Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2024

Goodfellow公佈2024年5月31日結束的第二季度業績報告

DELSON, Quebec, July 10, 2024 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the "Company" or "Goodfellow") announced today its financial results for the second quarter ended May 31, 2024.

The Company reported net earnings of $5.3 million or $0.62 per share compared to net earnings of $6.6 million or $0.77 per share a year ago. Consolidated sales for the three months ended May 31, 2024 were $140.3 million compared to $142.3 million last year.

For the six months ended May 31, 2024, the Company reported net earnings of $5.2 million or $0.61 per share compared to net earnings of $6.4 million or $0.75 per share a year ago, while consolidated sales were $245.7 million compared to $248.3 million last year.

Goodfellow continues to navigate a broader economic landscape characterized by low consumer confidence and sluggish new housing starts. These conditions have impacted industry growth and shifted demand towards different types of products within the Company's portfolio. Goodfellow's offering is well positioned to cater to this evolving demand, ensuring revenue and margin stability even as certain segments experience fluctuations.

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 and six months ended May 31, 2024 and 2023
(in thousands of dollars, except per share amounts)
Unaudited

	For the three months ended		For the six months ended
	May 31 2024	May 31 2023	May 31 2024	May 31 2023
	$	$	$	$

Sales	140,334	142,326	245,668	248,251
Expenses
Cost of goods sold	106,199	110,034	188,745	194,294
Selling, administrative and general expenses	26,108	22,239	48,992	43,923
Net financial costs	652	921	707	1,195
	132,959	133,194	238,444	239,412

Earnings before income taxes	7,375	9,132	7,224	8,839

Income taxes	2,066	2,557	2,023	2,475

Total comprehensive income	5,309	6,575	5,201	6,364


Net earnings per share – Basic and Diluted	0.62	0.77	0.61	0.75

GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
	As at	As at	As at
	May 31 2024	November 30 2023	May 31 2023
	$	$	$
Assets
Current Assets
Cash	4,822	28,379	3,171
Trade and other receivables	95,546	53,674	87,163
Income taxes receivable	7,286	6,286	6,001
Inventories	130,239	98,473	122,268
Prepaid expenses	2,536	4,215	2,263
Total Current Assets	240,429	191,027	220,866

Non-Current Assets
Property, plant and equipment	34,631	32,761	32,405
Intangible assets	1,192	1,487	1,795
Right-of-use assets	9,993	11,354	12,916
Defined benefit plan asset	15,264	15,347	11,760
Other assets	1,227	777	802
Total Non-Current Assets	62,307	61,726	59,678
Total Assets	302,736	252,753	280,544

Liabilities
Current Liabilities
Bank indebtedness	35,883	-	34,002
Trade and other payables	52,645	37,620	36,553
Provision	2,774	2,789	2,252
Current portion of lease liabilities	4,170	4,732	4,748
Total Current Liabilities	95,472	45,141	77,555

Non-Current Liabilities
Provision	-	-	770
Lease liabilities	7,373	8,497	10,189
Deferred income taxes	4,112	4,112	3,431
Total Non-Current Liabilities	11,485	12,609	14,390
Total Liabilities	106,957	57,750	91,945

Shareholders' Equity
Share capital	9,366	9,379	9,394
Retained earnings	186,413	185,624	179,205
	195,779	195,003	188,599
Total Liabilities and Shareholders' Equity	302,736	252,753	280,544

GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2024 and May 31, 2023
(in thousands of dollars) Unaudited
For the three months ended			For the six months ended
	May 31 2024	May 31 2023	May 31 2024	May 31 2023
	$	$	$	$
Operating Activities
Net earnings	5,309	6,575	5,201	6,364
Adjustments for:
Depreciation and amortization of:
Property, plant and equipment	882	795	1,717	1,540
Intangible assets	148	150	295	301
Right-of-use assets	1,089	1,188	2,123	2,445
Gain on disposal of property, plant and equipment	(69)	(171)	(77)	(181)
Accretion expense on provision	-	68	-	136
Provision	(4)	(7)	(15)	(29)
Income taxes	2,066	2,557	2,023	2,475
Interest expense	330	481	375	569
Interest on lease liabilities	137	158	274	140
Funding in excess (deficit) of pension plan expense	189	(70)	83	(140)
Other	7	(10)	8	(139)
	10,084	11,714	12,007	13,481

