Goodfellow Reports its Results for the Fiscal Year Ended November 30, 2020

Goodfellow Reports its Results for the Fiscal Year Ended November 30, 2020

DELSON, Quebec, Feb. 19, 2021 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) announced today its financial results for the fourth quarter ended November 30, 2020. The Company reported a net income of $5.8 million or $0.67 per share compared to a net income of $0.3 million or $0.03 per share a year ago. Consolidated sales for the three months ended November 30, 2020 were $122.6 million compared to $107.1 million last year. Sales in Canada increased 19% compared to the same period a year ago, while sales in the United States decreased 14% and export sales decreased 12% compared to the same period a year ago. Selling, administrative and general expenses decreased overall by $0.9 million.
For the fiscal year ended November 30, 2020, the Company reported a net income of $13.8 million or $1.61 per share compared to a net income of $3.1 million or $0.36 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2020 were $454.1 million compared to $449.6 million last year. Sales in Canada increased 4% compared to the same period a year ago, while sales in the United States decreased 10% and export sales decreased 22% compared to the same period a year ago. Selling, administrative and general expenses decreased overall by $7.5 million.Fiscal 2020 was characterized by continued pandemic realities and their drastic effects on supply and demand. The Company performed very well and was able to capitalize on surging demand in commodities and seasonal products. This trend extended well into late November which is uncharacteristic and unprecedented in the previous fourth quarters.The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.30 per share payable on March 19, 2021, to shareholders of record at the close of business on March 5, 2021.Goodfellow Inc. is a distributor of lumber products, building materials and floor coverings. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.





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