Goodfellow Reports Its Results for the Fiscal Year Ended November 30, 2019

DELSON, Quebec, Feb. 13, 2020 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) announced today its financial results for the fourth quarter ended November 30, 2019. The Company reported a net income of $0.3 million or $0.03 per share compared to a net income of $0.2 million or $0.02 per share a year ago. Consolidated sales for the three months ended November 30, 2019 were $107.1 million compared to $112.7 million last year. Sales in Canada were stable compared to the same period a year ago, while sales in the United States decreased 5% (on a Canadian dollar basis) and export sales decreased 50% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $0.4 million.

For the fiscal year ended November 30, 2019, the Company reported a net income of $3.1 million or $0.36 per share compared to a net income of $2.6 million or $0.30 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2019 were $449.6 million compared to $475.2 million last year. Sales in Canada decreased 3% compared to the same period a year ago, while sales in the United States decreased 14% (on a Canadian dollar basis) and export sales decreased 20% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $3.6 million.

Despite challenging conditions in North America and overseas, Goodfellow’s core business activities showed great signs of resilience in 2019 to sustain the trend of improved profitability. The Company has invested in measures to improve its productivity and strengthen its position as the leader in custom orders & value-added manufacturing of wood products.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.10 per share payable on March 13, 2020, to shareholders of record at the close of business on February 28, 2020.

Goodfellow Inc. is a distributor of lumber products, building materials and floor coverings. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.