Changes in non-cash working capital items	(24,366)	(15,844)	(56,876)	(32,124)
Interest paid	(518)	(632)	(707)	(740)
Income taxes paid	(1,098)	(3,019)	(3,023)	(6,037)
	(25,982)	(19,495)	(60,606)	(38,901)
Net Cash Flows from Operating Activities	(15,898)	(7,781)	(48,599)	(25,420)

Financing Activities
Net increase (decrease) in bank loans	6,000	(2,000)	6,000	-
Net increase in banker's acceptances	-	23,000	-	28,000
Net increase in CORRA loans	18,000	-	18,000	-
Payment of lease liabilities	(1,257)	(1,287)	(2,456)	(2,792)
Redemption of shares	(50)	(150)	(169)	(270)
Dividends paid	(4,256)	(4,274)	(4,256)	(4,274)
Net Cash Flows from Financing Activities	18,437	15,289	17,119	20,664

Investing Activities
Acquisition of property, plant and equipment	(2,618)	(839)	(3,900)	(1,683)
Proceeds on disposal of property, plant and equipment	382	178	390	188
Other assets	(450)	-	(450)	-
Net Cash Flows from Investing Activities	(2,686)	(661)	(3,960)	(1,495)

Net cash (outflow) inflow	(147)	6,847	(35,440)	(6,251)
Cash position, beginning of period	(6,914)	(9,678)	28,379	3,420
Cash position, end of period	(7,061)	(2,831)	(7,061)	(2,831)

GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders' Equity
For the six months ended May 31, 2024 and May 31, 2023
(in thousands of dollars) Unaudited

	Share Capital	Retained Earnings	Total
	$	$	$

Balance as at November 30, 2022	9,419	177,360	186,779

Net earnings	-	6,364	6,364

Total comprehensive income	-	6,364	6,364

Dividend	-	(4,274)	(4,274)
Redemption of Shares	(25)	(245)	(270)

Balance as at May 31, 2023	9,394	179,205	188,599



Balance as at November 30, 2023	9,379	185,624	195,003

Net earnings	-	5,201	5,201

Total comprehensive income	-	5,201	5,201

Dividend	-	(4,256)	(4,256)
Redemption of Shares	(13)	(156)	(169)

Balance as at May 31, 2024	9,366	186,413	195,779

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

DELSON, Quebec, July 10, 2024 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the "Company" or "Goodfellow") announced today its financial results for the second quarter ended May 31, 2024.

魁北克德爾森，2024年7月10日（環球新聞專線）——古德費羅公司（多倫多證券交易所股票代碼：GDL）（“公司” 或 “Goodfellow”）今天公佈了截至2024年5月31日的第二季度財務業績。

該公司公佈的淨收益爲530萬美元，合每股收益0.62美元，而去年同期的淨收益爲660萬美元，合每股收益0.77美元。截至2024年5月31日的三個月，合併銷售額爲1.403億美元，而去年爲1.423億美元。

在截至2024年5月31日的六個月中，該公司公佈的淨收益爲520萬美元，合每股收益0.61美元，而去年同期的淨收益爲640萬美元，合每股收益0.75美元，而合併銷售額爲2.457億美元，去年爲2.483億美元。

古德費羅繼續在以消費者信心低迷和新屋開工緩慢爲特徵的更廣泛的經濟格局中航行。這些條件影響了行業增長，並將需求轉移到公司投資組合中不同類型的產品上。Goodfellow的產品完全有能力滿足這種不斷變化的需求，即使某些細分市場出現波動，也能確保收入和利潤的穩定性。

