The Investment Reporter, in its Oct. 17, 2014, issue, says buy Hardwoods Distribution Inc., recently $10.40. The Reporter said buy on Sept. 13, 2013, at $8.30, and again on March 28, 2014, at $10.84. Assuming an investment of $1,000 for each of the two buys, the $2,000 position would now be worth $2,204. In the first half of 2014, the hardwood lumber supplier earned $7-million, or 42 cents a share. This was down from earnings of $7.6-million, or 46 cents a share, a year earlier. In the six months, sales increase by 20 per cent, but costs rose by a faster 21.9 per cent. Even so, the company's cash flow does not confirm the lower earnings. Hardwoods' cash flow rose to $13-million in the first half of 2014 from $12-million a year earlier. On April 28, 2014, the company spent $15.3-million to acquire Michigan's Hardwoods. Even though it had to borrow money to pay for the acquisitions, the Canadian company's net-debt-to-cash-flow ratio looks safe at 2. The outlook of the U.S. market looks favourable, and Hardwoods expects to continue expanding its market share in that country. It expects to earn 85 cents a share this year, up from 79 cents a share last year. The stock remains a buy for gains and dividends.