Goodfellow Reports its Results for the Second Quarter Ended February 29, 2012
(firmenpresse) - DELSON, QUEBEC -- (Marketwire) -- 03/30/12 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the second quarter ended February 29, 2012. The Company recorded a net loss of $(0.6) million or $(0.07) per share compared to a net loss of $(1.7) million or $(0.20) per share a year ago. Consolidated sales for the three months ended February 29, 2012 were $101.1 million compared to $94.8 million in the previous year. Cash flow from operations (excluding non-cash working capital items) for the second quarter of Fiscal 2012 closed at $(0.4) million from $(1.8) million for the same period last year. The sales growth was due to favourable weather conditions during the winter months, increased demand from the retail flooring customer base and continued higher demand for our value-added products during the second quarter compared to last year. The Canadian housing market remained relatively active increasing 15.7% to 199,900 units on average (Source: CMHC) for the three months ended February 29, 2012 compared to 172,700 units in the second quarter a year ago. The sales increase reflects our commitment to maintain and grow our market share while focusing our attention on cost reductions in all areas of our business. As a result, operating costs during the second quarter decreased some 6% compared to the second quarter last year. The accompanying Interim Financial Statements for the second quarter ended February 29, 2012 have been prepared in accordance with IFRS.
On a year-to-date basis, the Company generated net earnings of $0.3 million or $0.03 per share compared to net loss of $(0.7) million or $(0.08) per share a year ago. Consolidated sales for the six months ended February 29, 2012 were $207.2 million compared to $204.2 million in the previous year. Cash flow from operations (excluding non-cash working capital items) for the first six months of Fiscal 2012 increased to $1.3 million from $0.4 million for the same period last year.
"These results reflect our efforts to control costs while not giving up market share. Business conditions however remain generally sluggish and uncertain despite the early spring." said Richard Goodfellow, President and Chief Executive Officer. "There is no doubt that the light winter in most areas helped us improve our results over last year."
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: 30.03.2012 - 08:42 Uhr
Sprache: Deutsch
News-ID 1098452
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