Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2025

DELSON, Quebec, July 10, 2025 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the second quarter ended May 31, 2025.

For the three months ended May 31, 2025, the Company reported net earnings of $2.5 million or $0.29 per share compared to net earnings of $5.3 million or $0.62 per share a year ago. Consolidated sales were $152.9 million compared to $140.3 million last year.

For the six months ended May 31, 2025, the Company reported net earnings of $0.2 million or $0.02 per share compared to net earnings of $5.2 million or $0.61 per share a year ago, while consolidated sales were $264.1 million compared to $245.7 million last year.

At the midpoint of fiscal 2025, Goodfellow’s performance can be characterized as evolving due to challenging market dynamics and inflationary pressures on operational costs. During the second quarter, the Company saw a notable shift in consumer preference toward Canadian-sourced wood products, driven mainly by growing concerns around evolving U.S. trade policy. This shift contributed to modest domestic demand and price stability across several product categories.

About Goodfellow

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also leverages its value-added product capabilities to serve lumber markets internationally. Goodfellow Inc. is a publicly traded company, and its shares are listed on the Toronto Stock Exchange under the symbol “GDL”.

GOODFELLOW INC.
Consolidated Statements of Comprehensive Income
For the three and six months ended May 31, 2025 and 2024
(in thousands of dollars, except per share amounts)
*Unaudited*

	For the three months ended		For the six months ended
	May 31 2025	May 31 2024	May 31 2025	May 31 2024
	$	$	$	$

Sales	152,940	140,334	264,120	245,668
Expenses
Cost of goods sold	120,191	106,199	205,904	188,745
Selling, administrative and general expenses	28,121	26,108	55,940	48,992
Net financial costs	1,212	652	1,998	707
	149,524	132,959	263,842	238,444

Earnings before income taxes	3,416	7,375	278	7,224

Income taxes	956	2,066	78	2,023

Total comprehensive income	2,460	5,309	200	5,201


Net earnings per share – Basic and Diluted	0.29	0.62	0.02	0.61

GOODFELLOW INC.
Consolidated Statements of Financial Position
(in thousands of dollars)
*Unaudited*
	As at	As at	As at
	May 31 2025	November 30 2024	May 31 2024
	$	$	$
Assets
Current Assets
Cash	3,379	5,314	4,822
Trade and other receivables	96,247	56,601	95,546
Income taxes receivable	6,566	6,634	7,286
Inventories	151,384	131,284	130,239
Prepaid expenses	3,059	4,047	2,536
Total Current Assets	260,635	203,880	240,429

Non-Current Assets
Property, plant and equipment	42,844	43,883	34,631
Intangible assets	615	896	1,192
Right-of-use assets	21,368	19,936	9,993
Defined benefit plan asset	21,554	21,925	15,264
Other assets	1,894	1,336	1,227
Total Non-Current Assets	88,275	87,976	62,307
Total Assets	348,910	291,856	302,736

Liabilities
Current Liabilities
Bank indebtedness	57,217	5,913	35,883
Trade and other payables	56,222	49,028	52,645
Provision	788	930	2,774
Current portion of lease liabilities	6,597	6,271	4,170
Total Current Liabilities	120,824	62,142	95,472

Non-Current Liabilities
Lease liabilities	16,319	15,203	7,373
Deferred income taxes	8,303	8,303	4,112
Total Non-Current Liabilities	24,622	23,506	11,485
Total Liabilities	145,446	85,648	106,957

Shareholders’ Equity
Share capital	9,234	9,309	9,366
Retained earnings	194,230	196,899	186,413
	203,464	206,208	195,779
Total Liabilities and Shareholders’ Equity	348,910	291,856	302,736

GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and six months ended May 31, 2025 and May 31, 2024
(in thousands of dollars)
*Unaudited*
For the three months ended					For the six months ended
	May 31 2025		May 31 2024		May 31 2025		May 31 2024
	$		$		$		$
Operating Activities
Net earnings	2,460		5,309		200		5,201
Adjustments for:
Depreciation and amortization of:
Property, plant and equipment	1,287		882		2,549		1,717
Intangible assets	146		148		291		295
Right-of-use assets	1,515		1,089		3,010		2,123
Gain on disposal of property, plant and equipment	(3	)	(69	)	(9	)	(77	)
Provision	(30	)	(4	)	(142	)	(15	)
Income taxes	956		2,066		78		2,023
Interest expense	593		330		832		375
Interest on lease liabilities	365		137		706		274
Funding in excess of pension plan expense	193		189		371		83
Other	(123	)	7		(181	)	8
	7,359		10,084		7,705		12,007

Changes in non-cash working capital items	(17,072	)	(24,366	)	(51,634	)	(56,876	)
Interest paid	(923	)	(518	)	(1,468	)	(707	)
Income taxes paid	(9	)	(1,098	)	(10	)	(3,023	)
	(18,004	)	(25,982	)	(53,112	)	(60,606	)
Net Cash Flows from Operating Activities	(10,645	)	(15,898	)	(45,407	)	(48,599	)

Financing Activities
Net (decrease) increase in bank loans	(2,000	)	6,000		2,000		6,000
Net increase in CORRA loans	31,000		18,000		55,000		18,000
Payment of lease liabilities	(1,384	)	(1,257	)	(2,819	)	(2,456	)
Redemption of shares	(403	)	(50	)	(839	)	(169	)
Dividends paid	(2,105	)	(4,256	)	(2,105	)	(4,256	)
Net Cash Flows from Financing Activities	25,108		18,437		51,237		17,119

Investing Activities
Acquisition of property, plant and equipment	(579	)	(2,618	)	(1,510	)	(3,900	)
Increase in intangible assets	(10	)	-		(10	)	-
Proceeds on disposal of property, plant and equipment	3		382		9		390
Other assets	(567	)	(450	)	(558	)	(450	)
Net Cash Flows from Investing Activities	(1,153	)	(2,686	)	(2,069	)	(3,960	)

Net cash inflow (outflow)	13,310		(147	)	3,761		(35,440	)
Cash position, beginning of period	(10,148	)	(6,914	)	(599	)	28,379
Cash position, end of period	3,162		(7,061	)	3,162		(7,061	)

Cash position is comprised of:

Cash	3,379		4,822		3,379		4,822
Bank overdraft	(217	)	(11,883	)	(217	)	(11,883	)
	3,162		(7,061	)	3,162		(7,061	)

GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the six months ended May 31, 2025 and May 31, 2024
(in thousands of dollars)
Unaudited
	Share Capital		Retained Earnings		Total
	$		$		$

Balance as at November 30, 2023	9,379		185,624		195,003

Net earnings	-		5,201		5,201

Total comprehensive income	-		5,201		5,201


Dividend	-		(4,256	)	(4,256	)
Redemption of Shares	(13	)	(156	)	(169	)

Balance as at May 31, 2024	9,366		186,413		195,779

Balance as at November 30, 2024	9,309		196,899		206,208

Net earnings	-		200		200

Total comprehensive income	-		200		200

Dividend	-		(2,105	)	(2,105	)
Redemption of Shares	(75	)	(764	)	(839	)

Balance as at May 31, 2025	9,234		194,230		203,464

From:	Goodfellow Inc.
	Patrick Goodfellow
	President and CEO
	T: 450 635-6511
	F: 450 635-3730
	info@goodfellowinc.com

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