Drmicrocap
9年前
Jewett-Cameron Announces 1st Quarter Financial Results
.
PR Newswire
Jewett-Cameron Trading Company Ltd.
January 14, 2016 4:20 PM
NORTH PLAINS, Ore., Jan. 14, 2016 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the first quarter of fiscal 2016 ended November 30, 2015.
Sales were $11.94 million for the first quarter of fiscal 2016 compared to sales of $7.98 million for the first quarter of fiscal 2015. Income from operations for the quarter was $885,204 compared to $529,899 in the year-ago quarter. Net income was $532,245, or $0.21 per share, for the current quarter compared to net income of $327,787, or $0.12 per share, for the first quarter of fiscal 2015.
"The increase in sales for the quarter was due to our efforts to expand our customer base to new smaller and mid-sized customers, as well as the continued acceptance of our new products introduced during fiscal 2015," said CEO Don Boone. "The new products have been particularly well-received by our established customer base, which has led to sales increases with our largest customers."
As of November 30, the Company's cash position was $4.36 million, and currently there is 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. The Company's most recent share repurchase plan was terminated on July 17, 2015. 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 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)
November 30,
2015
August 31,
2015
ASSETS
Current assets
Cash
$ 4,360,625
$ 4,416,297
Accounts receivable, net of allowance of $Nil (August 31, 2015 - $Nil)
4,319,826
3,688,247
Inventory, net of allowance of $72,730 (August 31, 2015 - $120,824)
8,162,241
8,351,575
Note receivable
360
1,310
Prepaid expenses
1,052,468
719,459
Prepaid income taxes
-
26,570
Total current assets
17,895,520
17,203,458
Property, plant and equipment, net
2,184,901
2,231,711
Intangible assets, net
205,073
223,250
Total assets
$ 20,285,494
$ 19,658,419
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 955,516
$ 984,955
Litigation reserve
84,010
90,671
Accrued liabilities
1,142,483
1,024,358
Total current liabilities
2,182,009
2,099,984
Deferred tax liability
47,105
34,300
Total liabilities
2,229,114
2,134,284
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
2,476,832 common shares (August 31, 2015 – 2,476,832)
1,168,712
1,168,712
Additional paid-in capital
600,804
600,804
Retained earnings
16,286,864
15,754,619
Total stockholders' equity
18,056,380
17,524,135
Total liabilities and stockholders' equity
$ 20,285,494
$ 19,658,419
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Months Ended
November 30,
2015
2014
SALES
$ 11,941,508
$ 7,982,617
COST OF SALES
9,561,653
6,112,594
GROSS PROFIT
2,379,855
1,870,023
OPERATING EXPENSES
Selling, general and administrative expenses
542,793
461,448
Depreciation and amortization
75,513
69,083
Wages and employee benefits
876,345
809,593
1,494,651
1,340,124
Income from operations
885,204
529,899
OTHER ITEMS
Interest and other income
8,734
6,895
8,734
6,895
Income before income taxes
893,938
536,794
Income tax expense
(361,693)
(209,007)
Net income
$ 532,245
$ 327,787
Basic earnings per common share
$ 0.21
$ 0.12
Diluted earnings per common share
$ 0.21
$ 0.12
Weighted average number of common shares outstanding:
Basic
2,476,832
2,688,942
Diluted
2,476,832
2,688,942
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Periods
Ended November 30,
2015
2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 532,245
$ 327,787
Items not involving an outlay of cash:
Depreciation and amortization
75,513
69,083
Deferred income taxes
12,805
3,717
Interest income on litigation
(6,661)
(6,661)
Changes in non-cash working capital items:
Increase in accounts receivable
(631,579)
(277,686)
(Increase) decrease in inventory
189,334
(1,590,622)
Decrease in note receivable
950
15,000
Decrease in prepaid income taxes
26,570
205,171
(Increase) decrease in prepaid expenses
(333,009)
192,557
Increase in accounts payable and accrued liabilities
88,686
12,848
Net cash used by operating activities
(45,146)
(1,048,806)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(10,526)
(1,280)
Net cash used in investing activities
(10,526)
(1,280)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock
-
(1,292,477)
Net cash used in financing activities
-
(1,292,477)
Net decrease in cash
(55,672)
(2,342,563)
Cash, beginning of period
4,416,297
4,327,540
Cash, end of period
$ 4,360,625
$ 1,984,977
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
9年前
Jewett-Cameron Announces Fiscal 2015 Financial Results
.PR Newswire
Jewett-Cameron Trading Company Ltd.