About Goodfellow

關於古德費羅

Goodfellow 是一家多元化的增值木材產品製造商，也是建築材料和地板覆蓋物的批發分銷商。Goodfellow 的分銷足跡遍及加拿大海岸，通過木材場零售商網絡、製造商、工業和基礎設施項目合作伙伴以及地板覆蓋專家爲商業和住宅領域提供服務。Goodfellow 還利用其增值產品能力爲國際木材市場提供服務。Goodfellow Inc. 是一家上市公司，其股票在多倫多證券交易所上市，股票代碼爲 “GDL”。

GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the three and six months ended May 31, 2024 and 2023
(in thousands of dollars, except per share amounts)
Unaudited

	For the three months ended		For the six months ended
	May 31 2024	May 31 2023	May 31 2024	May 31 2023
	$	$	$	$

Sales	140,334	142,326	245,668	248,251
Expenses
Cost of goods sold	106,199	110,034	188,745	194,294
Selling, administrative and general expenses	26,108	22,239	48,992	43,923
Net financial costs	652	921	707	1,195
	132,959	133,194	238,444	239,412

Earnings before income taxes	7,375	9,132	7,224	8,839

Income taxes	2,066	2,557	2,023	2,475

Total comprehensive income	5,309	6,575	5,201	6,364


Net earnings per share – Basic and Diluted	0.62	0.77	0.61	0.75

GOODFELLOW INC
合併綜合收益表
在截至2024年和2023年5月31日的三個月和六個月中
（以千美元計，每股金額除外）
未經審計

	在截至的三個月中		在截至的六個月中
	5 月 31 日 2024	5 月 31 日 2023	5 月 31 日 2024	5 月 31 日 2023
	$	$	$	$

銷售	140,334	142,326	245,668	248,251
開支
銷售商品的成本	106,199	110,034	188,745	194,294
銷售、管理和一般費用	26,108	22,239	48,992	43,923
淨財務成本	652	921	707	1,195
	132,959	133,194	238,444	239,412

所得稅前收益	7,375	9,132	7,224	8,839

所得稅	2,066	2,557	2,023	2475

綜合收入總額	5,309	6,575	5,201	6,364


每股淨收益——基本收益和攤薄收益	0.62	0.77	0.61	0.75

GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
Unaudited
	As at	As at	As at
	May 31 2024	November 30 2023	May 31 2023
	$	$	$
Assets
Current Assets
Cash	4,822	28,379	3,171
Trade and other receivables	95,546	53,674	87,163
Income taxes receivable	7,286	6,286	6,001
Inventories	130,239	98,473	122,268
Prepaid expenses	2,536	4,215	2,263
Total Current Assets	240,429	191,027	220,866

Non-Current Assets
Property, plant and equipment	34,631	32,761	32,405
Intangible assets	1,192	1,487	1,795
Right-of-use assets	9,993	11,354	12,916
Defined benefit plan asset	15,264	15,347	11,760
Other assets	1,227	777	802
Total Non-Current Assets	62,307	61,726	59,678
Total Assets	302,736	252,753	280,544

Liabilities
Current Liabilities
Bank indebtedness	35,883	-	34,002
Trade and other payables	52,645	37,620	36,553
Provision	2,774	2,789	2,252
Current portion of lease liabilities	4,170	4,732	4,748
Total Current Liabilities	95,472	45,141	77,555

Non-Current Liabilities
Provision	-	-	770
Lease liabilities	7,373	8,497	10,189
Deferred income taxes	4,112	4,112	3,431
Total Non-Current Liabilities	11,485	12,609	14,390
Total Liabilities	106,957	57,750	91,945

Shareholders' Equity
Share capital	9,366	9,379	9,394
Retained earnings	186,413	185,624	179,205
	195,779	195,003	188,599
Total Liabilities and Shareholders' Equity	302,736	252,753	280,544

GOODFELLOW INC
合併財務狀況表
（以千美元計）
未經審計
	截至目前	截至目前	截至目前
	5 月 31 日 2024	11 月 30 日 2023	5 月 31 日 2023
	$	$	$
資產
流動資產
現金	4,822	28,379	3,171
貿易和其他應收賬款	95,546	53,674	87,163
應收所得稅	7,286	6,286	6,001
庫存	130,239	98,473	122,268
預付費用	2,536	4,215	2,263
流動資產總額	240,429	191,027	220,866

