Goodfellow Reports Its Results for the Third Quarter Ended August 31, 2025

DELSON, Quebec, Oct. 14, 2025 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (the “Company” or “Goodfellow”) announced today its financial results for the third quarter ended August 31, 2025. For the three months ended August 31, 2025, the Company reported net earnings of $3.7 million or $0.45 per share compared to net earnings of $5.8 million or $0.68 per share a year ago. Consolidated sales were $142 million compared to $140 million last year. For the nine months ended August 31, 2025, the Company reported net earnings of $3.9 million or $0.47 per share compared to net earnings of $11 million or $1.29 per share a year ago, while consolidated sales were $406 million compared to $385 million last year. In the third quarter of 2025, Goodfellow navigated on-going varying economic conditions nationally by focusing on disciplined cost management, margin protection, and targeted growth opportunities in value-added products and specialty markets. These measures, combined with its diversified business model and customer-focused approach, resulted in higher turnover and sales. The Board of Directors declared an eligible dividend of $0.35 per share payable on November 11, 2025 to shareholders of record at the close of business on October 28, 2025. 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, 2025 and 2024 (in thousands of dollars, except per share amounts) Unaudited   For the three months ended For the nine months ended   August 31 2025 August 31 2024 August 31 2025 August 31 2024   $ $ $ $           Sales 141,910 139,668 406,030 385,336 Expenses         Cost of goods sold 106,690 105,280 312,594 294,025 Selling, administrative and general expenses 28,779 25,447 84,719 74,439 Net financial costs 1,242 955 3,240 1,662   136,711 131,682 400,553 370,126           Earnings before income taxes 5,199 7,986 5,477 15,210           Income taxes 1,456 2,236 1,534 4,259           Total comprehensive income 3,743 5,750 3,943 10,951                     Net earnings per share – Basic 0.45 0.68 0.47 1.29 Net earnings per share – Diluted 0.44 0.68 0.47 1.29 GOODFELLOW INC. Consolidated Statements of Financial Position (in thousands of dollars) Unaudited   As at As at As at   August 31 2025 November 30 2024 August 31 2024   $ $ $ Assets       Current Assets       Cash 4,098 5,314 6,273 Trade and other receivables 64,632 56,601 73,775 Income taxes receivable 5,003 6,634 4,849 Inventories 148,403 131,284 131,853 Prepaid expenses 1,640 4,047 2,101 Total Current Assets 223,776 203,880 218,851         Non-Current Assets       Property, plant and equipment 42,545 43,883 43,610 Intangible assets 483 896 1,044 Right-of-use assets 20,356 19,936 15,818 Defined benefit plan asset 21,385 21,925 15,325 Other assets 1,885 1,336 1,343 Total Non-Current Assets 86,654 87,976 77,140 Total Assets 310,430 291,856 295,991         Liabilities       Current Liabilities       Bank indebtedness 22,000 5,913 21,636 Trade and other payables 50,234 49,028 50,043 Provision 804 930 1,747 Current portion of lease liabilities 6,562 6,271 5,326 Total Current Liabilities 79,600 62,142 78,752         Non-Current Liabilities       Lease liabilities 15,447 15,203 11,966 Deferred income taxes 8,303 8,303 4,112 Total Non-Current Liabilities 23,750 23,506 16,078 Total Liabilities 103,350 85,648 94,830         Shareholders’ Equity       Share capital 9,214 9,309 9,337 Retained earnings 197,866 196,899 191,824   207,080 206,208 201,161 Total Liabilities and Shareholders’ Equity 310,430 291,856 295,991 GOODFELLOW INC. Consolidated Statements of Cash Flows For the three and nine months ended August 31, 2025 and August 31, 2024 (in thousands of dollars) Unaudited For the three months ended For the nine months ended     August 31 2025 August 31 2024 August 31 2025 August 31 2024   $ $ $ $ Operating Activities         Net earnings 3,743 5,750 3,943 10,951 Adjustments for:              Depreciation and amortization of:                   Property, plant and equipment 1,308 1,099 3,857 2,816           Intangible assets 147 148 438 443           Right-of-use assets 1,597 1,266 4,607 3,389      Gain on disposal of property, plant and equipment (3) (18) (12) (95)      Provision 16 (1,027) (126) (1,042)      Income taxes 1,456 2,236 1,534 4,259      Interest expense 610 519 1,442 894      Interest on lease liabilities 362 212 1,068 486      Funding in excess (deficit) of pension plan expense 169 (61) 540 22      Share-based compensation 89 - 89 -      Other (4) (19) (185) (11)   9,490 10,105 17,195 22,112           Changes in non-cash working capital items 30,034 17,964 (21,600) (38,912) Interest paid (979) (706) (2,447) (1,413) Income taxes recovered (paid) 107 201 97 (2,822)   29,162 17,459 (23,950) (43,147) Net Cash Flows from Operating Activities 38,652 27,564 (6,755) (21,035)           Financing Activities         Net (decrease) increase in bank loans - (6,000) 2,000 - Net (decrease) increase in CORRA loans (35,000) (3,000) 20,000 15,000 Payment of lease liabilities (1,488) (1,322) (4,307) (3,778) Redemption of shares (216) (368) (1,055) (537) Dividends paid - - (2,105) (4,256) Net Cash Flows from Financing Activities (36,704) (10,690) 14,533 6,429           Investing Activities         Acquisition of property, plant and equipment (1,009) (10,082) (2,519) (13,982) Increase in intangible assets (15) - (25) - Proceeds on disposal of property, plant and equipment 3 22 12 412 Other assets 9 (116) (549) (566) Net Cash Flows from Investing Activities (1,012) (10,176) (3,081) (14,136)           Net cash (outflow) inflow 936 6,698 4,697 (28,742) Cash position, beginning of period 3,162 (7,061) (599) 28,379 Cash position, end of period 4,098 (363) 4,098 (363)           Cash position is comprised of         Cash 4,098 6,273 4,098 6,273 Bank overdraft - (6,636) - (6,636)   4,098 (363) 4,098 (363) GOODFELLOW INC. Consolidated Statements of Changes in Shareholders’ Equity For the nine months ended August 31, 2025 and August 31, 2024 (in thousands of dollars) Unaudited   Share Capital Retained Earnings Total   $ $ $         Balance as at November 30, 2023 9,379 185,624 195,003         Net earnings - 10,951 10,951         Total comprehensive income - 10,951 10,951         Dividend - (4,256) (4,256) Redemption of Shares (42) (495) (537)         Balance as at August 31, 2024 9,337 191,824 201,161                         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 From: Goodfellow Inc. Patrick Goodfellow President and CEO T: 450 635-6511 F: 450 635-3730 [email protected]