Goodfellow Reports Its Results for the Third Quarter Ended August 31, 2021

Goodfellow Inc. (“Goodfellow” or the “Company”) announced its financial results for the third quarter ended August 31, 2021. The Company reported a net income of $10.0 million or $1.17 per share compared to a net income of $6.7 million or $0.78 per share a year ago. Sales for the three months ended August 31, 2021 were $168.0 million compared to $138.8 million last year. Sales in Canada increased 22% compared to the same period a year ago, while sales in the United States increased 31% and export sales decreased 12%. Selling, administrative and general expenses increased overall by $2.4 million.

For the nine months ended August 31, 2021, the Company reported a net income of $27.8 million or $3.24 per share compared to a net income of $8.0 million or $0.94 per share a year ago. Sales were $472.9 million compared to $331.5 million last year. Sales in Canada increased 47% compared to the same period a year ago, while sales in the United States increased 17% and export sales increased 8% compared to the same period a year ago. On the operating side, selling, administrative and general expenses increased overall by $11.5 million.

Third-quarter results of fiscal 2021 were characteristic for the period, which is considered the driver of the seasonal product business. At the onset of July, market conditions were increasingly difficult with the commodity pricing crisis that played havoc with demand in all sectors. Also, new home construction, renovation, manufacturing and industrial sectors showed some signs of slowing. Goodfellow was able to rely on its diversified offering and value-added capabilities to retain market share and continue on a positive trend.

For the full third 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@goodfellowinc.com – (450) 635-6511

Source: Goodfellow Inc.