NORTH PLAINS, Ore., April 16, 2018 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2018 ended February 28, 2018.
Sales for the second quarter of fiscal 2018 totaled $13.3 million compared to sales of $9.5 million for the second quarter of fiscal 2017. Income from operations was $720,244 compared to income of $548,234 for the quarter ended February 28, 2017. Net income was $508,298, or $0.23 per share, compared to net income of $309,013, or $0.14 per share, in the year-ago quarter.
For the six months ended February 28, 2018, sales totaled $22.8 million compared to sales of $19.9 million for the six months ended February 28, 2017, and income from operations was $1,290,546 compared to $1,340,739. Net income was $830,731, or $0.37 per share, compared to net income of $794,933, or $0.35 per share, in the first six months of fiscal 2017. Sales and income in the current six month period ended February 28, 2018 were negatively affected by the recall of a "Black Friday" item produced for a single customer during the first quarter of the fiscal year.
"Our higher sales during the current period were due to increased sales of specialty lumber and the addition of several new customers," said CEO Charlie Hopewell. "We are continuing our efforts to add customers through our domestic sales and distribution channels and through new channels internationally."
As of February 28, 2018, the Company's cash position was approximately $2.8 million, and there was no borrowing against its $3.0 million line of credit. The Company has historically utilized its cash position by implementing share repurchase programs as an effective method of enhancing shareholder value, and the Board of Directors will consider implementing new share repurchase plans in the future.
Jewett-Cameron Trading Company is a holding company that, through its subsidiaries (Jewett-Cameron Companies), operate out of facilities located in North Plains, Oregon. Those businesses consist of the manufacturing and distribution of patented and patent pending specialty metal products, wholesale distribution of wood products, seed processing and sales, and sales of industrial tools and clamps. The Company's brands include Lucky Dog, Animal House and AKC licensed products in the expanding pet market; fencing products under the Adjust-A-Gates, Fit-Right, Perimeter Patrol, and INFINITY Euro fence systems brands; Early Start, Spring Gardner, and Weatherguard for greenhouses; and TrueShade for patio umbrellas, furniture covers and canopies. Additional information about the Company and its products can be found the Company's website at www.jewettcameron.com .
The information in this release contains certain forward-looking statements that anticipate future trends and events. These statements are based on certain assumptions that may prove to be erroneous and are subject to certain risks, including but not limited to, the uncertainties of the Company's new product introductions, the risks of increased competition and technological change in the Company's industry, and other factors detailed in the Company's SEC filings. Accordingly, actual results may differ, possibly materially, from predictions contained herein.
Contact: Charlie Hopewell, President & CEO, (503) 647-0110
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SOURCE Jewett-Cameron Trading Company Ltd.