Goodfellow Reports its Results for the Three Months Ended February 29, 2016
(firmenpresse) - DELSON, QUEBEC -- (Marketwired) -- 04/08/16 -- Goodfellow Inc. (TSX: GDL) announced today its financial results for the three months ended February 29, 2016. The Company reported a net loss of $(1.0) million or $(0.12) per share compared to $(0.4) million or $(0.04) per share a year ago. Consolidated sales for the three months ended February 29, 2016 were $108.7 million compared to $98.1 million last year. Sales in Canada during the first quarter of fiscal 2016 increased 22% compared to the same period a year ago mainly due to increased volume of Pressure Treated Wood sales, the acquisition of Quality Hardwoods and the introduction of new product lines. Although sales in the export market and the USA were short of expectation, we are optimistic with our ability to recapture lost volume in the coming months. On the operating side, Selling, Direct and Administrative costs increased 6.7% due to non-recurring added resources and expenses relating to our new ERP implementation and increased variables costs due to the added volumes and the acquisition of Quality Hardwood on December 30, 2015. As a result, direct, selling, and administrative expenses increased to $21.3 million ($20.0 million last year).
"Investing in our future - best summarizes the results of our first Quarter. We are pleased with our sales growth; our initiatives are delivering the expected results" said Denis Fraser, President and Chief Executive Officer. "Nevertheless, the resources invested in the deployment of the new ERP System, the start-up of the Joint Venture and the acquisition of Quality Hardwood impacted on results negatively. We remain confident to deliver the full value of these initiatives."
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: 08.04.2016 - 10:19 Uhr
Sprache: Deutsch
News-ID 1426919
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DELSON, QUEBEC
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Natural Resource Management
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