StockSelector.com
  Research, Select, & Monitor Thursday, May 24, 2018 7:40:21 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
JewettCameron Trading Company$16.15$7.9296.23%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Jewett-Cameron Announces Fiscal 2017 Financial Results
   Monday, November 13, 2017 4:20:00 PM ET

Jewett-Cameron Trading Company Ltd. (JCTCF ) today reported financial results for its fourth quarter and fiscal year ended August 31, 2017.

For the fiscal year ended August 31, 2017, Jewett-Cameron reported net income of $2,726,657, or $1.20 per share on sales of $47.70 million compared to net income of $2,125,099, or $0.87 per share, on sales of $48.11 million reported for fiscal 2016.

Sales for the fourth quarter of fiscal 2017 totaled $11.1 million compared to sales of $10.5 million in the prior year’s fourth quarter. Net income was $725,589, or $0.32 per share, compared to net income of $552,164, or $0.23 per diluted share, in the fourth quarter of fiscal 2016.

"We are pleased with the progress we have made in eCommerce and in developing new international customers," said CEO Charlie Hopewell. "In fiscal 2018, we will continue our efforts to expand our business in both our existing sales channels and through new sales initiatives."

As of August 31, 2017, the Company’s cash position was $5.9 million, and currently there is no borrowing against its $3.0 million line of credit. During fiscal 2017, the Company repurchased and cancelled a total of 41,800 common shares at a cost of $526,941, which represents an average price of $12.61 per share. Donald M. Boone, Chairman and Director, also voluntarily returned 10,000 common shares to the Company’s treasury for cancellation. The Company paid Mr. Boone no consideration for these shares. The Company’s most recent share repurchase plan terminated on August 31, 2017. The Board of Directors will consider implementing new share repurchase plans in the future as an effective use of the Company’s cash position.

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 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.

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. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
AS OF AUGUST 31
                                                                         2017             2016
ASSETS
Current assets
Cash                                                                     $   5,912,250    $  4,519,922
Accounts receivable, net of allowance of $1,725 (August 31, 2016 - $Nil) 3,565,055        3,342,204
Inventory, net of allowance of $156,713 (August 31, 2016 - $176,717)     8,807,545        8,069,017
Prepaid expenses                                                         595,776          832,895
Prepaid income taxes                                                     -                596
Total current assets                                                     18,880,626       16,764,634
Property, plant and equipment, net                                       3,222,572        2,954,595
Intangible assets, net                                                   77,837           150,543
Total assets                                                             $  22,181,035    $  19,869,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable                                                         $       638,128  $       839,972
Accrued liabilities                                                      1,807,192        1,473,792
Total current liabilities                                                2,445,320        2,313,764
Deferred tax liability                                                   11,344           31,353
Total liabilities                                                        2,456,664        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
2,234,494 common shares (August 31, 2016 - 2,286,294)                    1,054,316        1,078,759
Additional paid-in capital                                               600,804          600,804
Retained earnings                                                        18,069,251       15,845,092
Total stockholders’ equity                                               19,724,371       17,524,655
Total liabilities and stockholders’ equity                               $   22,181,035   $   19,869,772
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
YEARS ENDED AUGUST 31
                                                      2017               2016
SALES                                                 $  47,701,056      $  48,110,998
COST OF SALES                                         36,621,773         38,374,405
GROSS PROFIT                                          11,079,283         9,736,593
OPERATING EXPENSES
Selling, general and administrative                   2,016,776          1,789,231
Depreciation and amortization                         275,214            276,268
Wages and employee benefits                           4,349,542          4,055,948
                                                      6,641,532          6,121,447
Income from operations                                4,437,751          3,615,146
OTHER ITEMS
(Loss) gain on sale of property, plant and equipment  (394)              5,600
Interest and other income                             27,894             15,164
Interest expense                                      -                  (27)
Litigation expense                                    -                  (115,990)
                                                      27,500             (95,253)
Income before income taxes                            4,465,251          3,519,893
Income taxes
Current                                               1,758,603          1,397,741
Deferred (recovery)                                   (20,009)           (2,947)
Net income for the year                               $   2,726,657      $   2,125,099
Basic earnings per common share                       $            1.20  $            0.87
Diluted earnings per common share                     $            1.20  $            0.87
Weighted average number of common shares outstanding:
Basic                                                 2,272,522          2,435,650
Diluted                                               2,272,522          2,435,650
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
YEARS ENDED AUGUST 31
                                                     2017           2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year                              $  2,726,657   $  2,125,099
Items not affecting cash:
Depreciation and amortization                        275,214        276,268
Loss (gain) on sale of property, plant and equipment 394            (5,600)
Deferred income taxes                                (20,009)       (2,947)
Interest income on litigation                        -              (6,661)
Decrease in litigation reserve                       -              (84,010)
Changes in non-cash working capital items:
(Increase) decrease in accounts receivable           (222,851)      346,043
Decrease in note receivable                          -              1,310
(Increase) decrease in inventory                     (738,528)      282,558
Decrease (increase) in prepaid expenses              237,119        (113,436)
Decrease in prepaid income taxes                     596            25,974
Increase in accounts payable and accrued liabilities 131,556        304,451
Net cash provided by operating activities            2,390,148      3,149,049
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of property, plant and equipment    3,480          5,600
Purchase of property, plant and equipment            (474,359)      (926,445)
Net cash used in investing activities                (470,879)      (920,845)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock                           (526,941)      (2,124,579)
Net cash used in financing activities                (526,941)      (2,124,579)
Net increase in cash                                 1,392,328      103,625
Cash, beginning of year                              4,519,922      4,416,297
Cash, end of year                                    $   5,912,250  $   4,519,922

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

View original content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-fiscal-2017-financial-results-300554914.html

SOURCE Jewett-Cameron Trading Company Ltd.

https://rt.prnewswire.com/rt.gif?NewsItemId=LA43263&Transmission_Id=201711131620PR_NEWS_USPR_____LA43263&DateId=20171113



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.