非流動資產
財產、廠房和設備	34,631	32,761	32,405
無形資產	1,192	1,487	1,795
使用權資產	9,993	11,354	12,916
固定福利計劃資產	15,264	15,347	11,760
其他資產	1,227	777	802
非流動資產總額	62,307	61,726	59,678
總資產	302,736	252,753	280,544

負債
流動負債
銀行債務	35,883	-	34,002
貿易和其他應付賬款	52,645	37,620	36,553
規定	2,774	2,789	2,252
租賃負債的流動部分	4,170	4,732	4,748
流動負債總額	95,472	45,141	77,555

非流動負債
規定	-	-	770
租賃負債	7,373	8,497	10,189
遞延所得稅	4,112	4,112	3,431
非流動負債總額	11,485	12,609	14,390
負債總額	106,957	57,750	91,945

股東權益
股本	9,366	9,379	9,394
留存收益	186,413	185,624	179,205
	195,779	195,003	188,599
負債和股東權益總額	302,736	252,753	280,544

GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2024 and May 31, 2023
(in thousands of dollars) Unaudited
For the three months ended			For the six months ended
	May 31 2024	May 31 2023	May 31 2024	May 31 2023
	$	$	$	$
Operating Activities
Net earnings	5,309	6,575	5,201	6,364
Adjustments for:
Depreciation and amortization of:
Property, plant and equipment	882	795	1,717	1,540
Intangible assets	148	150	295	301
Right-of-use assets	1,089	1,188	2,123	2,445
Gain on disposal of property, plant and equipment	(69)	(171)	(77)	(181)
Accretion expense on provision	-	68	-	136
Provision	(4)	(7)	(15)	(29)
Income taxes	2,066	2,557	2,023	2,475
Interest expense	330	481	375	569
Interest on lease liabilities	137	158	274	140
Funding in excess (deficit) of pension plan expense	189	(70)	83	(140)
Other	7	(10)	8	(139)
	10,084	11,714	12,007	13,481

Changes in non-cash working capital items	(24,366)	(15,844)	(56,876)	(32,124)
Interest paid	(518)	(632)	(707)	(740)
Income taxes paid	(1,098)	(3,019)	(3,023)	(6,037)
	(25,982)	(19,495)	(60,606)	(38,901)
Net Cash Flows from Operating Activities	(15,898)	(7,781)	(48,599)	(25,420)

Financing Activities
Net increase (decrease) in bank loans	6,000	(2,000)	6,000	-
Net increase in banker's acceptances	-	23,000	-	28,000
Net increase in CORRA loans	18,000	-	18,000	-
Payment of lease liabilities	(1,257)	(1,287)	(2,456)	(2,792)
Redemption of shares	(50)	(150)	(169)	(270)
Dividends paid	(4,256)	(4,274)	(4,256)	(4,274)
Net Cash Flows from Financing Activities	18,437	15,289	17,119	20,664

Investing Activities
Acquisition of property, plant and equipment	(2,618)	(839)	(3,900)	(1,683)
Proceeds on disposal of property, plant and equipment	382	178	390	188
Other assets	(450)	-	(450)	-
Net Cash Flows from Investing Activities	(2,686)	(661)	(3,960)	(1,495)

Net cash (outflow) inflow	(147)	6,847	(35,440)	(6,251)
Cash position, beginning of period	(6,914)	(9,678)	28,379	3,420
Cash position, end of period	(7,061)	(2,831)	(7,061)	(2,831)

