Goodfellow Reports its Results for the Fourth Quarter

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

For the fourth quarter ended November 30, 2022, the Company reported net earnings of $4.4 million or $0.52 per share compared to net earnings of $10.1 million or $1.18 per share a year ago. Consolidated sales for the three months ended November 30, 2022 were $149.3 million compared to $143.0 million last year.

For the fiscal year ended November 30, 2022, the Company reported net earnings of $32.7 million or $3.82 per share compared to net earnings of $37.8 million or $4.42 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2022 were $631.2 million compared to $615.9 million last year.

The Company performed very well in Fiscal 2022 realizing the highest sales revenue on record. These results were achieved despite extremely challenging and shifting market conditions resulting from surging inflation, rising energy costs, labour shortages and changes in international markets. The Company’s success is attributed to its strengths in operations, product diversity, value-added and customization offering, and customer service.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 16, 2023, to shareholders of record at the close of business on March 2, 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 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@goodfellowinc.com – (450) 635-6511

Source: Goodfellow Inc.