DELSON, Quebec, April 09, 2020 (GLOBE NEWSWIRE) — Goodfellow Inc. (TSX: GDL) announced today its financial results for the first quarter ended February 29, 2020. The Company reported a net loss of $2.1 million or $0.24 per share compared to a net loss of $1.6 million or $0.18 per share a year ago.
Consolidated sales for the three months ended February 29, 2020 were $88.9 million compared to $88.2 million last year. Sales in Canada increased 2% compared to the same period a year ago, while sales in the United States decreased 1% (on a Canadian dollar basis) and export sales decreased 13% compared to the same period a year ago. On the operating side, selling, administrative and general expenses increased overall by $1.1 million and overall gross profit before selling and administrative costs increased by $0.5 million.“During Fiscal year 2019-2020 Goodfellow will put strong emphasis on market share growth within and outside its customer base. In what is lining up to be a very difficult year for Canadians, Goodfellow will pursue a responsible and conservative strategy. Our concentration on value added product lines will be front and center to support construction, renovation and infrastructure projects. The company will put great emphasis on cost control and right sizing its inventories to adapt to what certainly will be an unprecedented year of challenges and obstacles in North America & Overseas.”Subsequent to February 29, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The current challenging economic climate should have a direct or indirect impact on the Company’s operating results and financial position in the future. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on our business is not known at this time.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.
From:
Goodfellow inc.
Patrick Goodfellow
President and CEO
Tel: 450 635-6511
Fax: 450 635-3730
Internet: [email protected]
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