Goodfellow Reports Its Results for the Fourth Quarter 2021

Goodfellow Inc. (the “Company” or “Goodfellow”) announced its financial results for the fourth quarter ended November 30, 2021. The Company reported net earnings of $10.1 million or $1.18 per share compared to net earnings of $5.8 million or $0.67 per share a year ago. Consolidated sales for the three months ended November 30, 2021 were $143.0 million compared to $122.6 million last year. Sales in Canada increased 14% compared to the same period a year ago, while sales in the United States increased 46% and export sales increased 31% compared to the same period a year ago. Selling, administrative and general expenses increased overall by $1.8 million.

For the fiscal year ended November 30, 2021, the Company reported net earnings of $37.8 million or $4.42 per share compared to net earnings of $13.8 million or $1.61 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2021 were $615.9 million compared to $454.1 million last year. Sales in Canada increased 38% compared to the same period a year ago, while sales in the United States increased 24% and export sales increased 14% compared to the same period a year ago. Selling, administrative and general expenses increased overall by $13.3 million.

Fiscal 2021 was characterized by continued pandemic conditions, such as surging demand in commodities and seasonal products, supply chain disruptions and labor shortages. Despite this context, the Company performed very well in all regions realizing the highest sales revenue on record. This was achieved by maintaining suitable inventory levels and ensuring superior customer service, as well as focusing on operational efficiencies in all areas which lead to more output.

The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.40 per share payable on March 18, 2022, to shareholders of record at the close of business on March 4, 2022. 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.

For the full fourth quarter results, click here.

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”.

Contact:

Patrick Goodfellow – President & CEO – (450) 635-6511

Source: Goodfellow Inc.