Goodfellow Loses $1 Million in First Quarter of 2016

Goodfellow Inc. (Delson, Quebec) reported a loss of $1 million in the first quarter of 2016, an improvement compared with the company’s $4 million loss during the same period in 2015.

First quarter sales were $108.7 compared with $98.1 million in the first quarter of 2015.

The company’s selling, direct and administrative costs increased 6.7 percent during the quarter because of expenses related to the implementation of a new software system and the acquisition of Quality Hardwood on Dec. 30, 2015.

"Investing in our future—[that] best summarizes the results of our first quarter,” said Denis Fraser, president and CEO, in a statement. “We are pleased with our sales growth; our initiatives are delivering the expected results.”