Goodfellow Inc. reported net earnings of $3.2 million for the Q4 ended November 30, 2025, a 33% increase from $2.4 million in the same period last year, driven by higher consolidated sales. Consolidated sales for the Q4 2025 rose to $137.0 million from $124.2 million a year earlier.
For the full fiscal year, net earnings were $7.1 million, a decrease of $6.2 million from $13.4 million in 2024, while annual sales increased 6.6% to $543.0 million.
The company's annual results were impacted by recently acquired value-added lumber handling and kiln-drying assets in the U.S., which supported solid revenue growth but generated significant non-recurring integration costs that reduced earnings. Fiscal 2025 was characterized by economic uncertainty, shifting trade dynamics, and uneven demand across North American markets, combined with ongoing labor constraints, rising costs, and continued dependence on imported materials.
Total assets at year-end stood at $294.9 million, up from $291.9 million in 2024. Inventories increased to $144.5 million from $131.3 million, while trade and other receivables decreased slightly to $55.5 million.
Net cash flows from operating activities were $3.2 million for the year, compared to a use of cash of $0.9 million in 2024. The company had a cash position of $3.2 million at year-end, including cash of $3.8 million and bank overdraft of $0.6 million, compared to a negative cash position of $0.6 million in 2024. Financing activities provided net cash of $4.8 million, primarily from a $16.0 million increase in CORRA loans and a $1.0 million increase in bank loans, partially offset by dividend payments of $5.0 million and lease liability payments of $5.8 million.
The company declared an eligible dividend of $0.15 per share, payable on March 19, 2026, to shareholders of record on March 5, 2026. The dividend is designated as an eligible dividend under the Income Tax Act (Canada).
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
