Goodfellow Reports its Results for the Three Months Ended February 28, 2015
(firmenpresse) - DELSON, QUEBEC -- (Marketwired) -- 04/14/15 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the three months ended February 28, 2015. The Company reported a net loss of $(0.4) million or $(0.04) per share compared to $(0.3) million or $(0.04) per share a year ago. Consolidated sales for the three months ended February 28, 2015 were $98.1 million compared to $95.4 million last year. Sales in Canada during the first quarter of fiscal 2015 remained stable increasing 0.3% compared to the same period a year ago mainly due to improved market presence in Western Canada, and changes in distribution agreements with retailer's customers group. Sales in the United States for the first quarter ended February 28, 2015 increased 25% on a Canadian dollar basis compared to the same period last year due to the increased market presence and increased demand for our value-added product lines. Finally, Export sales increased 6% during the first quarter of fiscal 2015 compared to the same period a year ago mainly due to increasing demand for value added products in Asia and Europe mitigated by a decrease in the United Kingdom region. On the operating side, variable costs increased slightly due to ramping up of value-added product inventory and increased energy costs related to the cold winter conditions. As a result, direct, selling, and administrative expenses increased to $20.0 million ($18.7 million last year).
"The first quarter is largely an unfulfilled promise. All analysts and industry observers were claiming the return of the good times in the later part of 2014. The combined impact of a soft Canadian dollar and the expectation of substantial economic growth in the USA suggested this was a reasonable scenario. The reality fell short of expectations. A rather difficult winter - extreme cold or lots of snow - certainly had its impact" said Denis Fraser, President and Chief Executive Officer. "Amidst the turmoil we have our share of good stories. Our efforts to get back on track in Ottawa are paying off with over 25% sales increase. International sales are up nearly 6% and our US sales are also very strong posting growth of 20 to 30%. The hardwood division continues to do very well, leveraging the assets acquired in Drummondville last year. We have opened a new branch in Saskatoon which promises a much better penetration of this market. We have solid plans in place to assure substantial growth in 2015."
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.
Denis Fraser
President and CEO
450 635-6511
450 635-3730 (FAX)
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Datum: 14.04.2015 - 15:39 Uhr
Sprache: Deutsch
News-ID 385646
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Town:
DELSON, QUEBEC
Kategorie:
Construction
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