Core Viewpoint - Goodfellow Inc. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) for its common shares, allowing the company to repurchase up to 481,002 shares over a 12-month period [1][2]. Group 1: NCIB Details - The NCIB will commence on November 20, 2025, and end no later than November 19, 2026, allowing the company to buy back approximately 10% of its public float [2]. - As of November 6, 2025, Goodfellow had 8,350,054 shares issued and outstanding, with a public float of 4,810,022 shares [2]. - All shares purchased under the NCIB will be acquired on the open market at prevailing market prices, and the company may also seek exemptions for private agreements [3]. Group 2: Trading Volume and Purchase Limits - The average daily trading volume of Goodfellow shares on the TSX for the six months ending October 31, 2025, was 2,895 shares [4]. - Daily purchases under the NCIB will be limited to 1,000 shares, with exceptions for weekly block purchases not owned by insiders [4]. Group 3: Financial Strategy - Goodfellow views the acquisition of shares for cancellation as a prudent use of its funds, with decisions on the number and timing of purchases based on market conditions and the company's financial position [5]. - The company has renewed its automatic share purchase plan (ASPP) to facilitate share repurchases during regulatory restrictions or blackout periods [6]. Group 4: Previous NCIB Performance - Under the current NCIB, which expires on November 19, 2025, Goodfellow had approval to purchase up to 493,102 shares and had repurchased 111,100 shares at an average price of $12.1781 per share as of November 6, 2025 [8]. Group 5: Company Overview - Goodfellow Inc. is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors across Canada and the Northeastern U.S. [9].

Financial Data and Key Metrics Changes - Net sales decreased by 6.9% to $3.9 billion, driven by lower core organic sales and commodity deflation, partially offset by growth from acquisitions [15][16] - Gross profit was $1.2 billion, a decrease of 13.5% compared to the prior year, with a gross margin of 30.4%, down 240 basis points [17] - Adjusted EBITDA was $434 million, down approximately 31%, with an adjusted EBITDA margin of 11%, down 380 basis points from the prior year [18] - Adjusted EPS was $1.88, a decrease of 39% compared to the prior year [18] Business Line Data and Key Metrics Changes - Core organic sales decreased by 4% in single-family due to lower starts and a 20% decline in multifamily, in line with expectations amid muted activity levels [16] - Repair and remodel sales decreased by 1% due to consumer uncertainty [16] - The company generated $11 million in productivity savings in Q3, primarily through targeted supply chain initiatives [8] Market Data and Key Metrics Changes - Single-family construction remains soft, with builders managing the pace of starts due to affordability concerns and elevated new home inventories [6] - Multifamily market activity is expected to remain muted through year-end, although there are signs of improvement in quoting activity as financing costs improve [7] - The company expects single-family starts to decline by 9% for the year and multifamily starts to decline in the mid-teens [21] Company Strategy and Development Direction - The company is focused on operational excellence, disciplined capital deployment, and expanding value-added solutions [4][8] - Investments of over $20 million in value-added solutions were made in Q3 to expand product offerings [7] - The company has made 38 acquisitions since the BMC merger in 2021, representing over $2 billion in annual sales, indicating a strong focus on inorganic growth [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market is weak but expressed confidence in the company's ability to outperform competitors as the market recovers [4][6] - The company is closely monitoring the current environment and remains agile to mitigate downside risks while investing strategically for the future [22] - Management expects free cash flow of $800 million to $1 billion for 2025, reflecting strong execution in a below-normal starts environment [21] Other Important Information - The company has consolidated 16 facilities year-to-date, including eight in Q3, while maintaining a 92% on-time delivery rate [8] - The company has no long-term debt maturities until 2030, allowing for operational and financial discipline [20] Q&A Session Summary Question: Can you clarify the margin outlook for 2026? - Management indicated that the margin outlook is based on current market conditions and competitive dynamics, suggesting stabilization is expected [26][27] Question: What is driving the improvement in Q4 sales expectations? - Management noted a lapping effect from prior year comparisons and a gradual closing of the gap in performance [34][36] Question: How does multifamily recovery factor into future scenarios? - Management expects multifamily starts to remain flat due to the lag in transitioning starts to sales, despite overall market recovery [42] Question: What are the major factors affecting contribution margins moving forward? - Management highlighted that contribution margins will depend on market conditions, productivity savings, and cost inflation [66][68] Question: How does the company plan to maintain market share in a challenging environment? - Management expressed confidence in the company's ability to take share, particularly in value-added segments, despite current market challenges [78]

