Goodfellow Reports its Results for the Second Quarter Ended February 28, 2013
(firmenpresse) - DELSON, QUEBEC -- (Marketwire) -- 03/26/13 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the second quarter ended February 28, 2013. The Company recorded a net loss of $(0.9) million or $(0.11) per share compared to $(0.6) million or $(0.07) per share during the corresponding period a year ago. Consolidated sales for the three months ended February 28, 2013 were $95.4 million compared to $101.1 million last year. Sales during the second quarter declined due to unfavourable weather conditions, and a reduced demand from our retailers business. The decrease was mitigated by the increased demand for our value-added product lines and the introduction of new product lines compared to last year. The Canadian housing market conditions were sluggish with new housing starts decreasing 11.7% to 178,100 units on average (Source: CMHC) for the three months ended February 28, 2013 compared to 201,800 units during the second quarter a year ago.
Cash flow from operations (excluding non-cash working capital income tax and interest paid) for the second quarter of Fiscal 2013 closed at $(0.8) million from $(0.4) million for the same period last year. Operational costs during the second quarter increased with the increased production of value added products and higher maintenance costs during the cold winter months. As a result, operating costs during the second quarter increased 6% compared to the second quarter last year.
On a year-to-date basis, the Company recorded a net loss of $(0.2) million or $(0.02) per share compared to net income of $0.3 million or $0.03 per share a year ago. Consolidated sales for the six months ended February 28, 2013 were $207.5 million compared to $207.2 million in the previous year. Cash flow from operations (excluding non-cash working capital income tax and interest paid) for the first six months of Fiscal 2013 decreased to $0.7 million from $1.3 million for the same period last year.
"Continued global financial uncertainties, the harsh winter across the country, and the sharp reduction in demand at the retail customer level all added up to making Q2 a difficult one." said Richard Goodfellow, President and Chief Executive Officer. "We continue to be however cautiously optimistic for the spring period with a strong order file in hand."
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: 26.03.2013 - 13:19 Uhr
Sprache: Deutsch
News-ID 243139
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DELSON, QUEBEC
Kategorie:
Construction
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