GlobeNewswire
Goodfellow Reports its Results for the Fiscal Year Ended November 30, 2020
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 IncomeFor the years ended November 30, 2020 and 2019(in thousands of dollars, except per share amounts)Unaudited Years ended November 30 2020November 30 2019 $$ Sales454,103 449,587Expenses (Income) Cost of goods sold362,354364,545Selling, administrative and general expenses70,053 77,639Gain on disposal of property, plant and equipment(45)(3)Net financial costs2,719 3,137 435,081 445,318 Earnings before income taxes19,0224,269 Income taxes5,211 1,215 Net earnings13,811 3,054 Items that will not subsequently be reclassified to net earnings Remeasurement of defined benefit plan obligation, net of taxes of $165 ($265 in 2019)(426)(723) Total comprehensive income13,3852,331 Net earnings per share – Basic1.610.36Net earnings per share – Diluted1.610.35 GOODFELLOW INC. Consolidated Statements of Financial Position (in thousands of dollars) Unaudited As atAs at November 302020November 302019 $$Assets Current Assets Cash3,466 2,364Trade and other receivables76,09348,498Inventories84,740 87,339Prepaid expenses2,584 2,563Total Current Assets166,883 140,764 Non-Current Assets Property, plant and equipment31,148 32,838Intangible assets3,238 3,927Right-of-use assets14,324 -Defined benefit plan asset1,945 2,222Other assets785 830Total Non-Current Assets51,440 39,817Total Assets218,323 180,581 Liabilities Current liabilities Bank indebtedness28,570 31,204Trade and other payables39,614 29,048Income taxes payable4,859 734Provision1,473 1,470Dividend payable2,141 856Current portion of lease liabilities4,315 15Total Current Liabilities80,97263,327 Non-Current Liabilities Lease liabilities 13,34328Deferred income taxes1,5973,209Defined benefit plan obligation1,182 609Total Non-Current Liabilities16,122 3,846Total Liabilities97,094 67,173 Shareholders’ Equity Share capital9,424 9,424Retained earnings111,805103,984 121,229 113,408Total Liabilities and Shareholders’ Equity218,323 180,581 GOODFELLOW INC. Consolidated Statements of Cash Flows For the years ended November 30, 2020 and 2019 (in thousands of dollars) Unaudited Years ended November 302020November 302019 $$Operating Activities Net earnings13,8113,054Adjustments for: Depreciation and amortization of: Property, plant and equipment2,705 2,786Right-of-use assets4,324 -Intangible assets728 693Accretion expense on provision72 14Decrease in provision(69)(197)Income taxes5,211 1,215Gain on disposal of property, plant and equipment(45)(3)Interest expense950 2,134Interest on lease liabilities681 -Funding in deficit of pension plan expense259 47Other assets(7)111Share-based compensation-(79)Other25 – 28,6459,775 Changes in non-cash working capital items(14,117)6,856Interest paid(1,495)(2,154)Income taxes paid(1,592)(1,069) (17,204)3,633Net Cash Flows from Operating Activities 11,44113,408 Financing Activities Proceeds from borrowings under bank loans104,000115,000Repayment of borrowings under bank loans(97,000)(113,000)Proceeds from borrowings under banker’s acceptances33,00040,000Repayment of borrowings under banker’s acceptances(46,000)(53,000)Payment of lease liabilities(4,572)(14)Dividend paid(1,712)(851) (12,284)(11,865) Investing Activities Acquisition of property, plant and equipment(1,431)(968)Increase in intangible assets(39)(176)Proceeds on disposal of property, plant and equipment49 18 (1,421)(1,126) Net cash (outflow) inflow(2,264)417Cash position, beginning of year1,160 743Cash position, end of year(1,104)1,160 Cash position is comprised of: Cash3,466 2,364Bank overdraft(4,570)(1,204) (1,104)1,160 GOODFELLOW INC.Consolidated Statements of Changes in Shareholders’ EquityFor the years ended November 30, 2020 and 2019(in thousands of dollars)Unaudited Share CapitalRetained EarningsTotal $$$ Balance as at November 30, 20189,152103,711112,863 Net earnings-3,0543,054Other comprehensive income-(723)(723) Total comprehensive income-2,3312,331 Transactions with owners of the Company Dividend-(1,707)(1,707)Share-based payment272(351)(79) Balance as at November 30, 20199,424103,984113,408 IFRS 16 adoption adjustment, net of taxes of $940 -(2,567)(2,567) Balance as at December 1, 2019 9,424101,417 110,841 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, 20209,424 111,805 121,229 From: Goodfellow Inc. Patrick Goodfellow President and CEO Tel: 450 635-6511 Fax: 450 635-3730 Internet: [email protected]
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