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 IncomeFor 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 sold85,713 82,546 Selling, administrative and general expenses27,819 22,884 Net financial costs786 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 Cash4,237  5,314 4,397 Trade and other receivables69,995 56,601 69,672 Income taxes receivable7,513 6,634 8,254 Inventories158,879  131,284 122,802 Prepaid expenses4,051  4,047 3,771 Total Current Assets244,675 203,880 208,896  Non-Current Assets Property, plant and equipment43,552 43,883 33,208 Intangible assets751  896 1,340 Right-of-use assets20,863  19,936 10,586 Defined benefit plan asset21,747  21,925 15,453 Other assets1,327 1,336 777 Total Non-Current Assets88,240  87,976 61,364 Total Assets332,915 291,856 270,260  Liabilities Current Liabilities Bank indebtedness42,385 5,913 11,311 Trade and other payables55,494 49,028 44,986 Provision818  930 2,778 Dividends payable2,105 - 4,256 Current portion of lease liabilities6,418  6,271 4,419 Total Current Liabilities107,220 62,142 67,750  Non-Current Liabilities Lease liabilities15,985  15,203 7,878 Deferred income taxes8,303 8,303 4,112 Total Non-Current Liabilities24,288  23,506 11,990 Total Liabilities131,508  85,648 79,740  Shareholders’ Equity Share capital9,271  9,309 9,370 Retained earnings192,136 196,899 181,150  201,407 206,208 190,520 Total Liabilities and Shareholders’ Equity332,915 291,856 270,260

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 equipment1,262 835 Intangible assets145  147 Right-of-use assets1,495 1,034 Gain on disposal of property, plant and equipment(6) (8) Provision(112)  (11) Income taxes(878)  (43) Interest expense239  45 Interest on lease liabilities341  137 Funding in (deficit) excess of pension plan expense178  (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 indebtedness4,000  - Net increase in CORRA loans24,000 - 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 equipment6  8 Other assets9 - 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, 20239,379 185,624 195,003  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, 20249,370 181,150 190,520  Balance as at November 30, 20249,309 196,899 206,208  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, 20259,271 192,136 201,407

From:Goodfellow Inc. 
 Patrick Goodfellow 
 President and CEO 
 T: 450 635-6511 
 F: 450 635-3730 
[email protected]