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1 In the fourth quarter of 2025, the Company corrected an error in presentation for certain production related expenses that were recognized as selling, administrative and general expenses and recording them to cost of goods sold (with no impact to any associated subtotals or totals). The comparative financial information for fiscal year 2024 has been restated for this presentation adjustment. The impact was a decrease to selling, administrative and general expenses for $21,344, with a corresponding increase to cost of goods sold. This presentation adjustment has no impact on earnings before income taxes or net earnings. The presentation adjustment also had no impact on the consolidated statement of financial position, statement of cash flows and statement of changes in shareholders equity.
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| GOODFELLOW INC. | ||||
| Consolidated Statements of Financial Position | ||||
| (in thousands of dollars) Unaudited | ||||
| As at | As at | |||
| November 30 2025 | November 30 2024 | |||
| $ | $ | |||
| Assets | ||||
| Current Assets | ||||
| Cash | 3,767 | 5,314 | ||
| Trade and other receivables | 55,471 | 56,601 | ||
| Income taxes receivable | 1,360 | 6,634 | ||
| Inventories | 144,484 | 131,284 | ||
| Prepaid expenses | 3,168 | 4,047 | ||
| Total Current Assets | 208,250 | 203,880 | ||
| Non-Current Assets | ||||
| Property, plant and equipment | 42,625 | 43,883 | ||
| Intangible assets | 381 | 896 | ||
| Right-of-use assets | 19,304 | 19,936 | ||
| Defined benefit plan asset | 21,739 | 21,925 | ||
| Deferred income taxes | 744 | – | ||
| Other assets | 1,875 | 1,336 | ||
| Total Non-Current Assets | 86,668 | 87,976 | ||
| Total Assets | 294,918 | 291,856 | ||
| Liabilities | ||||
| Current Liabilities | ||||
| Bank indebtedness | 17,564 | 5,913 | ||
| Trade and other payables | 42,629 | 49,028 | ||
| Provision | 624 | 930 | ||
| Current portion of lease liabilities | 6,485 | 6,271 | ||
| Total Current Liabilities | 67,302 | 62,142 | ||
| Non-Current Liabilities | ||||
| Lease liabilities | 14,551 | 15,203 | ||
| Deferred income taxes | 5,436 | 8,303 | ||
| Total Non-Current Liabilities | 19,987 | 23,506 | ||
| Total Liabilities | 87,289 | 85,648 | ||
| Shareholders’ Equity | ||||
| Share capital | 9,184 | 9,309 | ||
| Retained earnings | 198,445 | 196,899 | ||
| 207,629 | 206,208 | |||
| Total Liabilities and Shareholders’ Equity | 294,918 | 291,856 |
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| GOODFELLOW INC. | ||||
| Consolidated Statements of Cash Flows | ||||
| For the years ended November 30, 2025 and 2024 | ||||
| (in thousands of dollars) Unaudited | ||||
| Years ended | ||||
| November 30 2025 | November 30 2024 | |||
| $ | $ | |||
| Operating Activities | ||||
| Net earnings | 7,142 | 13,369 | ||
| Adjustments for: | ||||
| Depreciation and amortization of: | ||||
| Property, plant and equipment | 5,194 | 4,188 | ||
| Intangible assets | 585 | 591 | ||
| Right-of-use assets | 6,123 | 4,787 | ||
| Gain on disposal of property, plant and equipment | (20 | ) | (183 | ) |
| Provision | (306 | ) | (1,859 | ) |
| Income taxes | 2,458 | 4,695 | ||
| Interest expense | 1,644 | 1,077 | ||
| Interest on lease liabilities | 1,415 | 768 | ||
| Funding in excess of pension plan expense | 825 | 509 | ||
| Share-based compensation | 1,119 | – | ||
| Other | (146 | ) | 46 | |
| 26,033 | 27,988 | |||
| Changes in non-cash working capital items | (18,834 | ) | (24,102 | ) |
| Interest paid | (3,015 | ) | (1,918 | ) |
| Income taxes paid | (974 | ) | (2,836 | ) |
| (22,823 | ) | (28,856 | ) | |
| Net Cash Flows from Operating Activities | 3,210 | (868 | ) | |
| Financing Activities | ||||
| Net increase in bank loans | 1,000 | – | ||
| Net increase in CORRA loans | 16,000 | – | ||
| Payment of lease liabilities | (5,783 | ) | (5,170 | ) |
| Redemption of shares | (1,374 | ) | (892 | ) |
| Dividends paid | (5,028 | ) | (6,375 | ) |
| Net Cash Flows from Financing Activities | 4,815 | (12,437 | ) | |
| Investing Activities | ||||
| Acquisition of property, plant and equipment | (3,634 | ) | (15,690 | ) |
| Acquisition of intangible assets | (70 | ) | – | |
| Proceeds on disposal of property, plant and equipment | 20 | 576 | ||
| Other assets | (539 | ) | (559 | ) |
| Net Cash Flows from Investing Activities | (4,223 | ) | (15,673 | ) |
| Net increase (decrease) in cash | 3,802 | (28,978 | ) | |
| Cash (bank indebtedness) beginning of year | (599 | ) | 28,379 | |
| Cash (bank indebtedness), end of year | 3,203 | (599 | ) | |
| Cash position is comprised of: | ||||
| Cash | 3,767 | 5,314 | ||
| Bank overdraft | (564 | ) | (5,913 | ) |
| 3,203 | (599 | ) | ||
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| GOODFELLOW INC. | ||||||
| Consolidated Statements of Changes in Shareholders’ Equity | ||||||
| For years ended November 30, 2025 and 2024 | ||||||
| (in thousands of dollars) Unaudited | ||||||
| Share Capital | Retained Earnings | Total | ||||
| $ | $ | $ | ||||
| Balance as at November 30, 2023 | 9,379 | 185,624 | 195,003 | |||
| Net earnings | – | 13,369 | 13,369 | |||
| Other comprehensive income | – | 5,103 | 5,103 | |||
| Total comprehensive income | – | 18,472 | 18,472 | |||
| Dividend | – | (6,375 | ) | (6,375 | ) | |
| Redemption of Shares | (70 | ) | (822 | ) | (892 | ) |
| Balance as at November 30, 2024 | 9,309 | 196,899 | 206,208 | |||
| Net earnings | – | 7,142 | 7,142 | |||
| Other comprehensive income | – | 459 | 459 | |||
| Total comprehensive income | – | 7,601 | 7,601 | |||
| Dividend | – | (5,028 | ) | (5,028 | ) | |
| Share-based compensation | – | 222 | 222 | |||
| Redemption of Shares | (125 | ) | (1,249 | ) | (1,374 | ) |
| Balance as at November 30, 2025 | 9,184 | 198,445 | 207,629 | |||
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| From: | Goodfellow Inc. |
| Patrick Goodfellow | |
| President and CEO | |
| T: 450 635-6511 | |
| F: 450 635-3730 | |
| [email protected] |
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English (US)