Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2026
DELSON, Quebec, July 10, 2026 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the second quarter ended May 31, 2026.
For the three months ended May 31, 2026, Goodfellow reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $2.5 million or $0.29 per share a year ago, while consolidated sales were $142.7 million compared to $152.9 million last year.
For the six months ended May 31, 2026, the Company reported a net loss of $1.1 million or $(0.13) per share compared to net earnings of $0.2 million or $0.02 per share a year ago, while consolidated sales were $251.4 million compared to $264.1 million last year.
At the midpoint of fiscal 2026, Goodfellow continued to operate in a complex environment characterized by persistent macroeconomic uncertainty, difficult housing market conditions, softer consumer demand and pricing volatility. Customers maintained a disciplined approach to purchasing and inventory management, contributing to a slower start to the building season, while regional differences in construction activity resulted in uneven market conditions across the Company’s operating network. Performance for the first half of the year reflects these ongoing challenges. Goodfellow remains well positioned for future growth through its strong balance sheet, diversified product offering and continued focus on delivering exceptional customer service as market conditions improve.
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 (Loss) | ||||
| For the three and six months ended May 31, 2026 and 2025 | ||||
| (in thousands of dollars, except per share amounts) Unaudited | ||||
| For the three months ended | For the six months ended | |||
| May 31 2026 | May 31 2025 (Restated)1 | May 31 2026 | May 31 2025 (Restated)1 | |
| $ | $ | $ | $ | |
| Sales | 142,686 | 152,940 | 251,415 | 264,120 |
| Expenses | ||||
| Cost of goods sold | 114,685 | 126,265 | 204,920 | 217,965 |
| Selling, administrative and general expenses | 23,933 | 22,047 | 45,940 | 43,879 |
| Net financial costs | 1,218 | 1,212 | 2,055 | 1,998 |
| 139,836 | 149,524 | 252,915 | 263,842 | |
| Earnings (loss) before income taxes | 2,850 | 3,416 | (1,500) | 278 |
| Income taxes | 798 | 956 | (420) | 78 |
| Total comprehensive income (loss) | 2,052 | 2,460 | (1,080) | 200 |
| Net earnings (loss) | ||||
| -per share –Basic | 0.25 | 0.29 | (0.13) | 0.02 |
| -per share –Diluted | 0.25 | 0.29 | (0.13) | 0.02 |
1 In the fourth quarter of 2025, the Company corrected an error in presentation for certain production-related expenses that were recognized as selling, administrative and general expenses instead of cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for the second quarter 2025 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for the three months ended May 31, 2025 of $6,074 and for the six months ended May 31, 2025 of $12,061, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in Shareholders’ Equity.
| GOODFELLOW INC. | |||
| Consolidated Statements of Financial Position | |||
| (in thousands of dollars) | |||
| Unaudited | |||
| As at | As at | As at | |
| May 31 2026 | November 30 2025 | May 31 2025 | |
| $ | $ | $ | |
| Assets | |||
| Current Assets | |||
| Cash | 4,167 | 3,767 | 3,379 |
| Trade and other receivables | 89,291 | 55,471 | 96,247 |
| Income taxes receivable | 2,590 | 1,360 | 6,566 |
| Inventories | 165,363 | 144,484 | 151,384 |
| Prepaid expenses | 5,330 | 3,168 | 3,059 |
| Total Current Assets | 266,741 | 208,250 | 260,635 |
| Non-Current Assets | |||
| Property, plant and equipment | 42,960 | 42,625 | 42,844 |
| Intangible assets | 183 | 381 | 615 |
| Right-of-use assets | 18,118 | 19,304 | 21,368 |
| Defined benefit plan asset | 21,330 | 21,739 | 21,554 |
| Deferred income taxes | 744 | 744 | – |
| Other assets | 1,919 | 1,875 | 1,894 |
| Total Non-Current Assets | 85,254 | 86,668 | 88,275 |
| Total Assets | 351,995 | 294,918 | 348,910 |
| Liabilities | |||
| Current Liabilities | |||
| Bank indebtedness | 69,805 | 17,564 | 57,217 |
| Trade and other payables | 51,205 | 42,629 | 56,222 |
| Provision | 602 | 624 | 788 |
| Current portion of lease liabilities | 6,349 | 6,485 | 6,297 |
