Goodfellow Reports its Results for the 4th Quarter and Fiscal Year Ended August 31, 2007

Goodfellow Inc. (TSX: GDL) announced today its sales and net income for fiscal year ended August 31, 2007. Consolidated sales reached $518.5 million compared to $517.6 million a year ago. Net income slightly decrease to $13.0 million or $1.53 per share compared to $13.1 million or $1.53 per share for the same period last year. These results include two non recurring items: first, the final net refund after tax of $3.5 million CAD related to the Softwood Lumber Agreement which entered into force on October 12, 2006, and secondly, a special charge of $420,000 net after tax representing the impact of the conversion of our pension plan (salaried and senior-salaried) from Defined Benefit to Defined Contribution plans as of June 1, 2007. Net income excluding these non recurring items was $10.0 million or $1.17 per share.

Consolidated sales for the fourth quarter ended August 31, 2007 increased to $149.1 million compared to $143.1 million for the same period last year. Net income for the fourth quarter of fiscal 2007 increased to $4.5 million or $0.53 per share compared to $4.1 million or $0.48 per share during the corresponding quarter a year ago. Sales conditions in general remained relatively stable considering the challenges presented with the strength of the Canadian dollar.

Goodfellow Inc. is one of eastern Canada's largest independent re-manufacturer and distributor of lumber and hardwood flooring products. Goodfellow shares trade on the Toronto Stock Exchange under the symbol GDL.