Goodfellow Inc. announced its financial results for the three months ended February 29, 2016. Consolidated sales for the three months ended February 29, 2016 were $108.7 million compared to $98.1 million last year.

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Goodfellow Inc. reports 1Q sales of $108.7 million

Apr 12, 2016. /Lesprom Network/. Goodfellow Inc. announced its financial results for the three months ended February 29, 2016. The Company reported a net loss of $1 million compared to $0.4 million a year ago.

Consolidated sales for the three months ended February 29, 2016 were $108.7 million compared to $98.1 million last year.
Sales in Canada during the 1Q of fiscal 2016 increased 22% compared to the same period a year ago mainly due to increased volume of Pressure Treated Wood sales, the acquisition of Quality Hardwoods and the introduction of new product lines. Although sales in the export market and the USA were short of expectation, we are optimistic with our ability to recapture lost volume in the coming months.

"Investing in our future - best summarizes the results of our first Quarter. We are pleased with our sales growth; our initiatives are delivering the expected results," said Denis Fraser, President and CEO. "Nevertheless, the resources invested in the deployment of the new ERP System, the start-up of the Joint Venture and the acquisition of Quality Hardwood impacted on results negatively. We remain confident to deliver the full value of these initiatives."

Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers and distributors of lumber and hardwood flooring products.