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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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