DELSON, Quebec, April 10, 2025 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the first quarter ended February 28, 2025.
For the three months ended February 28, 2025, Goodfellow reported a net loss of $2.3 million or $0.27 per share compared to a net loss of $0.1 million or $0.01 per share a year ago, while consolidated sales were $111.2 million compared to $105.3 million last year.
Goodfellow delivered 5.5% sales growth in the first quarter of 2025, leveraging its diversified product offering and strong distribution network across Canada. Increased overhead including wages, leases and depreciation tied to existing sites, and the integration of several asset acquisitions in the United States, led to impacts that will take time to fully mitigate. Goodfellow remains focused on long-term opportunities and will continue to monitor and manage the supply chain to address risks related to U.S. tariffs.
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 months ended February 28, 2025 and February 29, 2024 | ||||
| (in thousands of dollars, except per share amounts) Unaudited | ||||
| February 28 2025 | February 29 2024 | |||
| $ | $ | |||
| Sales | 111,180 | 105,334 | ||
| Expenses | ||||
| Cost of goods sold | 85,713 | 82,546 | ||
| Selling, administrative and general expenses | 27,819 | 22,884 | ||
| Net financial costs | 786 | 55 | ||
| 114,318 | 105,485 | |||
| Loss before income taxes | (3,138) | (151) | ||
| Income taxes | (878) | (43) | ||
| Total comprehensive loss | (2,260) | (108) | ||
| Net loss per share – Basic and Diluted | (0.27) | (0.01) | ||
| GOODFELLOW INC. | ||||||
| Consolidated Statements of Financial Position | ||||||
| (in thousands of dollars) | ||||||
| Unaudited | ||||||
| As at | As at | As at | ||||
| February 28 2025 | November 30 2024 | February 29 2024 | ||||
| $ | $ | $ | ||||
| Assets | ||||||
| Current Assets | ||||||
| Cash | 4,237 | 5,314 | 4,397 | |||
| Trade and other receivables | 69,995 | 56,601 | 69,672 | |||
| Income taxes receivable | 7,513 | 6,634 | 8,254 | |||
| Inventories | 158,879 | 131,284 | 122,802 | |||
| Prepaid expenses | 4,051 | 4,047 | 3,771 | |||
| Total Current Assets | 244,675 | 203,880 | 208,896 | |||
| Non-Current Assets | ||||||
| Property, plant and equipment | 43,552 | 43,883 | 33,208 | |||
| Intangible assets | 751 | 896 | 1,340 | |||
| Right-of-use assets | 20,863 | 19,936 | 10,586 | |||
| Defined benefit plan asset | 21,747 | 21,925 | 15,453 | |||
| Other assets | 1,327 | 1,336 | 777 | |||
| Total Non-Current Assets | 88,240 | 87,976 | 61,364 | |||
| Total Assets | 332,915 | 291,856 | 270,260 | |||
| Liabilities | ||||||
| Current Liabilities | ||||||
| Bank indebtedness | 42,385 | 5,913 | 11,311 | |||
| Trade and other payables | 55,494 | 49,028 | 44,986 | |||
| Provision | 818 | 930 | 2,778 | |||
| Dividends payable | 2,105 | – | 4,256 | |||
| Current portion of lease liabilities | 6,418 | 6,271 | 4,419 | |||
| Total Current Liabilities | 107,220 | 62,142 | 67,750 | |||
| Non-Current Liabilities | ||||||
| Lease liabilities | 15,985 | 15,203 | 7,878 | |||
| Deferred income taxes | 8,303 | 8,303 | 4,112 | |||
| Total Non-Current Liabilities | 24,288 | 23,506 | 11,990 | |||
| Total Liabilities | 131,508 | 85,648 | 79,740 | |||
| Shareholders’ Equity | ||||||
| Share capital | 9,271 | 9,309 | 9,370 | |||
| Retained earnings | 192,136 | 196,899 | 181,150 | |||
| 201,407 | 206,208 | 190,520 | ||||
| Total Liabilities and Shareholders’ Equity | 332,915 | 291,856 | 270,260 | |||
| GOODFELLOW INC. | |||||
| Consolidated Statements of Cash Flows | |||||
| For the three months ended February 28, 2025 and February 29, 2024 | |||||
| (in thousands of dollars) Unaudited | |||||
| February 28 2025 | February 29 2024 | ||||
| $ | $ | ||||
| Operating Activities | |||||
| Net loss | (2,260) | (108) | |||
| Adjustments for: | |||||
| Depreciation and amortization of: | |||||
| Property, plant and equipment | 1,262 | 835 | |||
| Intangible assets | 145 | 147 | |||
| Right-of-use assets | 1,495 | 1,034 | |||
| Gain on disposal of property, plant and equipment | (6) | (8) | |||
| Provision | (112) | (11) | |||
| Income taxes | (878) | (43) | |||
| Interest expense | 239 | 45 | |||
| Interest on lease liabilities | 341 | 137 | |||
| Funding in (deficit) excess of pension plan expense | 178 | (106) | |||
| Other | (58) | 1 | |||
| 346 | 1,923 | ||||
| Changes in non-cash working capital items | (34,562) | (32,510) | |||
| Interest paid | (545) | (189) | |||
| Income taxes paid | (1) | (1,925) | |||
| (35,108) | (34,624) | ||||
| Net Cash Flows from Operating Activities | (34,762) | (32,701) | |||
| Financing Activities | |||||
| Net increase in bank indebtedness | 4,000 | – | |||
| Net increase in CORRA loans | 24,000 | – | |||
| Payment of lease liabilities | (1,435) | (1,199) | |||
| Redemption of shares | (436) | (119) | |||
| Net Cash Flows from Financing Activities | 26,129 | (1,318) | |||
| Investing Activities | |||||
| Acquisition of property, plant and equipment | (931) | (1,282) | |||
| Proceeds on disposal of property, plant and equipment | 6 | 8 | |||
| Other assets | 9 | – | |||
| Net Cash Flows from Investing Activities | (916) | (1,274) | |||
| Net cash outflow | (9,549) | (35,293) | |||
| Cash, beginning of period | (599) | 28,379 | |||
| Cash, end of period | (10,148) | (6,914) | |||
| Cash position is comprised of: | |||||
| Cash | 4,237 | 4,397 | |||
| Bank overdraft | (14,385) | (11,311) | |||
| (10,148) | (6,914) | ||||
| GOODFELLOW INC. Consolidated Statements of Changes in Shareholders’ Equity For the three months ended February 28, 2025 and February 29, 2024 (in thousands of dollars) Unaudited | ||||||
| Share Capital | Retained Earnings | Total | ||||
| $ | $ | $ | ||||
| Balance as at November 30, 2023 | 9,379 | 185,624 | 195,003 | |||
| Net loss | – | (108) | (108) | |||
| Total comprehensive loss | – | (108) | (108) | |||
| Dividend | – | (4,256) | (4,256) | |||
| Redemption of Shares | (9) | (110) | (119) | |||
| Balance as at February 29, 2024 | 9,370 | 181,150 | 190,520 | |||
| Balance as at November 30, 2024 | 9,309 | 196,899 | 206,208 | |||
| Net loss | – | (2,260) | (2,260) | |||
| Total comprehensive income | – | (2,260) | (2,260) | |||
| Dividend | – | (2,105) | (2,105) | |||
| Redemption of Shares | (38) | (398) | (436) | |||
| Balance as at February 28, 2025 | 9,271 | 192,136 | 201,407 | |||
| From: | Goodfellow Inc. Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com |
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