Goodfellow Reports its Results for the Third Quarter Ended May 31, 2012
(firmenpresse) - DELSON, QUEBEC -- (Marketwire) -- 06/27/12 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the third quarter ended May 31, 2012. The Company recorded a net income of $1.6 million or $0.19 per share compared to a net income of $1.2 million or $0.15 per share a year ago. Consolidated sales for the three months ended May 31, 2012 were $141.2 million compared to $127.5 million in the previous year. Cash flow from operations (excluding non-cash working capital items) for the third quarter of Fiscal 2012 closed at $3.0 million from $2.6 million for the same period last year. The sales growth was due to strong demand for hardwood lumber, siding & composite decking products combined with increased shipments of treated wood products helped by the early start to the spring season compared to the third quarter last year. The Canadian housing market remained relatively active increasing 18.1% to 222,900 units on average (Source: CMHC) for the three months ended May 31, 2012 compared to 188,700 units in the third quarter a year ago. The sales increase also reflects our commitment to grow market share while keeping operational costs under control. As a result, operating costs during the third quarter decreased 1.2% compared to the third quarter last year.
On a year-to-date basis, the Company generated net earnings of $1.8 million or $0.22 per share compared to net earnings of $0.5 million or $0.06 per share a year ago. Consolidated sales for the nine months ended May 31, 2012 were $348.4 million compared to $331.8 million in the previous year. Cash flow from operations (excluding non-cash working capital items) for the first nine months of Fiscal 2012 increased to $4.3 million from $3.0 million for the same period last year.
"Our results for the third quarter were a slight improvement over last year but far from expectations." said Richard Goodfellow, President and Chief Executive Officer. "We remain cautiously optimistic for the key fourth quarter with expectations for our warehouse sales being strong."
Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers and distributors of lumber and hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.
Contacts:
Goodfellow Inc.
Richard Goodfellow
President and CEO
(450) 635-6511
(450) 635-3730 (FAX)
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Datum: 27.06.2012 - 21:14 Uhr
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News-ID 160744
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DELSON, QUEBEC
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Construction
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