Goodfellow Reports Its Results for the Fourth Quarter and Fiscal Year Ended November 30, 2024 and Declares a Dividend
DELSON, Quebec, Feb. 19, 2025 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced its financial results today.
For the fourth quarter ended November 30, 2024, the Company reported net earnings of $2.4 million or $0.29 per share compared to net earnings of $2.1 million or $0.25 per share a year ago. Consolidated sales for the three months ended November 30, 2024 were $124.2 million compared to $125.4 million last year.
For the fiscal year ended November 30, 2024, the Company reported net earnings of $13.4 million or $1.58 per share compared to net earnings of $14.7 million or $1.72 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2024 were $509.5 million compared to $512.8 million last year.
Goodfellow achieved a stable overall performance in 2024 sustained by infrastructure projects and some promising signs from residential housing starts. However, consumer confidence was characterized overall as cautious and restrained as a result of high inflation and interest rates. Despite these challenges, the Company capitalized on its diversified operations and broad customer base across Canada and the United States to maintain its market presence. In the third quarter of 2024, Goodfellow completed strategic asset acquisitions in the United States, representing an important investment in the wholesale distribution of lumber both domestically and for export markets. With evolving geopolitical conditions, this new U.S.-based distribution network positions Goodfellow for future growth.
The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.25 per share payable on March 19, 2025, to shareholders of record at the close of business on March 5, 2025. 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. With a distribution footprint from coast-to-coast in Canada and in the Northeastern U.S., Goodfellow effectively serves 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”.
| GOODFELLOW INC. | ||
| Consolidated Statements of Comprehensive Income | ||
| For the years ended November 30, 2024 and 2023 | ||
| (in thousands of dollars, except per share amounts) Unaudited | ||
| Years ended | ||
| November 30 2024 | November 30 2023 | |
| $ | $ | |
| Sales | 509,541 | 512,821 |
| Expenses | ||
| Cost of goods sold | 387,796 | 400,461 |
| Selling, administrative and general expenses | 101,302 | 89,841 |
| Net financial costs | 2,379 | 2,429 |
| 491,477 | 492,731 | |
| Earnings before income taxes | 18,064 | 20,090 |
| Income taxes | 4,695 | 5,402 |
| Net earnings | 13,369 | 14,688 |
| Items that will not subsequently be reclassified to net earnings | ||
| Remeasurement of defined benefit plan obligation net of taxes of $1,984 ($984 in 2023) | 5,103 | 2,531 |
| Total comprehensive income | 18,472 | 17,219 |
| Net earnings per share – Basic and Diluted | 1.58 | 1.72 |
| GOODFELLOW INC. | ||
| Consolidated Statements of Financial Position | ||
| (in thousands of dollars) Unaudited | ||
| As at | As at | |
| November 30 2024 | November 30 2023 | |
| $ | $ | |
| Assets | ||
| Current Assets | ||
| Cash | 5,314 | 28,379 |
| Trade and other receivables | 56,601 | 53,674 |
| Income taxes receivable | 6,634 | 6,286 |
| Inventories | 131,284 | 98,473 |
| Prepaid expenses | 4,047 | 4,215 |
| Total Current Assets | 203,880 | 191,027 |
| Non-Current Assets | ||
| Property, plant and equipment | 43,883 | 32,761 |
| Intangible assets | 896 | 1,487 |
| Right-of-use assets | 19,936 | 11,354 |
| Defined benefit plan asset | 21,925 | 15,347 |
| Other assets | 1,336 | 777 |