November 6, 2015 4:20 PM
NORTH PLAINS, Ore., Nov. 6, 2015 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2015.
For the fiscal year ended August 31, 2015 Jewett-Cameron reported net income of $1,773,971, or $0.69 per share, on sales of $42.24 million, compared to net income of $1,858,453, or $0.63 per diluted share, on sales of $42.34 million, reported for fiscal 2014.
Sales for the fourth quarter of fiscal 2015 totaled $11.5 million compared to sales of $9.3 million for the fourth quarter of fiscal 2014. Net income was $701,524, or $0.27 per diluted share, compared to net income of $352,147, or $0.12 per diluted share, in the fourth quarter of fiscal 2014.
"The extended winter weather across much of the US in 2015 slowed the buying of lawn and garden products and adversely affected our results. The West Coast port slowdowns also delayed the delivery of our products from manufacturers and resulted in sales order delays and higher freight costs" said CEO Don Boone. "However, we launched several new products beginning in the 3rd quarter which were well received by the marketplace, particularly by our established customer base".
As of August 31, 2015, the Company's cash position was $4.4 million, and currently there is no borrowing against its $3.0 million line of credit. During fiscal 2015, the Company repurchased and cancelled a total of 227,798 common shares at a total cost of $2,448,542, which represents an average price of $10.75. The Company's most recent share repurchase plan was terminated by the Board of Directors on July 17, 2015. 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 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. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
AS OF AUGUST 31
2015
2014
ASSETS
Current assets
Cash
$ 4,416,297
$ 4,327,540
Accounts receivable, net of allowance of $Nil (August 31, 2014 - $Nil)
3,688,247
2,442,928
Inventory, net of allowance of $120,824 (August 31, 2014 - $111,756)
8,351,575
9,154,129
Note receivable
1,310
15,000
Prepaid expenses
719,459
762,533
Prepaid income taxes
26,570
546,347
Total current assets
17,203,458
17,248,477
Property, plant and equipment, net
2,231,711
2,147,387
Intangible assets, net
223,250
295,956
Total assets
$ 19,658,419
$ 19,691,820
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 984,955
$ 240,825
Litigation reserve
90,671
117,387
Accrued liabilities
1,024,358
1,073,930
Total current liabilities
2,099,984
1,432,142
Deferred tax liability
34,300
60,972
Total liabilities
2,134,284
1,493,114
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
2,476,832 common shares (August 31, 2014 – 2,704,630)
1,168,712
1,276,201
Additional paid-in capital
600,804
600,804
Retained earnings
15,754,619
16,321,701
Total stockholders' equity
17,524,135
18,198,706
Total liabilities and stockholders' equity
$ 19,658,419
$ 19,691,820
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
YEARS ENDED AUGUST 31
2015
2014
SALES
$ 42,238,151
$ 42,339,563
COST OF SALES
33,821,114
33,961,367
GROSS PROFIT
8,417,037
8,378,196
OPERATING EXPENSES
Selling, general and administrative
1,814,899
1,700,030
Depreciation and amortization
281,762
276,340
Wages and employee benefits
3,396,793
3,317,228
5,493,454
5,293,598
Income from operations
2,923,583
3,084,598
OTHER ITEMS
Gain on sale of property, plant and equipment
-
3,546
Interest and other income
31,993
27,086
31,993
30,632
Income before income taxes
2,955,576
3,115,230
Income taxes
Current
1,208,277
1,246,198
Deferred
(26,672)
10,579
Net income for the year
1,773,971
1,858,453
Basic earnings per common share
$ 0.69
$ 0.63
Diluted earnings per common share
$ 0.69
$ 0.63
Weighted average number of common shares outstanding:
Basic
2,581,850
2,968,220
Diluted
2,581,850
2,968,220
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
YEARS ENDED AUGUST 31
2015
2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year
$ 1,773,971
$ 1,858,453
Items not affecting cash:
Depreciation and amortization
281,762
276,340
Gain on sale of property, plant and equipment
-
(3,546)
Deferred income taxes
(26,672)
10,579
Interest income on litigation
(26,716)
(26,716)
Changes in non-cash working capital items:
Decrease (increase) in accounts receivable
(1,245,319)
901,849
Decrease in note receivable
13,690
-
Decrease (increase) in inventory
802,554
(633,138)
Decrease (increase) in prepaid expenses
43,074
(174,924)
Decrease (increase) in prepaid income taxes
519,777
(275,924)
Increase (decrease) in accounts payable and accrued liabilities
694,558
(1,550,585)
Net cash provided by operating activities
2,830,679
382,388
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of property, plant and equipment
-
4,800
Purchase of property, plant and equipment
(293,380)
(110,325)
Net cash used in investing activities
(293,380)
(105,525)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock
(2,448,542)
(4,257,768)
Net cash used in financing activities
(2,448,542)
(4,257,768)
Net increase (decrease) in cash
88,757
(3,980,905)
Cash, beginning of year
4,327,540
8,308,445
Cash, end of year
4,416,297
$ 4,327,540
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
9年前
Jewett-Cameron Announces 3rd Quarter Financial Results
PR Newswire
Jewett-Cameron Trading Company Ltd.
