DELSON, QUEBEC  - Wood products firm Goodfellow Inc. (TSX:GDL) reported a net income of $6.6 million, up about 20 percent from a year ago.

For the three months ended August 31, 2015, Goodfellow reported net income of $3.7 million, the same as a year ago. Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturers and distributors of lumber and hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.

Sales in Canada during the first nine months of fiscal 2015 increased 6 percent mainly due to increased market share in Western Canada and Atlantic provinces and increased pressure treated wood sales with retailer's customers group.

Sales in the United States for the first nine months ended August 31, 2015 increased 18 percent on a Canadian dollar basis compared to the same period last year, due to the increased foreign exchange conversion factor and increased demand for flooring and hardwood lumber product lines. On a non-converted basis, U.S. denominated sales increased 3 percent compared to last year. 

Export sales increased 10 percent during the first nine months of fiscal 2015 due to increasing demand for value added products in Asia and Europe, Goodfellow reported. 

"A very soft construction market combined with low commodity prices caused us to fall short of our objectives," said Denis Fraser, CEO. "Sales slowed down significantly in August and this same situation continues in September."  
 

Have something to say? Share your thoughts with us in the comments below.