Goodfellow Reports Its Results for the First Quarter Ended February 28, 2023

Goodfellow Inc. (the “Company” or “Goodfellow”) announced its financial results for the first quarter ended February 28, 2023.

The Company reported a net loss of $211 thousand or $0.02 per share compared to net earnings of $5.1 million or $0.60 per share a year ago. Consolidated sales for the three months ended February 28, 2023 were $105.9 million compared to $129.4 million last year.

Consumer demand in the first quarter of 2023 was significantly lower as compared to uncharacteristically high levels seen in the same period last year. This slowdown is attributed to supply finally outpacing demand, as well as growing unease around rising inflation and interest rates. Results remain comparable to pre-pandemic levels for the same period, which has been historically difficult.

For the full first 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 and CEO – info@goodfellowinc.com – (450) 635-6511

Source: Goodfellow Inc.