July 20, 2015 4:35 PM
NORTH PLAINS, Ore., July 20, 2015 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the third quarter and nine month periods of fiscal 2015 ended May 31, 2015.
Sales for the third quarter of fiscal 2015 totaled $13.3 million compared to sales of $15.3 million for the third quarter of fiscal 2014. Income from operations was $779,340 compared to $1,552,537 for the third quarter ended May 31, 2014. Net income after other items and income taxes for the current quarter was $461,100, or $0.18 per share, compared to net income of $936,329, or $0.33 per share, in the year-ago quarter.
For the nine months ended May 31, 2015, Jewett-Cameron reported sales of $30.7 million compared to sales of $33.1 million for the nine months ended May 31, 2014. Net income was $1,072,447, or $0.41 per share, compared to net income of $1,506,306, or $0.50 per share, in the first nine months of fiscal 2014.
"The extended winter weather and West Coast port slowdowns which adversely affected our results in the second quarter continued in the third quarter," said CEO Don Boone. "These conditions negatively impacted our revenues and margins. However, we launched several new products during the quarter which were well received by the marketplace, particularly by our established customer base."
As of May 31, 2015, the Company's cash position was $1.8 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. On February 17, 2015, the Company implemented a new share repurchase plan to purchase for cancellation up to 300,000 common shares under Rule 10b5-1 of the U.S. Securities Exchange Act of 1934. During the second quarter, no common shares were repurchased. During the third quarter of fiscal 2015 ended May 31, 2015, the Company repurchased and cancelled 89,051 common shares at a total cost of $1,101,574 which represents an average price of $12.31 per share. Subsequent to the end of the third quarter, the Company re-purchased and is in the process of cancelling a total of 4,778 common shares. The total cost was $54,491 at an average share price of $11.40 per share. Effective July 17, 2015, the Board of Directors terminated the current 10b5-1 share re-purchase plan. 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 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,
2015
August 31,
2014
ASSETS
Current assets
Cash
$ 1,836,849
$ 4,327,540
Accounts receivable, net of allowance of $Nil (August 31, 2014 - $Nil)
4,926,096
2,442,928
Inventory, net of allowance of $81,249 (August 31, 2014 - $111,756) (note 3)
8,617,284
9,154,129
Note receivable
1,425
15,000
Prepaid expenses
721,339
762,533
Prepaid income taxes
195,484
546,347
Total current assets
16,298,477
17,248,477
Property, plant and equipment, net (note 4)
2,076,263
2,147,387
Intangible assets, net (note 5)
241,426
295,956
Total assets
$ 18,616,166
$ 19,691,820
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 626,523
$ 240,825
Litigation reserve (note 13(a))
97,404
117,387
Accrued liabilities
959,037
1,073,930
Total current liabilities
1,682,964
1,432,142
Deferred tax liability (note 6)
56,100
60,972
Total liabilities
1,739,064
1,493,114
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
2,496,610 common shares (August 31, 2014 – 2,704,630)
1,178,044
1,276,201
Additional paid-in capital
600,804
600,804
Retained earnings
15,098,254
16,321,701
Total stockholders' equity
16,877,102
18,198,706
Total liabilities and stockholders' equity
$ 18,616,166
$ 19,691,820
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month
Period Ended
May 31,
Nine Month
Period Ended
May 31,
2015
2014
2015
2014
SALES
$ 13,289,408
$ 15,335,570