| Total Current Liabilities | 127,961 | 67,302 | 120,824 |
| Non-Current Liabilities | |||
| Lease liabilities | 13,588 | 14,551 | 16,319 |
| Deferred income taxes | 5,436 | 5,436 | 8,303 |
| Total Non-Current Liabilities | 19,024 | 19,987 | 24,622 |
| Total Liabilities | 146,985 | 87,289 | 145,446 |
| Shareholders’ Equity | |||
| Share capital | 9,140 | 9,184 | 9,234 |
| Retained earnings | 195,870 | 198,445 | 194,230 |
| 205,010 | 207,629 | 203,464 | |
| Total Liabilities and Shareholders’ Equity | 351,995 | 294,918 | 348,910 |
| GOODFELLOW INC. | ||||
| Consolidated Statements of Cash Flows | ||||
| For the three and six months ended May 31, 2026 and 2025 | ||||
| (in thousands of dollars) Unaudited | ||||
| For the three months ended | For the six months ended | |||
| May 31 2026 | May 31 2025 | May 31 2026 | May 31 2025 | |
| $ | $ | $ | $ | |
| Operating Activities | ||||
| Net earnings (loss) | 2,052 | 2,460 | (1,080) | 200 |
| Adjustments for: | ||||
| Depreciation and amortization of: | ||||
| Property, plant and equipment | 1,232 | 1,287 | 2,445 | 2,549 |
| Intangible assets | 152 | 146 | 302 | 291 |
| Right-of-use assets | 1,502 | 1,515 | 2,991 | 3,010 |
| Gain on disposal of property, plant and equipment | – | (3) | (10) | (9) |
| Provision | (23) | (30) | (22) | (142) |
| Income taxes | 798 | 956 | (420) | 78 |
| Interest expense | 671 | 593 | 992 | 832 |
| Interest on lease liabilities | 337 | 365 | 667 | 706 |
| Funding in excess of pension plan expense | 210 | 193 | 409 | 371 |
| Share-based compensation | 47 | – | 364 | – |
| Other | 22 | (123) | (31) | (181) |
| 7,000 | 7,359 | 6,607 | 7,705 | |
| Changes in non-cash working capital items | (26,110) | (17,072) | (48,317) | (51,634) |
| Interest paid | (1,134) | (923) | (1,806) | (1,468) |
| Income taxes paid | (31) | (9) | (810) | (10) |
| (27,275) | (18,004) | (50,933) | (53,112) | |
| Net Cash Flows from Operating Activities | (20,275) | (10,645) | (44,326) | (45,407) |
| Financing Activities | ||||
| Net increase (decrease) in bank loans | – | (2,000) | 2,000 | 2,000 |
| Net increase in CORRA loans | 25,000 | 31,000 | 48,000 | 55,000 |
| Payment of lease liabilities | (1,465) | (1,384) | (2,945) | (2,819) |
| Redemption of shares | (295) | (403) | (474) | (839) |
| Dividends paid | (1,249) | (2,105) | (1,249) | (2,105) |
| Net Cash Flows from Financing Activities | 21,991 | 25,108 | 45,332 | 51,237 |
| Investing Activities | ||||
| Acquisition of property, plant and equipment | (1,974) | (579) | (2,780) | (1,510) |
| Acquisition of intangible assets | (26) | (10) | (104) | (10) |
| Proceeds on disposal of property, plant and equipment | – | 3 | 10 | 9 |
| Other assets | 17 | (567) | 27 | (558) |
| Net Cash Flows from Investing Activities | (1,983) | (1,153) | (2,847) | (2,069) |
| Net (decrease) increase in cash | (267) | 13,310 | (1,841) | 3,761 |
| Cash (bank indebtedness), beginning of period | 1,629 | (10,148) | 3,203 | (599) |
| Cash (bank indebtedness), end of period | 1,362 | 3,162 | 1,362 | 3,162 |
| Cash position is comprised of: | ||||
| Cash | 4,167 | 3,379 | 4,167 | 3,379 |
| Bank overdraft | (2,805) | (217) | (2,805) | (217) |
| GOODFELLOW INC. | |||
| Consolidated Statements of Changes in Shareholders’ Equity | |||
| For the six months ended May 31, 2026 and 2025 | |||
| (in thousands of dollars) | |||
| Unaudited | |||
| Share Capital | Retained Earnings | Total | |
| $ | $ | $ | |
| Balance as at November 30, 2024 | 9,309 | 196,899 | 206,208 |
| Net earnings | – | 200 | 200 |
| Total comprehensive income | – | 200 | 200 |
| Dividend | – | (2,105) | (2,105) |
| Redemption of Shares | (75) | (764) | (839) |
| Balance as at May 31, 2025 | 9,234 | 194,230 | 203,464 |
| Balance as at November 30, 2025 | 9,184 | 198,445 | 207,629 |
| Net loss | – | (1,080) | (1,080) |
| Total comprehensive loss | – | (1,080) | (1,080) |
| Dividend | – | (1,249) | (1,249) |
| Share-Based compensation | – | 184 | 184 |
| Redemption of Shares | (44) | (430) | (474) |
| Balance as at May 31, 2026 | 9,140 | 195,870 | 205,010 |
| From: | Goodfellow Inc. Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 info@goodfellowinc.com |
