DELSON, Quebec, April 08, 2026 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the "Company" or "Goodfellow") announced today its financial results for the first quarter ended February 28, 2026.
For the three months ended February 28, 2026, Goodfellow reported a net loss of $3.1 million or $0.38 per share compared to a net loss of $2.3 million or $0.27 per share a year ago, while consolidated sales were $108.7 million compared to $111.2 million last year.
First quarter results reflect a resilient performance relative to extremely challenging market conditions. An excessively cold winter set against a backdrop of continued economic uncertainty, elevated interest rates and high household debt levels have compromised consumer confidence. Tariff concerns weighed on construction activity and customer demand, particularly in Central Canada. Goodfellow leveraged its diversified product offering, disciplined inventory management and strong customer relationships to navigate margin pressures and regional disparities. The Company anticipates continued market uncertainty, with Q2 seasonal demand offering some support in achieving critical sales volumes. In this environment, Goodfellow remains focused on operational discipline, margin management and capturing opportunities in value-added and infrastructure-driven segments as market conditions evolve.
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 three months ended February 28, 2026 and 2025 | ||||
| (in thousands of dollars, except per share amounts) Unaudited | ||||
| February 28 2026 | February 28 2025 (Restated)1 | |||
| - | - | |||
| Sales | 108,729 | 111,180 | ||
| Expenses | ||||
| Cost of goods sold | 90,235 | 91,700 | ||
| Selling, administrative and general expenses | 22,007 | 21,832 | ||
| Net financial costs | 837 | 786 | ||
| 113,079 | 114,318 | |||
| Loss before income taxes | (4,350 | - | (3,138 | - |
| Income taxes | (1,218 | - | (878 | - |
| Total comprehensive loss | (3,132 | - | (2,260 | - |
| Net loss | ||||
| -per share -Basic | (0.38 | - | (0.27 | - |
| -per share -Diluted | (0.36 | - | (0.27 | - |
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 and recording them to cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for the first quarter 2025 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for $5,987, 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 | |
| February 28 2026 | November 30 2025 | February 28 2025 | |
| - | - | - | |
| Assets | |||
| Current Assets | |||
| Cash | 4,117 | 3,767 | 4,237 |
| Trade and other receivables | 64,214 | 55,471 | 69,995 |
| Income taxes receivable | 3,357 | 1,360 | 7,513 |
| Inventories | 165,175 | 144,484 | 158,879 |
| Prepaid expenses | 5,231 | 3,168 | 4,051 |
| Total Current Assets | 242,094 | 208,250 | 244,675 |
| Non-Current Assets | |||
| Property, plant and equipment | 42,218 | 42,625 | 43,552 |
| Intangible assets | 309 | 381 | 751 |
| Right-of-use assets | 18,394 | 19,304 | 20,863 |
| Defined benefit plan asset | 21,540 | 21,739 | 21,747 |
| Deferred income taxes | - | 744 | - |
| Other assets | 1,936 | 1,875 | 1,327 |
| Total Non-Current Assets | 84,397 | 86,668 | 88,240 |
| Total Assets | 326,491 | 294,918 | 332,915 |
| Liabilities | |||
| Current Liabilities | |||
| Bank indebtedness | 44,488 | 17,564 | 42,385 |
| Trade and other payables | 52,041 | 42,629 | 55,494 |
| Provision | 625 | 624 | 818 |
| Dividends payable | 1,249 | - | 2,105 |
| Current portion of lease liabilities | 6,415 | 6,485 | 6,418 |
| Total Current Liabilities | 104,818 | 67,302 | 107,220 |
| Non-Current Liabilities | |||
