GDL:CC - Goodfellow Reports Its Results for the Third Quarter Ended August 31 2023 and Declares Dividend

DELSON, Quebec, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the third quarter of fiscal year 2023.

For the three months ended August 31, 2023, the Company reported net earnings of $6.2 million or $0.72 per share compared to net earnings of $10.6 million or $1.24 per share a year ago, while consolidated sales were $139.2 million compared to $167.6 million last year.

For the nine months ended August 31, 2023, the Company reported net earnings of $12.6 million or $1.47 per share compared to net earnings of $28.2 million or $3.30 per share a year ago, while consolidated sales were $387.4 million compared to $481.9 million last year.

In the third quarter of 2023, Goodfellow continued to experience the effects of deteriorating economic conditions on the forest products and building materials industry. As demand slowed, a surplus of inventory developed within the market which challenged growth and put downward pressure on prices. Despite these headwinds, Goodfellow focused on reconciliation and renewal of its inventories of diversified product categories, as well as leveraging its value-added capabilities to deliver a positive result for Q3.

The Board of Directors declared an eligible dividend of $0.50 per share payable on November 2, 2023 to shareholders of record at the close of business on October 19, 2023. 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. 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”.