| Total Non-Current Assets | 87,976 | 61,726 |
| Total Assets | 291,856 | 252,753 |
| Liabilities | ||
| Current Liabilities | ||
| Bank indebtedness | 5,913 | – |
| Trade and other payables | 49,028 | 37,620 |
| Provision | 930 | 2,789 |
| Current portion of lease liabilities | 6,271 | 4,732 |
| Total Current Liabilities | 62,142 | 45,141 |
| Non-Current Liabilities | ||
| Lease liabilities | 15,203 | 8,497 |
| Deferred income taxes | 8,303 | 4,112 |
| Total Non-Current Liabilities | 23,506 | 12,609 |
| Total Liabilities | 85,648 | 57,750 |
| Shareholders’ Equity | ||
| Share capital | 9,309 | 9,379 |
| Retained earnings | 196,899 | 185,624 |
| 206,208 | 195,003 | |
| Total Liabilities and Shareholders’ Equity | 291,856 | 252,753 |
| GOODFELLOW INC. | ||
| Consolidated Statements of Cash Flows | ||
| For the years ended November 30, 2024 and 2023 | ||
| (in thousands of dollars) Unaudited | ||
| Years ended | ||
| November 30 2024 | November 30 2023 | |
| $ | $ | |
| Operating Activities | ||
| Net earnings | 13,369 | 14,688 |
| Adjustments for: | ||
| Depreciation and amortization of: | ||
| Property, plant and equipment | 4,188 | 3,311 |
| Intangible assets | 591 | 602 |
| Right-of-use assets | 4,787 | 4,697 |
| Gain on disposal of property, plant and equipment | (183) | (139) |
| Accretion expense on provision | – | 271 |
| Provision | (1,859) | (397) |
| Income taxes | 4,695 | 5,402 |
| Interest expense | 1,077 | 996 |
| Interest on lease liabilities | 768 | 431 |
| Funding in (deficit) excess of pension plan expense | 509 | (212) |
| Other | 46 | 24 |
| 27,988 | 29,674 | |
| Changes in non-cash working capital items | (24,102) | 24,213 |
| Interest paid | (1,918) | (1,367) |
| Income taxes paid | (2,836) | (9,552) |
| (28,856) | 13,294 | |
| Net Cash Flows from Operating Activities | (868) | 42,968 |
| Financing Activities | ||
| Payment of lease liabilities | (5,170) | (5,350) |
| Redemption of shares | (892) | (456) |
| Dividends paid | (6,375) | (8,539) |
| Net Cash Flows from Financing Activities | (12,437) | (14,345) |
| Investing Activities | ||
| Acquisition of property, plant and equipment | (15,690) | (3,836) |
| Decrease in intangible assets | – | 7 |
| Proceeds on disposal of property, plant and equipment | 576 | 147 |
| Other assets | (559) | 18 |
| Net Cash Flows from Investing Activities | (15,673) | (3,664) |
| Net change in cash (outflow) | (28,978) | 24,959 |
| Cash beginning of year | 28,379 | 3,420 |
| Cash (bank indebtedness), end of year | (599) | 28,379 |
| Cash position is comprised of: | ||
| Cash | 5,314 | 28,379 |
| Bank overdraft | (5,913) | – |
| (599) | 28,379 | |
| GOODFELLOW INC. Consolidated Statements of Changes in Shareholders’ Equity For years ended November 30, 2024 and 2023 (in thousands of dollars) Unaudited | |||
| Share Capital | Retained Earnings | Total | |
| $ | $ | $ | |
| Balance as at November 30, 2022 | 9,419 | 177,360 | 186,779 |
| Net earnings | – | 14,688 | 14,688 |
| Other comprehensive income | – | 2,531 | 2,531 |
| Total comprehensive income | – | 17,219 | 17,219 |
| Dividend | – | (8,539) | (8,539) |
| Redemption of Shares | (40) | (416) | (456) |
| Balance as at November 30, 2023 | 9,379 | 185,624 | 195,003 |
| Net earnings | – | 13,369 | 13,369 |
| Other comprehensive income | – | 5,103 | 5,103 |
| Total comprehensive income | – | 18,472 | 18,472 |
| Dividend | – | (6,375) | (6,375) |
| Redemption of Shares | (70) | (822) | (892) |
| Balance as at November 30, 2024 | 9,309 | 196,899 | 206,208 |
| From: | Goodfellow Inc. |
| Patrick Goodfellow | |
| President and CEO | |
| T: 450 635-6511 | |
| F: 450 635-3730 | |
| info@goodfellowinc.com |