$ 30,755,429
$ 33,074,500
COST OF SALES
11,047,607
12,384,976
24,741,485
26,516,458
GROSS PROFIT
2,241,801
2,950,594
6,013,944
6,558,042
OPERATING EXPENSES
Selling, general and administrative expenses
465,864
402,013
1,438,687
1,240,800
Depreciation and amortization
71,211
73,145
210,894
212,694
Wages and employee benefits
925,386
922,899
2,588,420
2,599,270
(1,462,461)
(1,398,057)
(4,238,001)
(4,052,764)
Income from operations
779,340
1,552,537
1,775,943
2,505,278
OTHER ITEMS
Gain on sale of property, plant and equipment
-
-
-
4,109
Interest and other income
8,534
6,734
22,617
20,008
Interest expense
(658)
-
(658)
-
7,876
6,734
21,959
24,117
Income before income taxes
787,216
1,559,271
1,797,902
2,529,395
Income tax expense
(326,116)
(622,942)
(725,455)
(1,023,089)
Net income
$ 461,100
$ 936,329
$ 1,072,447
$ 1,506,306
Basic earnings per common share
$ 0.18
$ 0.33
$ 0.41
$ 0.50
Diluted earnings per common share
$ 0.18
$ 0.33
$ 0.41
$ 0.50
Weighted average number of common shares outstanding:
Basic
2,561,702
2,866,273
2,612,199
3,042,692
Diluted
2,561,702
2,866,273
2,612,199
3,042,692
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month
Period Ended
May 31,
Nine Month
Period Ended
May 31,
2015
2014
2015
2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 461,100
$ 936,329
$ 1,072,447
$ 1,506,306
Items not involving an outlay of cash:
Depreciation and amortization
71,211
73,145
210,894
212,694
Gain on sale of property, plant and equipment
-
-
-
(4,109)
Deferred income tax expense (recovery)
(2,163)
2,355
(4,872)
(6,011)
Interest income on litigation
(6,734)
(6,734)
(19,983)
(19,982)
Changes in non-cash working capital items:
(Increase) decrease in accounts receivable
107,980
(666,858)
(2,483,168)
(1,578,367)
Decrease in inventory
2,485,712
283,331
536,845
1,275,596
(Increase) decrease in note receivable
275
(15,000)
13,575
-
(Increase) decrease in prepaid expenses
104,098
762,010
41,194
(739,215)
(Increase) decrease in prepaid income taxes
19,133
174,587
350,863
(47,022)
Increase (decrease) in accounts payable and
accrued liabilities
631,547
133,976
270,805
(774,746)
Net cash provided by (used in) operating activities
3,872,159
1,677,141
(11,400)
(174,856)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(70,543)
(18,899)
(85,240)
(94,274)
Proceeds from sale of property, plant and equipment
-
-
-
4,800
Net cash used in investing activities
(70,543)
(18,899)
(85,240)
(89,474)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank indebtedness
-
-
875,386
-
Repayment of bank indebtedness
(875,386)
-
(875,386)
-
Redemption of common stock
(1,101,574)
(3,234,699)
(2,394,051)
(3,803,718)
Net cash used in financing activities
(1,976,960)
(3,234,699)
(2,394,051)
(3,803,718)
Net increase (decrease) in cash
$ 1,824,656
$ (1,576,457)
$ (2,490,691)
$ (4,068,048)
Cash, beginning of period
$ 12,193
$ 5,816,854
$ 4,327,540
$ 8,308,445
Cash, end of period
$ 1,836,849
$ 4,240,397
$ 1,836,849
$ 4,240,397
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
10年前
Jewett-Cameron Announces 2nd Quarter Financial Results
PR Newswire Jewett-Cameron Trading Company Ltd.
16 hours ago
????
NORTH PLAINS, Ore., April 13, 2015 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2015 ended February 28, 2015.
Sales for the second quarter of fiscal 2015 totaled $9.5 million compared to sales of $9.7 million for the second quarter of fiscal 2014. Income from operations was $466,704 compared to income of $408,818 for the quarter ended February 28, 2014. Net income was $283,560, or $0.11 per share, compared to net income of $237,398, or $0.08 per share, in the year-ago quarter.
