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JewettCameron Trading Company$15.15($.05)(.33%)

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 Jewett-Cameron Announces 3rd Quarter Financial Results
   Monday, July 17, 2017 4:35:00 PM ET

Jewett-Cameron Trading Company Ltd. (JCTCF ) today reported financial results for the third quarter and nine month periods of fiscal 2017 ended May 31, 2017.

Sales for the third quarter of fiscal 2017 totaled $16.7 million compared to sales of $14.5 million for the third quarter of fiscal 2016. Income from operations was $2,023,238 compared to $1,504,952 for the third quarter ended May 31, 2016. Net income after other items and income taxes for the current quarter was $1,206,135, or $0.53 per share, compared to $908,730, or $0.37 per share, in the year-ago quarter.

For the nine months ended May 31, 2017, Jewett-Cameron reported sales of $36.6 million compared to sales of $37.6 million for the nine months ended May 31, 2016. Net income was $2,001,068, or $0.88 per share, compared to net income of $1,572,935, or $0.64 per share, in the first nine months of fiscal 2016.

"Our investments in eCommerce and expanding our international sales have started to be reflected in this quarter’s revenues and margins," said CEO Charlie Hopewell. "We are continuing our efforts to grow our business, including increased utilization of our recent warehouse expansion and adding additional personnel to support our sales initiatives."

As of May 31, 2017, the Company’s cash position was approximately $4.9 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.

On May 23, 2017, the Company announced the Board of Directors approved a share repurchase plan to purchase for cancellation up to 225,000 common shares under Rule 10b5-1 of the U.S. Securities Exchange Act of 1934. Subsequent to the end of the 3rd quarter, the Company has repurchased for cancellation 40,660 common shares at a cost of $511,959, which is an average price of $12.59 per share.

About Jewett-Cameron Trading Company Ltd.

Jewett-Cameron Trading Company is a holding company that, through its subsidiaries, operates out of facilities located in North Plains, Oregon. Jewett-Cameron Company’s business consists of the manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers and other retailers located primarily in the United States. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries in the United States. MSI-PRO is an importer and distributor of pneumatic air tools, industrial clamps, and the Avenger Products line of sawblades and other products. Jewett-Cameron Seed Company is a processor and distributor of agricultural seeds. JC USA provides professional and administrative services, including accounting and credit services, to its subsidiary companies.

Forward-looking Statements

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.

JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
                                                                       May 31,        August 31,
                                                                       2017           2016
ASSETS
Current assets
Cash                                                                   $  4,872,068   $  4,519,922
Accounts receivable, net of allowance of $Nil (August 31, 2016 - $Nil) 5,532,541      3,342,204
Inventory, net of allowance of $157,879 (August 31, 2016 - $176,717)   8,053,663      8,069,017
Prepaid expenses                                                       772,802        832,895
Prepaid income taxes                                                   -              596
Total current assets                                                   19,231,074     16,764,634
Property, plant and equipment, net                                     3,150,916      2,954,595
Intangible assets, net                                                 96,014         150,543
Total assets                                                           $ 22,478,004   $  19,869,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable                                                       $     891,623  $      839,972
Accrued liabilities                                                    1,710,069      1,473,792
Income taxes payable                                                   317,074        -
Total current liabilities                                              2,918,766      2,313,764
Deferred tax liability                                                 33,515         31,353
Total liabilities                                                      2,952,281      2,345,117
Contingent liabilities and commitments
Stockholders’ equity
Capital stock
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
2,286,294 common shares (August 31, 2016 - 2,286,294)                  1,078,759      1,078,759
Additional paid-in capital                                             600,804        600,804
Retained earnings                                                      17,846,160     15,845,092
Total stockholders’ equity                                             19,525,723     17,524,655
Total liabilities and stockholders’ equity                             $  22,478,004  $  19,869,772
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
                                                      Three Month                           Nine Month
                                                      Period Ended                          Period Ended
                                                      May 31,                               May 31,
                                                      2017               2016               2017              2016
SALES                                                 $  16,718,234      $  14,458,713      $  36,639,323     $  37,588,354
COST OF SALES                                         12,906,533         11,281,973         28,304,118        29,996,180
GROSS PROFIT                                          3,811,701          3,176,740          8,335,205         7,592,174
OPERATING EXPENSES
Selling, general and administrative expenses          466,014            542,581            1,470,731         1,616,796
Depreciation and amortization                         84,693             82,978             222,700           226,961
Wages and employee benefits                           1,237,756          1,046,229          3,277,797         3,017,643
                                                      (1,788,463)        (1,671,788)        (4,971,228)       (4,861,400)
Income from operations                                2,023,238          1,504,952          3,363,977         2,730,774
OTHER ITEMS
(Loss) gain on sale of property, plant and equipment  -                  -                  (393)             5,600
Interest and other income                             2,400              2,978              6,220             13,538
Interest expense                                      -                  -                  -                 (27)
Litigation expense                                    -                  -                  -                 (115,990)
                                                      2,400              2,978              5,827             (96,879)
Income before income taxes                            2,025,638          1,507,930          3,369,804         2,633,895
Income tax expense                                    (819,503)          (599,200)          (1,368,736)       (1,060,960)
Net income                                            $   1,206,135      $      908,730     $  2,001,068      $  1,572,935
Basic earnings per common share                       $            0.53  $            0.37  $           0.88  $           0.64
Diluted earnings per common share                     $            0.53  $            0.37  $           0.88  $           0.64
Weighted average number of common shares outstanding:
Basic                                                 2,286,294          2,458,170          2,286,294         2,470,566
Diluted                                               2,286,294          2,458,170          2,286,294         2,470,566
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
                                                     Three Month                Nine Month
                                                     Period Ended               Period Ended
                                                     May 31,                    May 31,
                                                     2017         2016          2017          2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                           $ 1,206,135  $    908,730  $  2,001,068  $  1,572,935
Items not involving an outlay of cash:
Depreciation and amortization                        84,693       82,978        222,700       226,961
Loss (gain) on sale of property, plant and equipment -            -             393           (5,600)
Deferred income tax expense (recovery)               (2,378)      (33,601)      2,162         (30,097)
Interest income on litigation                        -            -             -             (6,661)
Decrease in litigation reserve                       -            -             -             (84,010)
Changes in non-cash working capital items:
(Increase) in accounts receivable                    (984,800)    (597,843)     (2,190,337)   (694,191)
Decrease in inventory                                832,580      213,122       15,354        1,053,681
Decrease in note receivable                          -            -             -             1,310
Decrease (increase) in prepaid expenses              34,891       (271,860)     60,093        (61,249)
Decrease in prepaid income taxes                     149,487      159,031       596           26,570
Increase in accounts payable and accrued liabilities 1,249,205    974,527       287,928       689,427
Increase in income taxes payable                     317,074      -             317,074       -
Net cash provided by operating activities            2,886,887    1,435,084     717,031       2,689,076
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment            (33,351)     (31,618)      (368,365)     (79,520)
Proceeds from sale of property, plant and equipment  -            -             3,480         5,600
Net cash used in investing activities                (33,351)     (31,618)      (364,885)     (73,920)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock                           -            (745,878)     -             (745,878)
Net cash used in financing activities                -            (745,878)     -             (745,878)
Net increase in cash                                 2,853,536    657,588       352,146       1,869,278
Cash, beginning of period                            2,018,532    5,627,987     4,519,922     4,416,297
Cash, end of period                                  $ 4,872,068  $ 6,285,575   $  4,872,068  $  6,285,575

Contact: Charlie Hopewell, President & CEO, (503) 647-0110

View original content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-3rd-quarter-financial-results-30048

SOURCE Jewett-Cameron Trading Company Ltd.

https://rt.prnewswire.com/rt.gif?NewsItemId=LA43635&Transmission_Id=201707171635PR_NEWS_USPR_____LA43635&DateId=20170717



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