Delson, Quebec, June 22, 2006--Goodfellow Inc. announced today its sales and net income for the third quarter ending May 31, 2006. Sales increased 2.2 % to $142.8 million compared to $139.7 million a year ago.
Net income increased to $4.3 million or $1.02 per share compared to $3.2 million or 0.75 per share for the same period last year. General expenses, selling and administrative costs increased from $18.5 million to $19.2 million during the third quarter ended May 31, 2006. This was directly linked to the added labor due to higher volume of value added products.
For the first nine months ended May 31, 2006, sales slipped to $374.5 million compared to $376.0 million a year ago. Nevertheless, net income for the same period increased 26% from $7.0 million or $1.66 per share to $8.9 million or $2.10 per share.
"The difference this year has been excellent and profitable business in many niche and traditional wood sectors, holding our own in building materials, and keeping our head above water in the ultra competitive and changing wood flooring business." said Richard Goodfellow, president and CEO. "Our 4th quarter order file remains strong and even with the slackening in overall demand we are expecting a good result. The company is in a very strong financial position going into what could be more difficult business conditions."
Goodfellow Inc. is eastern Canada's largest independent re-manufacturer and distributor of lumber products and Canada's largest distributor of hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.
