April 17, 2017 14:06 ET
DELSON, QUEBEC--(Marketwired - April 17, 2017) - Goodfellow Inc. (TSX:GDL) announced today its financial results for the three months ended February 28, 2017. The Company reported a net loss of $(5.4) million or $(0.63) per share compared to $(0.9) million or $(0.11) per share a year ago. Consolidated sales for the three months ended February 28, 2017 were $113.5 million compared to $108.7 million last year. Sales in Canada during the first quarter of fiscal 2017 decreased 3% compared to the same period a year ago mainly due to a decrease in volume of Pressure Treated wood sales. On the other hand, sales in the export market and the USA increased by 61% and 63%, respectively, due to increasing demand of hardwood lumber products and we are optimistic with our ability to maintain the volumes in the coming months. On the operating side, Selling, Direct and Administrative costs decreased by 1.3%. The slight decrease shows actions taken to reduce overhead staff. The benefits of these costs cutting measures will start to appear in the second quarter of Fiscal 2017. As a result, direct, selling, and administrative expenses decreased to $21.0 million ($21.3 million last year).
"Moving in the right direction - best summarizes the results of our first Quarter. All measures are being taken to ensure the company returns to its historic profitable operating situation by year-end 2017" said Patrick Goodfellow, President and Chief Executive Officer. "Despite a difficult first quarter, we are confident that all measures taken should be well reflected by the end of the second quarter at the end of May. We remain confident to re-establish profitability short term".
Goodfellow Inc. is a distributor of lumber products, building materials, and hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.
Goodfellow Inc.Patrick GoodfellowPresident and CEO450 635-6511450 635-3730 (FAX)firstname.lastname@example.org
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