Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 28, 2023.

The Company reported a net loss of $211 thousand or $0.02 per share compared to net earnings of $5.1 million or $0.60 per share a year ago. Consolidated sales for the three months ended February 28, 2023 were $105.9 million compared to $129.4 million last year.

Consumer demand in the first quarter of 2023 was significantly lower as compared to uncharacteristically high levels seen in the same period last year. This slowdown is attributed to supply finally outpacing demand, as well as growing unease around rising inflation and interest rates. Results remain comparable to pre-pandemic levels for the same period, which has been historically difficult.

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, 2023 and 2022
(in thousands of dollars, except per share amounts) Unaudited
   
   
  For the three months ended
  February 28 2023   February 28 2022
  $   $
     
Sales 105,925   129,365
Expenses    
Cost of goods sold 84,260   101,256
Selling, administrative and general expenses 21,684   20,438
Net financial costs 274   564
  106,218   122,258
     
(Loss) earnings before income taxes (293 ) 7,107
     
Income taxes (82 ) 1,990
     
Total comprehensive (loss) income (211 ) 5,117
     
     
Net (loss) earnings per share – Basic and Diluted (0.02 ) 0.60
       
       
       
GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars) Unaudited
       
  As at As at As at
  February 28 2023 November 30 2022 February 28 2022
  $ $ $
Assets      
Current Assets      
Cash 1,958 3,420 3,038
Trade and other receivables 64,295 64,423 71,104
Income taxes receivable 5,539 2,439 2,679
Inventories 130,416 112,294 129,308
Prepaid expenses 3,663 2,555 12,482
Total Current Assets 205,871 185,131 218,611
       
Non-Current Assets      
Property, plant and equipment 32,368 32,269 29,891
Intangible assets 1,945 2,096 2,500
Right-of-use assets 13,905 14,999 13,370
Defined benefit plan asset 11,690 11,620 10,411
Other assets 802 802 785
Total Non-Current Assets 60,710 61,786 56,957
Total Assets 266,581 246,917 275,568
       
Liabilities      
Current Liabilities      
Bank indebtedness 18,636 - 50,440
Trade and other payables 39,070 36,286 37,590
Provision 2,259 2,281 2,172
Dividends payable 4,274 - 3,425
Current portion of lease liabilities 4,763 4,969 4,395
Total Current Liabilities 69,002 43,536 98,022
       
Non-Current Liabilities      
Provision 702 634 -
Lease liabilities 11,272 12,537 11,755
Deferred income taxes 3,431 3,431 3,151
Total Non-Current Liabilities 15,405 16,602 14,906
Total Liabilities 84,407 60,138 112,928
       
Shareholders’ Equity      
Share capital 9,408 9,419 9,424
Retained earnings 172,766 177,360 153,216
  182,174 186,779 162,640
Total Liabilities and Shareholders’ Equity 266,581 246,917 275,568
       
       

 
GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three months ended February 28, 2023 and 2022
(in thousands of dollars) Unaudited
  For the three months ended
  February 28 2023   February 28 2022  
  $   $  
Operating Activities    
Net (loss) earnings (211 ) 5,117  
Adjustments for:    
Depreciation and amortization of:    
Property, plant and equipment 745   575  
Intangible assets 151   150  
Right-of-use assets 1,257   1,050  
Accretion expense on provision 68   25  
Provision (22 ) -  
Income taxes (82 ) 1,990  
Gain on disposal of property, plant and equipment (10 ) (25 )
Interest expense 88   114  
Interest on lease liabilities (18 ) 131  
Funding in excess of pension plan expense (70 ) (14 )
Other (129 ) (1 )
  1,767   9,112  
     
Changes in non-cash working capital items (16,280 ) (35,954 )
Interest paid (108 ) (270 )
Income taxes paid (3,018 ) (13,691 )
  (19,406 ) (49,915 )
Net Cash Flows from Operating Activities (17,639 ) (40,803 )
     
Financing Activities    
Net increase in bank loans 2,000   11,000  
Net increase in banker’s acceptances 5,000   21,000  
Payment of lease liabilities (1,505 ) (1,187 )
Redemption of shares (120 ) -  
Net Cash Flows from Financing Activities 5,375   30,813  
     
Investing Activities    
Acquisition of property, plant and equipment (844 ) (444 )
Proceeds on disposal of property, plant and equipment 10   25  
Net Cash Flows from Investing Activities (834 ) (419 )
     
Net cash outflow (13,098 ) (10,409 )
Cash position, beginning of period 3,420   (2,993 )
Cash position, end of period (9,678 ) (13,402 )
     
Cash position is comprised of:    
Cash 1,958   3,038  
Bank overdraft (11,636 ) (16,440 )
  (9,678 ) (13,402 )
         
         

 
GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended February 28, 2023 and 2022
(in thousands of dollars)
 
Unaudited
       
  Share Capital Retained Earnings Total
  $ $ $
       
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
       
       
Dividend - (3,425) (3,425)
       
Balance as at February 28, 2022 9,424 153,216 162,640
       
Balance as at November 30, 2022 9,419 177,360 186,779  
       
Net loss - (211) (211)
       
Total comprehensive loss - (211) (211)
       
Dividend - (4,274) (4,274)
Redemption of Shares (11) (109) (120)
       
Balance as at February 28, 2023 9,408 172,766 182,174
From: Goodfellow Inc. Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com
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