| Lease liabilities | 13,739 | 14,551 | 15,985 |
| Deferred income taxes | 4,692 | 5,436 | 8,303 |
| Total Non-Current Liabilities | 18,431 | 19,987 | 24,288 |
| Total Liabilities | 123,249 | 87,289 | 131,508 |
| Shareholders' Equity | |||
| Share capital | 9,167 | 9,184 | 9,271 |
| Retained earnings | 194,075 | 198,445 | 192,136 |
| 203,242 | 207,629 | 201,407 | |
| Total Liabilities and Shareholders' Equity | 326,491 | 294,918 | 332,915 |
| GOODFELLOW INC. | |||||
| Consolidated Statements of Cash Flows | |||||
| For the three months ended February 28, 2026 and 2025 | |||||
| (in thousands of dollars) Unaudited | |||||
| February 28 2026 | February 28 2025 | ||||
| - | - | ||||
| Operating Activities | |||||
| Net loss | (3,132 | - | (2,260 | - | |
| Adjustments for: | |||||
| Depreciation and amortization of: | |||||
| Property, plant and equipment | 1,213 | 1,262 | |||
| Intangible assets | 150 | 145 | |||
| Right-of-use assets | 1,489 | 1,495 | |||
| Gain on disposal of property, plant and equipment | (10 | - | (6 | - | |
| Provision | 1 | (112 | - | ||
| Income taxes | (1,218 | - | (878 | - | |
| Interest expense | 321 | 239 | |||
| Interest on lease liabilities | 330 | 341 | |||
| Funding in excess of pension plan expense | 199 | 178 | |||
| Share-based compensation | 317 | - | |||
| Other | (53 | - | (58 | - | |
| (393 | - | 346 | |||
| Changes in non-cash working capital items | (22,207 | - | (34,562 | - | |
| Interest paid | (672 | - | (545 | - | |
| Income taxes paid | (779 | - | (1 | - | |
| (23,658 | - | (35,108 | - | ||
| Net Cash Flows from Operating Activities | (24,051 | - | (34,762 | - | |
| Financing Activities | |||||
| Net increase in bank loans | 2,000 | 4,000 | |||
| Net increase in CORRA loans | 23,000 | 24,000 | |||
| Payment of lease liabilities | (1,480 | - | (1,435 | - | |
| Redemption of shares | (179 | - | (436 | - | |
| Net Cash Flows from Financing Activities | 23,341 | 26,129 | |||
| Investing Activities | |||||
| Acquisition of property, plant and equipment | (806 | - | (931 | - | |
| Acquisition of intangible assets | (78 | - | - | ||
| Proceeds on disposal of property, plant and equipment | 10 | 6 | |||
| Other assets | 10 | 9 | |||
| Net Cash Flows from Investing Activities | (864 | - | (916 | - | |
| Net decrease in cash | (1,574 | - | (9,549 | - | |
| Cash (bank indebtedness), beginning of period | 3,203 | (599 | - | ||
| Cash (bank indebtedness), end of period | 1,629 | (10,148 | - | ||
| Cash position is comprised of: | |||||
| Cash | 4,117 | 4,237 | |||
| Bank overdraft | (2,488 | - | (14,385 | - | |
| 1,629 | (10,148 | - | |||
| GOODFELLOW INC. | ||||||
| Consolidated Statements of Changes in Shareholders' Equity | ||||||
| For the three months ended February 28, 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 loss | - | (2,260 | - | (2,260 | - | |
| Total comprehensive loss | - | (2,260 | - | (2,260 | - | |
| Dividend | - | (2,105 | - | (2,105 | - | |
| Redemption of Shares | (38 | - | (398 | - | (436 | - |
| Balance as at February 28, 2025 | 9,271 | 192,136 | 201,407 | |||
| Balance as at November 30, 2025 | 9,184 | 198,445 | 207,629 | |||
| Net loss | - | (3,132 | - | (3,132 | - | |
| Total comprehensive loss | - | (3,132 | - | (3,132 | - | |
| Dividend | - | (1,249 | - | (1,249 | - | |
| Share-Based compensation | - | 173 | 173 | |||
| Redemption of Shares | (17 | - | (162 | - | (179 | - |
| Balance as at February 28, 2026 | 9,167 | 194,075 | 203,242 | |||
| From: | Goodfellow Inc. | |
| Patrick Goodfellow | ||
| President and CEO | ||
| T: 450 635-6511 | ||
| F: 450 635-3730 | ||
| info@goodfellowinc.com |
