DELSON, Quebec, Feb.  19, 2025  (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced its financial results today.

For the fourth quarter ended November 30, 2024, the Company reported net earnings of $2.4 million or $0.29 per share compared to net earnings of $2.1 million or $0.25 per share a year ago. Consolidated sales for the three months ended November 30, 2024 were $124.2 million compared to $125.4 million last year.

For the fiscal year ended November 30, 2024, the Company reported net earnings of $13.4 million or $1.58 per share compared to net earnings of $14.7 million or $1.72 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2024 were $509.5 million compared to $512.8 million last year.

Goodfellow achieved a stable overall performance in 2024 sustained by infrastructure projects and some promising signs from residential housing starts. However, consumer confidence was characterized overall as cautious and restrained as a result of high inflation and interest rates. Despite these challenges, the Company capitalized on its diversified operations and broad customer base across Canada and the United States to maintain its market presence. In the third quarter of 2024, Goodfellow completed strategic asset acquisitions in the United States, representing an important investment in the wholesale distribution of lumber both domestically and for export markets. With evolving geopolitical conditions, this new U.S.-based distribution network positions Goodfellow for future growth.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.25 per share payable on March 19, 2025, to shareholders of record at the close of business on March 5, 2025. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

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 years ended November 30, 2024 and 2023 (in thousands of dollars, except per share amounts)
Unaudited   Years endedNovember 30
2024November 30 
 2023 $$ Sales 509,541 512,821Expenses Cost of goods sold387,796400,461Selling, administrative and general expenses101,302 89,841Net financial costs2,379 2,429 491,477 492,731 Earnings before income taxes18,064 20,090 Income taxes4,6955,402 Net earnings13,369 14,688 Items that will not subsequently be reclassified to net earnings  Remeasurement of defined benefit plan obligation 
 net of taxes of $1,984 ($984 in 2023)5,1032,531 Total comprehensive income18,47217,219 Net earnings per share – Basic and Diluted1.581.72

GOODFELLOW INC. Consolidated Statements of Financial Position (in thousands of dollars)
Unaudited   As atAs atNovember 30 
2024November 30 
 2023 $$Assets Current Assets Cash5,314 28,379Trade and other receivables56,60153,674Income taxes receivable6,634 6,286Inventories131,28498,473Prepaid expenses4,047 4,215Total Current Assets203,880191,027 Non-Current Assets Property, plant and equipment43,88332,761Intangible assets896 1,487Right-of-use assets19,936 11,354Defined benefit plan asset21,925 15,347Other assets1,336777Total Non-Current Assets87,976 61,726Total Assets291,856252,753 Liabilities Current Liabilities Bank indebtedness5,913-Trade and other payables49,02837,620Provision930 2,789Current portion of lease liabilities6,271 4,732Total Current Liabilities62,14245,141 Non-Current Liabilities Lease liabilities15,203 8,497Deferred income taxes8,3034,112Total Non-Current Liabilities23,506 12,609Total Liabilities85,648 57,750 Shareholders’ Equity Share capital9,309 9,379Retained earnings196,899185,624 206,208195,003Total Liabilities and Shareholders’ Equity291,856252,753

GOODFELLOW INC. Consolidated Statements of Cash Flows For the years ended November 30, 2024 and 2023 (in thousands of dollars)
Unaudited  Years ended November 30
2024November 30
2023 $$Operating Activities Net earnings13,36914,688Adjustments for: Depreciation and amortization of:  Property, plant and equipment4,1883,311 Intangible assets591 602 Right-of-use assets4,787 4,697Gain on disposal of property, plant and equipment(183)(139)Accretion expense on provision- 271Provision(1,859)(397)Income taxes4,695 5,402Interest expense1,077 996Interest on lease liabilities768 431Funding in (deficit) excess of pension plan expense509 (212)Other46 24 27,988 29,674 Changes in non-cash working capital items(24,102)24,213Interest paid(1,918)(1,367)Income taxes paid(2,836)(9,552) (28,856)13,294Net Cash Flows from Operating Activities (868)42,968 Financing Activities Payment of lease liabilities(5,170)(5,350)Redemption of shares(892)(456)Dividends paid(6,375)(8,539)Net Cash Flows from Financing Activities (12,437)(14,345) Investing Activities Acquisition of property, plant and equipment(15,690)(3,836)Decrease in intangible assets-7Proceeds on disposal of property, plant and equipment576 147Other assets(559)18Net Cash Flows from Investing Activities (15,673)(3,664) Net change in cash (outflow)(28,978)24,959Cash beginning of year28,379 3,420Cash (bank indebtedness), end of year(599)28,379Cash position is comprised of: Cash5,31428,379Bank overdraft(5,913)- (599)28,379

GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity 
For years ended November 30, 2024 and 2023
(in thousands of dollars)
Unaudited Share
CapitalRetained
EarningsTotal $$$ Balance as at November 30, 20229,419177,360186,779 Net earnings-14,68814,688Other comprehensive income-2,5312,531 Total comprehensive income-17,21917,219 Dividend-(8,539)(8,539)Redemption of Shares(40)(416)(456) Balance as at November 30, 20239,379185,624195,003 Net earnings -13,36913,369Other comprehensive income-5,1035,103 Total comprehensive income -18,47218,472 Dividend -(6,375)(6,375)Redemption of Shares (70)(822)(892) Balance as at November 30, 20249,309196,899206,208

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