Goodfellow Reports Its Results for the Third Quarter Ended August 31, 2020

Written by Customer Service on . Posted in Public Companies.

DELSON, Quebec, Oct. 15, 2020 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) announced today its financial results for the third quarter ended August 31, 2020. The Company reported a net income of $6.7 million or $0.78 per share compared to a net income of $2.5 million or $0.29 per share a year ago. Consolidated sales were $138.8 million compared to $130.6 million last year. Sales in Canada increased 9% compared to the same period a year ago, while sales in the United States decreased 6% (on a Canadian dollar basis) and export sales decreased 23% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $1.6 million.
For the nine months ended August 31, 2020, the Company reported a net income of $8.0 million or $0.94 per share compared to a net income of $2.8 million or $0.33 per share a year ago. Consolidated sales were $331.5 million compared to $342.5 million last year. Sales in Canada decreased 1% compared to the same period a year ago, while sales in the United States decreased 9% (on a Canadian dollar basis) and export sales decreased 25% compared to the same period a year ago. On the operating side, selling, administrative and general expenses decreased overall by $6.7 million.The Company was able to take advantage of the travel restrictions imposed by Canadian and provincial governments in the third quarter. Since many customers were unable to travel during the summer, they decided to invest in their properties and had a strong impact on the demand for the Company’s products. The Company also took advantage in the third quarter of measures taken in the second quarter to reduce costs and improve operational efficiency. Furthermore, export sales are still affected by the COVID-19 pandemic and have also been affected by the strike at the Port of Montreal.“Third quarter of fiscal 2020 was characterized by the realities of the pandemic having set in and its drastic effects on supply and demand. The Company performed very well and was able to capitalize on surging demand in commodities and seasonal products.’’Goodfellow Inc. is a distributor of lumber products, building materials and floor coverings. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.
 

 

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