Goodfellow Reports its Results for the Third Quarter Ended May 31, 2013
(firmenpresse) - DELSON, QUEBEC -- (Marketwired) -- 06/26/13 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the third quarter ended May 31, 2013. The Company recorded a net income of $2.5 million or $0.29 per share compared to $1.6 million or $0.19 per share during the corresponding period a year ago. Consolidated sales for the three months ended May 31, 2013 were $138.2 million compared to $141.2 million last year. Sales during the third quarter declined due to a late spring weather wise and a progressive slowdown in new housing starts during the latter part of the third quarter. The Canadian housing market conditions were sluggish with new housing starts decreasing 18% to 185,800 units on average (Source: CMHC) for the three months ended May 31, 2013 compared to 227,500 units during the third quarter a year ago. The sales 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 increased demand for value-added products helped improve our gross margins closing at 18.5% compared to 17.1% for the corresponding period a year ago. Cash flow from operations (excluding non-cash working capital income tax and interest paid) for the third quarter of Fiscal 2013 closed at $4.2 million from $3.0 million for the same period last year.
On a year-to-date basis, the Company recorded a net income of $2.3 million or $0.27 per share compared to net income of $1.8 million or $0.22 per share a year ago. Consolidated sales for the nine months ended May 31, 2013 were $345.7 million compared to $348.4 million in the corresponding period. Cash flow from operations (excluding non-cash working capital income tax and interest paid) for the first nine months of Fiscal 2013 increased to $4.9 million from $4.3 million for the same period last year.
"There is no doubt that there is a slowdown in the Canadian economy with housing starts being weak or non-existent in many areas." said Richard Goodfellow, President and Chief Executive Officer. "We expect the 4th Quarter to be more of the same - tough going into the headwinds of a slowing economy - but the 4th Quarter has always produced close to or over half of the year's results and we are postured to push very hard to meet this standard."
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: 26.06.2013 - 16:25 Uhr
Sprache: Deutsch
News-ID 273590
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contact information:
Town:
DELSON, QUEBEC
Kategorie:
Construction
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