For the six months ended February 28, 2015, sales totaled $17.5 million compared to sales of $17.7 million for the six months ended February 28, 2014. Net income was $611,347, or $0.23 per share, compared to net income of $569,977, or $0.18 per share, in the first six months of fiscal 2014.
"During the second quarter, we experienced delays in receiving certain products from our suppliers due to the West Coast port slowdowns", said CEO Don Boone. "These delays resulted in higher freight costs and, combined with the prolonged winter weather across much of the country, delayed many shipments to our customers."
These delays also resulted in higher inventory levels and a lower cash balance at the end of the period. As of February 28, 2015, the Company's cash position was $12 thousand, and there was $875 thousand borrowed against its $1.0 million line of credit. Subsequent to the end of the period, the Company increased the size of its line of credit to $3.0 million.
On February 17, 2015, the Company implemented a new share repurchase plan to purchase for cancellation up to 300,000 common shares under Rule 10b5-1 of the U.S. Securities Exchange Act of 1934. This amount represents approximately 11.6% of the 2,585,661 common shares outstanding. During the second quarter, no common shares were repurchased. Subsequent to the end of the period, during the month of March 2015, the Company repurchased 1,103 common shares under the Plan. The total cost was $11,406 at an average share price of $10.34 per share. The Plan will remain in place until August 14, 2015 but may be limited or terminated at any time without prior notice.
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)
February 28,
2015
August 31,
2014
ASSETS
Current assets
Cash
$ 12,193
$ 4,327,540
Accounts receivable, net of allowance of $Nil (August 31, 2014 - $Nil)
5,034,076
2,442,928
Inventory, net of allowance of $90,384 (August 31, 2014 - $111,756) (note 3)
11,102,996
9,154,129
Note receivable
1,700
15,000
Prepaid expenses
825,437
762,533
Prepaid income taxes
214,617
546,347
Total current assets
17,191,019
17,248,477
Property, plant and equipment, net (note 4)
2,058,754
2,147,387
Intangible assets, net (note 5)
259,603
295,956
Total assets
$ 19,509,376
$ 19,691,820
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Bank Indebtedness (note 7)
$ 875,386
$ -
Accounts payable
189,777
240,825
Litigation reserve (note 13(a))
104,138
117,387
Accrued liabilities
764,236
1,073,930
Total current liabilities
1,933,537
1,432,142
Deferred tax liability (note 6)
58,263
60,972
Total liabilities
1,991,800
1,493,114
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
2,585,661 common shares (August 31, 2014 – 2,704,630)
1,220,064
1,276,201
Additional paid-in capital
600,804
600,804
Retained earnings
15,696,708
16,321,701
Total stockholders' equity
17,517,576
18,198,706
Total liabilities and stockholders' equity
$ 19,509,376
$ 19,691,820
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month
Period Ended
February 28,
Six Month
Period Ended
February 28,
2015
2014
2015
2014
SALES
$ 9,483,404
$ 9,732,649
$ 17,466,021
$17,738,930
COST OF SALES
7,581,284
7,974,979
13,693,878
14,131,481
GROSS PROFIT
1,902,120
1,757,670
3,772,143
3,607,449
OPERATING EXPENSES
Selling, general and administrative expenses
511,375
446,900
972,823
838,786
Depreciation and amortization
70,600
69,531
139,683
139,550
Wages and employee benefits
853,441
832,421
1,663,034
1,676,371
1,435,416
1,348,852
2,775,540
2,654,707
Income from operations
466,704
408,818
996,603
952,742
OTHER ITEMS
Gain on sale of property, plant and equipment
-
-
-
4,109
Interest and other income
7,188
6,612
14,083
13,273
7,188
6,612
14,083
17,382
Income before income taxes
473,892
415,430
1,010,686
970,124
Income tax expense
(190,332)
(178,032)
(399,339)
(400,147)
Net income
$ 283,560
$ 237,398
$ 611,347
$ 569,977
Basic earnings per common share
$ 0.11
$ 0.08
$ 0.23
$ 0.18
Diluted earnings per common share
$ 0.11
$ 0.08
$ 0.23
$ 0.18
Weighted average number of common shares outstanding:
Basic
2,585,661
3,129,764
2,637,587
3,132,365
Diluted
2,585,661
3,129,764
2,637,587
3,132,365
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month
Period Ended February 28,
Six Month
Period Ended February 28,
2015
2014
2015
2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 283,560
$ 237,398
$ 611,347
$ 569,977
Items not involving an outlay of cash:
Depreciation and amortization
