Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2025
10-Jul-2025 17:02:39 EDT
Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2025
GlobeNewswire July 10, 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
