Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 29, 2024.

The Company reported a net loss of $108 thousand or $0.01 per share compared to a net loss of $211 thousand or $0.02 per share a year ago. Consolidated sales for the three months ended February 29, 2024 were $105.3 million compared to $105.9 million last year.

Though under pressure from lingering inflation and cautious consumer sentiment, Goodfellow achieved a comparable overall financial performance in the first quarter thanks to its diversified product offering, expertise in value-added services, and efficient distribution systems, as well as its strong, debt-free balance sheet. With uncertain economic conditions ahead, the Company will continue to protect margins and seize opportunities for growth with new and existing customers.

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 29, 2024 and February 28, 2023
(in thousands of dollars, except per share amounts)Unaudited
   
  For the three months ended  
  February 292024   February 282023  
  $   $  
     
Sales 105,334   105,925  
Expenses    
Cost of goods sold 82,546   84,260  
Selling, administrative and general expenses 22,884   21,684  
Net financial costs 55   274  
  105,485   106,218  
     
Loss before income taxes (151 ) (293 )
     
Income taxes (43 ) (82 )
     
Total comprehensive loss (108 ) (211 )
     
Net loss per share – Basic and Diluted (0.01 ) (0.02 )
GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
  As at   As at   As at  
  February 292024   November 302023   February 282023  
  $   $   $  
Assets            
Current Assets            
Cash 4,397   28,379   1,958  
Trade and other receivables 69,672   53,674   64,295  
Income taxes receivable 8,254   6,286   5,539  
Inventories 122,802   98,473   130,416  
Prepaid expenses 3,771   4,215   3,663  
Total Current Assets 208,896   191,027   205,871  
             
Non-Current Assets            
Property, plant and equipment 33,208   32,761   32,368  
Intangible assets 1,340   1,487   1,945  
Right-of-use assets 10,586   11,354   13,905  
Defined benefit plan asset 15,453   15,347   11,690  
Other assets 777   777   802  
Total Non-Current Assets 61,364   61,726   60,710  
Total Assets 270,260   252,753   266,581  
             
Liabilities            
Current Liabilities            
Bank indebtedness 11,311   -   18,636  
Trade and other payables 44,986   37,620   39,070  
Provision 2,778   2,789   2,259  
Dividends payable 4,256   -   4,274  
Current portion of lease liabilities 4,419   4,732   4,763  
Total Current Liabilities 67,750   45,141   69,002  
             
Non-Current Liabilities            
Provision -   -   702  
Lease liabilities 7,878   8,497   11,272  
Deferred income taxes 4,112   4,112   3,431  
Total Non-Current Liabilities 11,990   12,609   15,405  
Total Liabilities 79,740   57,750   84,407  
             
Shareholders’ Equity            
Share capital 9,370   9,379   9,408  
Retained earnings 181,150   185,624   172,766  
  190,520   195,003   182,174  
Total Liabilities and Shareholders’ Equity 270,260   252,753   266,581  
GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three months ended February 29, 2024 and February 28, 2023
(in thousands of dollars) Unaudited
  For the three months ended  
  February 282024   February 282023  
  $   $  
Operating Activities        
Net loss (108 ) (211 )
Adjustments for:        
Depreciation and amortization of:        
Property, plant and equipment 835   745  
Intangible assets 147   151  
Right-of-use assets 1,034   1,257  
Gain on disposal of property, plant and equipment (8 ) (10 )
Accretion expense on provision -   68  
Provision (11 ) (22 )
Income taxes (43 ) (82 )
Interest expense 45   88  
Interest on lease liabilities 137   (18 )
Funding in deficit of pension plan expense (106 ) (70 )
Other 1   (129 )
  1,923   1,767  
         
Changes in non-cash working capital items (32,510 ) (16,280 )
Interest paid (189 ) (180 )
Income taxes paid (1,925 ) (3,018 )
  (34,624 ) (19,406 )
Net Cash Flows from Operating Activities (32,701 ) (17,639 )
         
Financing Activities        
Net increase in bank indebtedness -   2,000  
Net increase in banker’s acceptances -   5,000  
Payment of lease liabilities (1,199 ) (1,505 )
Redemption of shares (119 ) (120 )
Net Cash Flows from Financing Activities (1,318 ) 5,375  
         
Investing Activities        
Acquisition of property, plant and equipment (1,282 ) (844 )
Proceeds on disposal of property, plant and equipment 8   10  
Other assets -   -  
Net Cash Flows from Investing Activities (1,274 ) (834 )
         
Net cash outflow (35,293 ) (13,098 )
Cash, beginning of period 28,379   3,420  
Cash, end of period (6,914 ) (9,678 )
Cash position is comprised of:        
Cash 4,397   1,958  
Bank overdraft  (11,311 ) (11,636 )
  (6,914 ) (9,678 )
GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended February 29, 2024 and February 28, 2023
(in thousands of dollars) Unaudited
 
  ShareCapital   RetainedEarnings   Total  
  $   $   $  
             
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  
             
             
             
Balance as at November 30, 2023 9,379   185,624   195,003  
             
Net loss -   (108 ) (108 )
             
Total comprehensive loss -   (108 ) (108 )
             
Dividend -   (4,256 ) (4,256 )
Redemption of Shares (9 ) (110 ) (119 )
             
Balance as at February 29, 2024 9,370   181,150   190,520  

Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com

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