Core Insights - Goodfellow Inc. reported a decline in net earnings for the third quarter of 2025, with net earnings of $3.7 million or $0.45 per share, down from $5.8 million or $0.68 per share in the same period last year [1][7]. - Consolidated sales increased slightly to $142 million compared to $140 million a year ago [1][6]. Financial Performance - For the nine months ended August 31, 2025, net earnings were $3.9 million or $0.47 per share, a significant decrease from $11 million or $1.29 per share in the previous year [2][7]. - Consolidated sales for the nine-month period rose to $406 million from $385 million year-over-year [2][6]. Strategic Focus - The company emphasized disciplined cost management, margin protection, and targeted growth in value-added products and specialty markets to navigate varying economic conditions [3]. Dividend Declaration - The Board of Directors declared a dividend of $0.35 per share, payable on November 11, 2025, to shareholders of record as of October 28, 2025 [4]. Company Overview - Goodfellow Inc. is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors across Canada and the Northeastern U.S. [5].

Core Insights - Goodfellow Inc. reported a decline in net earnings for the third quarter of 2025, with net earnings of $3.7 million or $0.45 per share, down from $5.8 million or $0.68 per share in the same period last year [1][7] - Consolidated sales for the third quarter increased slightly to $142 million from $140 million year-over-year [1][6] - For the nine months ended August 31, 2025, net earnings were $3.9 million or $0.47 per share, compared to $11 million or $1.29 per share in the previous year, while consolidated sales rose to $406 million from $385 million [2][6] Financial Performance - The company experienced a decrease in net earnings for both the three-month and nine-month periods compared to the previous year [1][2] - Total comprehensive income for the third quarter was $3.743 million, down from $5.75 million in the same quarter of 2024 [6] - The earnings before income taxes for the third quarter were $5.199 million, compared to $7.986 million in the prior year [6] Operational Strategy - Goodfellow focused on disciplined cost management, margin protection, and targeted growth opportunities in value-added products and specialty markets to navigate varying economic conditions [3] - The company's diversified business model and customer-focused approach contributed to higher turnover and sales despite the challenges [3] Dividend Declaration - The Board of Directors declared a dividend of $0.35 per share, payable on November 11, 2025, to shareholders of record as of October 28, 2025 [4] Company Overview - Goodfellow Inc. is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors [5] - The company operates across Canada and the Northeastern U.S., leveraging its distribution network to effectively reach various market segments [5]

Core Insights - General Enterprise Ventures, Inc. has appointed Tom Devlin, a former executive in the lumber and building materials sector, to its Advisory Board to enhance the commercialization of its products [1] Company Developments - The company is currently trading with a temporary "D" suffix following a recent share consolidation [1] - Tom Devlin brings over four decades of leadership experience in the lumber and building materials industry, which is expected to support the company's strategic initiatives [1]

