Goodfellow Reports Its Results for the Third Quarter Ended August 31, 2026 and Declares a Dividend

DELSON, Quebec, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the third quarter ended August 31, 2026.

For the three months ended August 31, 2026, Goodfellow reported net earnings of $2.3 million or $0.27 per share compared to net earnings of $3.7 million or $0.45 per share a year ago, while consolidated sales were $145.7 million compared to $141.9 million last year.

For the nine months ended August 31, 2026, the Company reported net earnings of $1.2 million or $0.14 per share compared to net earnings of $3.9 million or $0.47 per share a year ago, while consolidated sales were $397.1 million compared to $406.0 million last year.

At the close of the third quarter of 2026, Goodfellow’s performance reflected mixed conditions across Canada’s lumber and building materials sector. Uncertainty surrounding trade policies weighed significantly on residential construction activity and consumer confidence in certain regions, while demand remained relatively stable in select commercial, industrial and infrastructure-related markets.

The Board of Directors declared an eligible dividend of $0.10 per share payable on November 3, 2026 to shareholders of record at the close of business on October 20, 2026. 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 three and nine months ended August 31, 2026 and 2025
(in thousands of dollars, except per share amounts)
Unaudited
         
  For the three months ended For the nine months ended
  August 31
2026
August 31
2025
(Restated)1
August 31
2026
August 31
2025
(Restated)1
  $ $ $ $
         
Sales 145,719 141,910 397,134 406,030
Expenses        
Cost of goods sold 117,759 112,218 322,679 330,183
Selling, administrative and general expenses 23,537 23,251 69,477 67,130
Net financial costs 1,299 1,242 3,354 3,240
  142,595 136,711 395,510 400,553
         
Earnings before income taxes 3,124 5,199 1,624 5,477
         
Income taxes 874 1,456 454 1,534
         
Total comprehensive income 2,250 3,743 1,170 3,943
         
Net earnings        
-per share –Basic 0.27 0.45 0.14 0.47
-per share –Diluted 0.27 0.44 0.14 0.47
         

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 August 31, 2025 of $5,528 and for the nine months ended August 31, 2025 of $17,589, 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
  August 31
2026
November 30
2025
August 31
2025
  $ $ $
Assets      
Current Assets      
Cash 4,325 3,767 4,098
Trade and other receivables 66,870 55,471 64,632
Income taxes receivable 2,935 1,360 5,003
Inventories 164,128 144,484 148,403
Prepaid expenses 5,357 3,168 1,640
Total Current Assets 243,615 208,250 223,776
       
Non-Current Assets      
Property, plant and equipment 43,048 42,625 42,545
Intangible assets 56 381 483
Right-of-use assets 19,775 19,304 20,356
Defined benefit plan asset 21,156 21,739 21,385
Deferred income taxes 744 744 -
Other assets 1,958 1,875 1,885
Total Non-Current Assets 86,737 86,668 86,654
Total Assets 330,352 294,918 310,430
       
Liabilities      
Current Liabilities      
Bank indebtedness 39,856 17,564 22,000
Trade and other payables 55,604 42,629 50,234
Provision 587 624 804
Current portion of lease liabilities 6,863 6,485 6,562
Total Current Liabilities 102,910 67,302 79,600
       
Non-Current Liabilities      
Lease liabilities 14,798 14,551 15,447
Deferred income taxes 5,436 5,436 8,303
Total Non-Current Liabilities 20,234 19,987 23,750
Total Liabilities 123,144 87,289 103,350
       
Shareholders’ Equity      
Share capital 9,123 9,184 9,214
Retained earnings 198,085 198,445 197,866
  207,208 207,629 207,080
Total Liabilities and Shareholders’ Equity 330,352 294,918 310,430
       


GOODFELLOW INC.
Consolidated Statements of Cash Flows
For the three and nine months ended August 31, 2026 and 2025
(in thousands of dollars)
Unaudited
  For the three months ended For the nine months ended
  August 31
2026
August 31
2025
August 31
2026
August 31
2025
  $ $ $ $
Operating Activities        
Net earnings 2,250 3,743 1,170 3,943
Adjustments for:        
Depreciation and amortization of:        
Property, plant and equipment 1,263 1,308 3,708 3,857
Intangible assets 155 147 457 438
Right-of-use assets 1,573 1,597 4,564 4,607
Loss (gain) on disposal of property, plant and equipment 31 (3) 21 (12)
Provision (15) 16 (37) (126)
Income taxes 874 1,456 454 1,534
Interest expense 655 610 1,647 1,442
Interest on lease liabilities 358 362 1,025 1,068
Funding in excess of pension plan expense 174 169 583 540
Share-based compensation 181 89 545 89
Other 4 (4) (27) (185)
  7,503 9,490 14,110 17,195
         
Changes in non-cash working capital items 27,972 30,034 (20,345) (21,600)
Interest paid (1,015) (979) (2,821) (2,447)
Income taxes paid (1,219) 107 (2,029) 97
  25,738 29,162 (25,195) (23,950)
Net Cash Flows from Operating Activities 33,241 38,652 (11,085) (6,755)
         
Financing Activities        
Net increase in bank loans 1,000 - 3,000 2,000
Net (decrease) increase in CORRA loans (30,000) (35,000) 18,000 20,000
Payment of lease liabilities (1,509) (1,488) (4,454) (4,307)
Redemption of shares (176) (216) (650) (1,055)
Dividends paid - - (1,249) (2,105)
Net Cash Flows from Financing Activities (30,685) (36,704) 14,647 14,533
         
Investing Activities        
Acquisition of property, plant and equipment (1,382) (1,009) (4,162) (2,519)
Acquisition of intangible assets (28) (15) (132) (25)
Proceeds on disposal of property, plant and equipment - 3 10 12
Other assets (39) 9 (12) (549)
Net Cash Flows from Investing Activities (1,449) (1,012) (4,296) (3,081)
         
Net increase (decrease) in cash 1,107 936 (734) 4,697
Cash (bank indebtedness), beginning of period 1,362 3,162 3,203 (599)
Cash (bank indebtedness), end of period 2,469 4,098 2,469 4,098
         
Cash position is comprised of:        
Cash 4,325 4,098 4,325 4,098
Bank overdraft (1,856) - (1,856) -
  2,469 4,098 2,469 4,098
         


GOODFELLOW INC.
Consolidated Statements of Changes in Shareholders’ Equity
For the nine months ended August 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 - 3,943 3,943
       
Total comprehensive income - 3,943 3,943
       
Dividend - (2,105) (2,105)
Share-based compensation - 89 89
Redemption of Shares (95) (960) (1,055)
       
Balance as at August 31, 2025 9,214 197,866 207,080
       
       
Balance as at November 30, 2025 9,184 198,445 207,629
       
Net earnings - 1,170 1,170
       
Total comprehensive income - 1,170 1,170
       
Dividend - (1,249) (1,249)
Share-based compensation - 308 308
Redemption of Shares (61) (589) (650)
       
Balance as at August 31, 2026 9,123 198,085 207,208
       


From:    Goodfellow Inc.
  Patrick Goodfellow
  President and CEO
  T: 450 635-6511    
  F: 450 635-3730
  info@goodfellowinc.com
   

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