GOODFELLOW INC
合併現金流量表
在截至2024年5月31日和2023年5月31日的三個月和六個月中
（以千美元計）未經審計
在結束的三個月裏			在截至的六個月中
	5 月 31 日 2024	5 月 31 日 2023	5 月 31 日 2024	5 月 31 日 2023
	$	$	$	$
運營活動
淨收益	5,309	6,575	5,201	6,364
對以下各項的調整：
折舊和攤銷：
財產、廠房和設備	882	795	1,717	1,540
無形資產	148	150	295	301
使用權資產	1,089	1,188	2,123	2,445
處置不動產、廠房和設備的收益	(69)	(171)	(77)	(181)
撥備金的增撥費用	-	68	-	136
規定	(4)	(7)	(15)	(29)
所得稅	2,066	2,557	2,023	2475
利息支出	330	481	375	569
租賃負債的利息	137	158	274	140
資金超過養老金計劃支出（赤字）	189	(70)	83	(140)
其他	7	(10)	8	(139)
	10,084	11,714	12,007	13,481

非現金營運資金項目的變化	(24,366)	(15,844)	(56,876)	(32,124)
已付利息	(518)	(632)	(707)	(740)
繳納的所得稅	(1,098)	(3,019)	(3,023)	(6,037)
	(25,982)	(19,495)	(60,606)	(38,901)
經營活動產生的淨現金流量	(15,898)	(7,781)	(48,599)	(25,420)

融資活動
銀行貸款淨增加（減少）	6,000	(2,000)	6,0000	-
銀行承兌匯票淨增加	-	23,000	-	28,000
CORRA貸款淨增加	18,000	-	18,000	-
支付租賃負債	(1,257)	(1,287)	(2,456)	(2,792)
贖回股份	(50)	(150)	(169)	(270)
已支付的股息	(4,256)	(4,274)	(4,256)	(4,274)
來自融資活動的淨現金流	18,437	15,289	17,119	20,664

投資活動
購置不動產、廠房和設備	(2,618)	(839)	(3,900)	(1,683)
處置不動產、廠房和設備的收益	382	178	390	188
其他資產	(450)	-	(450)	-
來自投資活動的淨現金流	(2,686)	(661)	(3,960)	(1,495)

淨現金（流出）流入	(147)	6,847	(35,440)	(6,251)
期初現金狀況	(6,914)	(9,678)	28,379	3,420
現金狀況，期末	(7,061)	(2,831)	(7,061)	(2,831)

GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders' Equity
For the six months ended May 31, 2024 and May 31, 2023
(in thousands of dollars) Unaudited

	Share Capital	Retained Earnings	Total
	$	$	$

Balance as at November 30, 2022	9,419	177,360	186,779

Net earnings	-	6,364	6,364

Total comprehensive income	-	6,364	6,364

Dividend	-	(4,274)	(4,274)
Redemption of Shares	(25)	(245)	(270)

Balance as at May 31, 2023	9,394	179,205	188,599



Balance as at November 30, 2023	9,379	185,624	195,003

Net earnings	-	5,201	5,201

Total comprehensive income	-	5,201	5,201

Dividend	-	(4,256)	(4,256)
Redemption of Shares	(13)	(156)	(169)

Balance as at May 31, 2024	9,366	186,413	195,779

GOODFELLOW INC
股東權益變動綜合報表
在截至2024年5月31日和2023年5月31日的六個月中
（以千美元計）未經審計

	分享資本	已保留收益	總計
	$	$	$

截至2022年11月30日的餘額	9,419	177,360	186,779

淨收益	-	6,364	6,364

綜合收入總額	-	6,364	6,364

分紅	-	(4,274)	(4,274)
贖回股份	(25)	(245)	(270)

截至 2023 年 5 月 31 日的餘額	9,394	179,205	188,599



截至 2023 年 11 月 30 日的餘額	9,379	185,624	195,003

淨收益	-	5,201	5,201

綜合收入總額	-	5,201	5,201

分紅	-	(4,256)	(4,256)
贖回股份	(13)	(156)	(169)

截至2024年5月31日的餘額	9,366	186,413	195,779

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

來自：	Goodfellow Inc.
	帕特里克·古德費羅
	總裁兼首席執行官
	電話：450 635-6511
	F: 450 635-3730
	info@goodfellowinc.com

譯文內容由第三人軟體翻譯。

以上內容僅用作資訊或教育之目的，不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。

Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2024

Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2024

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