Core Insights - Goodfellow Inc. reported a decline in net earnings for the second quarter of 2025, with net earnings of $2.5 million or $0.29 per share, down from $5.3 million or $0.62 per share in the same period last year [1][5] - Consolidated sales increased to $152.9 million in Q2 2025 from $140.3 million in Q2 2024, indicating a growth in revenue despite the drop in earnings [1][5] - For the first half of 2025, net earnings were $0.2 million or $0.02 per share, significantly lower than $5.2 million or $0.61 per share in the first half of 2024, while consolidated sales rose to $264.1 million from $245.7 million [2][5] Financial Performance - The company experienced a notable increase in consolidated sales, with Q2 2025 sales at $152.9 million compared to $140.3 million in Q2 2024, representing an increase of approximately 11.5% [1][5] - The cost of goods sold for Q2 2025 was $120.2 million, up from $106.2 million in Q2 2024, reflecting rising operational costs [5] - Selling, administrative, and general expenses also increased to $28.1 million in Q2 2025 from $26.1 million in Q2 2024 [5] Market Dynamics - The company's performance is influenced by challenging market dynamics and inflationary pressures on operational costs [3] - There has been a shift in consumer preference towards Canadian-sourced wood products, driven by concerns regarding U.S. trade policy, which has contributed to modest domestic demand and price stability [3] Company Overview - Goodfellow Inc. is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors [4] - The company has a distribution network across Canada and the Northeastern U.S., and it also serves international lumber markets [4]

Core Viewpoint - Goodfellow Inc. has appointed Suzanne Blanchet to its Board of Directors, which is expected to enhance the company's strategic initiatives and support management in maintaining its industry leadership [1][2]. Company Overview - Goodfellow Inc. is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors across Canada and the Northeastern U.S. [4]. Board Appointment Details - Suzanne Blanchet brings extensive management and board experience, having served on multiple boards, including GDI Integrated Facility Services Inc. and Velan Inc., where she chaired the Audit Committee [3]. - Blanchet has a notable history at Cascades Inc., where she was President of Cascades Tissue Group from 1997 to 2014, leading it to become the fourth-largest tissue paper manufacturer in North America [3]. - She has received several accolades, including the Golden Stevie Award for Executive of the Year in Canada in 2013, and an honorary doctorate from the Université du Québec en Outaouais in 2015 for her contributions to sustainable development [3].

Core Points - Goodfellow Inc. announced that all resolutions presented at its Annual Meeting of Shareholders were passed, with 5,926,983 shares represented, accounting for 70.38% of the outstanding shares [1] Group 1: Election of Directors - Six nominees for directors were elected, with the following voting results: - Alain Côté received 4,929,525 votes (83.32% for) - David A. Goodfellow received 3,787,060 votes (64.01% for) - G. Douglas Goodfellow received 3,787,060 votes (64.01% for) - Robert Hall received 4,928,800 votes (83.31% for) - Marie-Hélène Nolet received 5,895,584 votes (99.65% for) - Sarah Prichard received 3,879,637 votes (65.57% for) [2] Group 2: Appointment of Auditor - KPMG LLP was reappointed as the Company's auditor, with 5,912,734 votes (99.76% in favor) and 14,249 votes (0.24% withheld) [3] Group 3: Company Overview - Goodfellow is a diversified manufacturer of value-added lumber products and a wholesale distributor of building materials and floor coverings, serving both commercial and residential sectors across Canada and the Northeastern U.S. [4]

Core Insights - Lakeland Financial Corporation and Lake City Bank have appointed Dan Starr and Mindy Creighton Truex to their Boards of Directors, enhancing corporate governance and community engagement [1][2]. Company Overview - Lakeland Financial Corporation is a $6.9 billion bank holding company based in Warsaw, Indiana, with Lake City Bank as its single bank subsidiary, founded in 1872 [6]. - Lake City Bank operates 54 branch offices and offers a robust digital banking platform, focusing on long-term customer relationships and technology-driven solutions for retail and commercial clients [6]. Leadership Appointments - Dan Starr, CEO of Do it Best Corp., brings over two decades of experience in the home improvement industry and has held various leadership roles before becoming President and CEO in 2016 [2][3]. - Mindy Creighton Truex, President of Creighton Brothers Farms LLC, has extensive experience in the agricultural sector and has been involved in numerous agricultural advocacy organizations [4][5]. Community Engagement - Both new board members emphasize their commitment to community involvement and the growth of Lake City Bank, aligning with the bank's community banking philosophy [2][5].