Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced its financial results today.

For the fourth quarter ended November 30, 2023, the Company reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $4.4 million or $0.52 per share a year ago. Consolidated sales for the three months ended November 30, 2023 were $125.4 million compared to $149.3 million last year.

For the fiscal year ended November 30, 2023, the Company reported net earnings of $14.7 million or $1.72 per share compared to net earnings of $32.7 million or $3.82 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2023 were $512.8 million compared to $631.2 million last year.

Goodfellow concluded its 125th anniversary year on a positive note, demonstrating resilience despite numerous external challenges. The retail sector experienced a significant downturn in demand, leading to an oversupply in the market, with the flooring category suffering the most significant setback in the second quarter of 2023. In addition, demand and prices for hardwoods declined considerably, with signs of recovery becoming evident only in the early months of fiscal 2024. Goodfellow’s ability to meet expectations in difficult business conditions, can be attributed to the diversity of its product offering and the dedication of its talented team.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 19, 2024, to shareholders of record at the close of business on March 5, 2024. 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.

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”.

     
GOODFELLOW INC.    
Consolidated Statements of Comprehensive Income  
For the years ended November 30, 2023 and 2022  
(in thousands of dollars, except per share amounts) Unaudited  
     
  Years ended
  November 30 2023 November 30 2022
  $ $
     
Sales 512,821 631,185
Expenses    
Cost of goods sold 400,461 495,125
Selling, administrative and general expenses 89,841 88,143
Net financial costs 2,429 3,201
  492,731 586,469
     
Earnings before income taxes 20,090 44,716
     
Income taxes 5,402 12,037
     
Net earnings 14,688 32,679
     
Items that will not subsequently be reclassified to net earnings    
     
Remeasurement of defined benefit plan obligation net of taxes of $984 ($355 in 2022) 2,531 914
     
Total comprehensive income 17,219 33,593
     
Net earnings per share – Basic and Diluted 1.72 3.82
GOODFELLOW INC.    
Consolidated Statements of Financial Position    
(in thousands of dollars) Unaudited    
     
  As at As at
  November 30 2023 November 30 2022
  $ $
Assets    
Current Assets    
Cash 28,379 3,420
Trade and other receivables 53,674 64,423
Income taxes receivable 6,286 2,439
Inventories 98,473 112,294
Prepaid expenses 4,215 2,555
Total Current Assets 191,027 185,131
     
Non-Current Assets    
Property, plant and equipment 32,761 32,269
Intangible assets 1,487 2,096
Right-of-use assets 11,354 14,999
Defined benefit plan asset 15,347 11,620
Other assets 777 802
Total Non-Current Assets 61,726 61,786
Total Assets 252,753 246,917
     
Liabilities    
Current Liabilities    
Trade and other payables 37,620 36,286
Provision 2,789 2,281
Current portion of lease liabilities 4,732 4,969
Total Current Liabilities 45,141 43,536
     
Non-Current Liabilities    
Provision - 634
Lease liabilities 8,497 12,537
Deferred income taxes 4,112 3,431
Total Non-Current Liabilities 12,609 16,602
Total Liabilities 57,750 60,138
     
Shareholders’ Equity    
Share capital 9,379 9,419
Retained earnings 185,624 177,360
  195,003 186,779
Total Liabilities and Shareholders’ Equity 252,753 246,917
GOODFELLOW INC.    
Consolidated Statements of Cash Flows    
For the years ended November 30, 2023 and 2022  
(in thousands of dollars) Unaudited    
Years ended
    November 30 2023 November 30 2022
  $ $
Operating Activities    
Net earnings 14,688 32,679
Adjustments for:    
    Depreciation and amortization of:    
        Property, plant and equipment 3,311 2,551
        Intangible assets 602 608
        Right-of-use assets 4,697 4,551
    Gain on disposal of property, plant and equipment (139) (45)
    Accretion expense on provision 271 102
    Provision (397) 666
    Income taxes 5,402 12,037
    Interest expense 996 1,230
    Interest on lease liabilities 431 603
    Funding in (deficit) excess of pension plan expense (212) 46
    Other 24 23
  29,674 55,051
     
Changes in non-cash working capital items 24,213 (3,734)
Interest paid (1,367) (1,731)
Income taxes paid (9,552) (23,573)
  13,294 (29,038)
Net Cash Flows from Operating Activities 42,968 26,013
     
Financing Activities    
Net decrease in bank indebtedness - (2,000)
Payment of lease liabilities (5,350) (4,985)
Redemption of shares (456) (56)
Dividends paid (8,539) (7,706)
Net Cash Flows from Financing Activities (14,345) (14,747)
     
Investing Activities    
Acquisition of property, plant and equipment (3,836) (4,827)
Decrease (increase) in intangible assets 7 (54)
Proceeds on disposal of property, plant and equipment 147 45
Other assets 18 (17)
Net Cash Flows from Investing Activities (3,664) (4,853)
     
Net cash inflow 24,959 6,413
Cash (bank indebtedness), beginning of year 3,420 (2,993)
Cash, end of year 28,379 3,420
GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
 For years ended November 30, 2023 and 2022
(in thousands of dollars)
Unaudited
 
  Share Capital Retained Earnings Total
  $ $ $
       
Balance as at November 30, 2021 9,424 151,524 160,948
       
Net earnings - 32,679 32,679
Other comprehensive income - 914 914
       
Total comprehensive income - 33,593 33,593
       
       
Dividend - (7,706) (7,706)
Redemption of Shares (5) (51) (56)
       
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

Goodfellow Inc.Patrick GoodfellowPresident and CEOT: 450 635-6511   F: 450 635-3730info@goodfellowinc.com 

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