Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced its financial results today.

For the fourth quarter ended November 30, 2022, the Company reported net earnings of $4.4 million or $0.52 per share compared to net earnings of $10.1 million or $1.18 per share a year ago. Consolidated sales for the three months ended November 30, 2022 were $149.3 million compared to $143.0 million last year.

For the fiscal year ended November 30, 2022, the Company reported net earnings of $32.7 million or $3.82 per share compared to net earnings of $37.8 million or $4.42 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2022 were $631.2 million compared to $615.9 million last year.

The Company performed very well in Fiscal 2022 realizing the highest sales revenue on record. These results were achieved despite extremely challenging and shifting market conditions resulting from surging inflation, rising energy costs, labour shortages and changes in international markets. The Company’s success is attributed to its strengths in operations, product diversity, value-added and customization offering, and customer service.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 16, 2023, to shareholders of record at the close of business on March 2, 2023. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the direction of the Board of Directors.

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 years ended November 30, 2022 and 2021    
(in thousands of dollars, except per share amounts)    
Unaudited    
     
  Years ended
  November 302022 November 302021
  $ $
     
Sales 631,185 615,946
Expenses    
Cost of goods sold 495,125 479,403
Selling, administrative and general expenses 88,143 83,326
Net financial costs 3,201 2,694
  586,469 565,423
     
Earnings before income taxes 44,716 50,523
     
Income taxes 12,037 12,687
     
Net earnings 32,679 37,836
     
Items that will not subsequently be reclassified to net earnings    
     
Remeasurement of defined benefit plan obligation net of taxes of $355 ($2,730 in 2021) 914 7,021
     
Total comprehensive income 33,593 44,857
     
Net earnings per share – Basic and Diluted 3.82 4.42
     
GOODFELLOW INC.    
Consolidated Statements of Financial Position    
(in thousands of dollars) Unaudited    
     
  As at As at
  November 30 2022 November 30 2021
  $ $
Assets    
Current Assets    
Cash 3,420 4,253
Trade and other receivables 64,423 63,246
Income taxes receivable 2,439 -
Inventories 112,294 109,787
Prepaid expenses 2,555 4,189
Total Current Assets 185,131 181,475
     
Non-Current Assets    
Property, plant and equipment 32,269 30,022
Intangible assets 2,096 2,650
Right-of-use assets 14,999 12,262
Defined benefit plan asset 11,620 10,397
Other assets 802 785
Total Non-Current Assets 61,786 56,116
Total Assets 246,917 237,591
     
Liabilities    
Current Liabilities    
Bank indebtedness - 9,246
Trade and other payables 36,286 37,897
Income taxes payable - 9,022
Provision 2,281 2,147
Current portion of lease liabilities 4,969 4,256
Total Current Liabilities 43,536 62,568
     
Non-Current Liabilities    
Provision 634 -
Lease liabilities 12,537 10,924
Deferred income taxes 3,431 3,151
Total Non-Current Liabilities 16,602 14,075
Total Liabilities 60,138 76,643
     
Shareholders’ Equity    
Share capital 9,419 9,424
Retained earnings 177,360 151,524
  186,779 160,948
Total Liabilities and Shareholders’ Equity 246,917 237,591
     
GOODFELLOW INC.    
Consolidated Statements of Cash Flows    
For the years ended November 30, 2022 and 2021    
(in thousands of dollars) Unaudited    
     
  Years ended
  November 30 2022 November 30 2021
  $ $
Operating Activities    
Net earnings 32,679 37,836
Adjustments for:    
Depreciation and amortization of:    
Property, plant and equipment 2,551 2,552
Intangible assets 608 621
Right-of-use assets 4,551 4,141
Accretion expense on provision 102 44
Provision 666 630
Income taxes 12,037 12,687
Gain on disposal of property, plant and equipment (45) (25)
Interest expense 1,230 826
Interest on lease liabilities 603 580
Funding in deficit of pension plan expense 46 117
Other 23 (6)
  55,051 60,003
     
Changes in non-cash working capital items (3,734) (15,484)
Interest paid (1,731) (1,541)
Income taxes paid (23,573) (9,700)
  (29,038) (26,725)
Net Cash Flows from Operating Activities 26,013 33,278
     
Financing Activities    
Net decrease in bank loans (2,000) (10,000)
Net decrease in banker’s acceptances - (12,000)
Payment of lease liabilities (4,985) (4,551)
Redemption of shares (56) -
Dividend paid (7,706) (7,279)
Net Cash Flows from Financing Activities (14,747 ) (33,830)
     
Investing Activities    
Acquisition of property, plant and equipment (4,827) (1,333)
Acquisition in intangible assets (54) (33)
Proceeds on disposal of property, plant and equipment 45 29
Other assets (17) -
Net Cash Flows from Investing Activities (4,853) (1,337)
     
Net cash inflow (outflow) 6,413 (1,889)
Cash position, beginning of year (2,993) (1,104)
Cash position, end of year 3,420 (2,993)
     
Cash position is comprised of:    
Cash 3,420 4,253
Bank overdraft - (7,246)
  3,420 (2,993)
     
GOODFELLOW INC.  
Consolidated Statements of Changes in Shareholders’ Equity  
For the years ended November 30, 2022 and 2021  
(in thousands of dollars)Unaudited      
   
  Share Capital Retained Earnings Total
  $ $ $
       
Balance as at November 30, 2020 9,424 111,805 121,229
       
Net earnings - 37,836 37,836
Other comprehensive income - 7,021 7,021
       
Total comprehensive income - 44,857 44,857
       
       
Dividend - (5,138) (5,138)
       
Balance as at November 30, 2021 9,424 151,524 160,948
       
Net earnings - 32,679 32,679
Other comprenhensive income - 914 914
       
Total comprehensive income - 33,593 33,593
       
Dividend - (7,706) (7,706)
Redemption of Shares (5) (51) (56)
       
Balance as at November 30, 2022 9,419 177,360 186,779
       

From:         

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

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