Delson, Quebec, March 23--Goodfellow Inc., Canada’s largest distributor of hardwood flooring, saw its net profits fall in the fiscal second quarter on lower sales.
The company, which is a re-manufacturer and distributor of lumber products, reported late Tuesday it earned $573,000, or 14 cents a share, in the three months ended Feb. 28. Goodfellow earned $1.1 million, or 27 cents a share, in the same year-earlier quarter.
Second-quarter sales dropped 2.8 per cent to $106.1 million from $109.2 million.
"Business conditions over the second quarter period were not as good as last year as volume declined slightly, but more importantly, margins remained relatively constant," said Richard Goodfellow, the company's president and chief executive. "The outlook for the spring ahead is promising."
Sales were also squeezed by the drop in the U.S. dollar against the loonie during the quarter. That cut the value of U.S. dollar revenues translated to Canadian currency on the company's books.
