash

3,466

2,364

Bank overdraft

(4,570)

(1,204)

(1,104)

1,160


GOODFELLOW INC.

Consolidated Statements of Changes in Shareholders’ Equity

For the years ended November 30, 2020 and 2019

(in thousands of dollars)

Unaudited

Share
Capital

Retained
Earnings

Total

$

$

$

Balance as at November 30, 2018

9,152

103,711

112,863

Net earnings

-

3,054

3,054

Other comprehensive income

-

(723)

(723)

Total comprehensive income

-

2,331

2,331

Transactions with owners of the Company

Dividend

-

(1,707)

(1,707)

Share-based payment

272

(351)

(79)

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 earnings

-

13,811

13,811

Other comprehensive income

-

(426)

(426)

Total comprehensive income

-

13,385

13,385

Transactions with owners of the Company

Dividend

-

(2,997)

(2,997)

Balance as at November 30, 2020

9,424

111,805

121,229


From:

Goodfellow Inc.

Patrick Goodfellow

President and CEO

Tel: 450 635-6511

Fax: 450 635-3730

Internet: info@goodfellowinc.com