Goodfellow Reports Its Results For The Third Quarter Ended August 31, 2026 And Declares A Dividend

(MENAFN- GlobeNewsWire - Nasdaq) 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

¹In 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
	...

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