Goodfellow Reports Results for the Fourth Quarter and Fiscal Year Ended November 30, 2023

Goodfellow Inc. (the “Company” or “Goodfellow”) announced its financial results.

For the fourth quarter ended November 30, 2023, the Company reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $4.4 million or $0.52 per share a year ago. Consolidated sales for the three months ended November 30, 2023 were $125.4 million compared to $149.3 million last year.

For the fiscal year ended November 30, 2023, the Company reported net earnings of $14.7 million or $1.72 per share compared to net earnings of $32.7 million or $3.82 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2023 were $512.8 million compared to $631.2 million last year.

Goodfellow concluded its 125th anniversary year on a positive note, demonstrating resilience despite numerous external challenges. The retail sector experienced a significant downturn in demand, leading to an oversupply in the market, with the flooring category suffering the most significant setback in the second quarter of 2023. In addition, demand and prices for hardwoods declined considerably, with signs of recovery becoming evident only in the early months of fiscal 2024. Goodfellow’s ability to meet expectations in difficult business conditions, can be attributed to the diversity of its product offering and the dedication of its talented team.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 19, 2024, to shareholders of record at the close of business on March 5, 2024. 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 direction of the Board of Directors.

For the full fourth quarter results, click here.

About Goodfellow

Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings. Goodfellow has a distribution footprint from coast-to-coast in Canada servicing 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”

Contact:

Patrick Goodfellow – President & CEO – info@goodfellow.com – (450) 635-6511

Source: Goodfellow Inc.