70,600
69,531
139,683
139,550
Gain on sale of property, plant and equipment
-
-
-
(4,109)
Deferred income taxes
(6,426)
(3,802)
(2,709)
(8,366)
Interest income on litigation
(6,588)
(6,588)
(13,249)
(13,249)
Changes in non-cash working capital items:
Increase in accounts receivable
(2,313,462)
(2,018,552)
(2,591,148)
(911,509)
(Increase) decrease in inventory
(358,245)
846,025
(1,948,867)
992,265
(Increase) decrease in note receivable
(1,700)
-
13,300
15,000
Increase in prepaid expenses
(255,461)
(1,205,662)
(62,904)
(1,501,225)
(Increase) decrease in prepaid income taxes
126,559
(448,288)
331,730
(221,609)
Increase (decrease) in accounts payable and
accrued liabilities
(373,590)
837,196
(360,742)
(908,722)
Net cash used in operating activities
(2,834,753)
(1,692,742)
(3,883,559)
(1,851,997)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(13,417)
(17,457)
(14,697)
(75,375)
Proceeds from sale of property, plant and
equipment
-
-
-
4,800
Net cash used in investing activities
(13,417)
(17,457)
(14,697)
(70,575)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank indebtedness
875,386
-
875,386
-
Redemption of common stock
-
(569,019)
(1,292,477)
(569,019)
Net cash provided by (used in) financing activities
875,386
(569,019)
(417,091)
(569,019)
Net decrease in cash
(1,972,784)
(2,279,218)
(4,315,347)
(2,491,591)
Cash, beginning of period
1,984,977
8,096,072
4,327,540
8,308,445
Cash, end of period
$ 12,193
$ 5,816,854
$ 12,193
$ 5,816,854
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
11年前
Jewett-Cameron Announces 2nd Quarter Financial Results
PR Newswire Jewett-Cameron Trading Company Ltd.
19 hours ago
NORTH PLAINS, Ore., April 9, 2014 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2014 ended February 28, 2014.
Sales for the second quarter of fiscal 2014 totaled $9.7 million compared to sales of $14.2 million for the second quarter of fiscal 2013. Income from operations was $408,818 compared to income of $979,059 for the quarter ended February 28, 2013. Second quarter 2013 income included the one-time gain of $353,852 related to the sale of property. Net income after other items and income taxes for the current quarter was $237,398, or $0.08 per share, compared to net income of $790,631, or $0.25 per share, in the year-ago quarter.
For the six months ended February 28, 2014, Jewett-Cameron reported sales of $17.7 million compared to sales of $23.5 million for the six months ended February 28, 2013. Net income was $569,977, or $0.18 per share, compared to net income of $1,271,377, or $0.41 per share, in the first six months of fiscal 2013. The year ago period was positively affected by the one-time gain on the sale of property.
"The second quarter and six month results were negatively affected by a delay in our orders from our suppliers caused by manufacturing constraints around Chinese New Year," said CEO Don Boone. "Due to these constraints, shipments to our customers were delayed and also pushed back the rollout of several new products. We do not expect these constraints to continue in the remainder of fiscal 2014."
As of February 28, 2014, the Company's cash position was $5.8 million, and there was no borrowing against its $5.0 million line of credit. In the second quarter of fiscal 2014, the Company repurchased and cancelled 58,180 common shares at a cost of $569,019, which represents an average price of $9.78 per share. Subsequent to the end of the second quarter, the Company re-purchased and is in the process of cancelling a total of 255,313 additional shares of its common stock at a total cost of $2,486,571 at an average price of $9.74 per share. These purchases were pursuant to the Company's share re-purchase plan first announced on January 13, 2014 which has now been completed and terminated. Today the Company's Board of Directors authorized the implementation of a new share repurchase plan under Rule 10b-18. Under the new plan, the Company may purchase for cancellation up to 300,000 common shares, which represents approximately 10.6% of the 2,821,443 common shares currently outstanding. The Company has historically utilized its cash position by implementing share repurchase programs as an effective method of enhancing shareholder value.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company Ltd. was incorporated in British Columbia on July 8, 1987 as a holding company for Jewett-Cameron Lumber Corporation ("JCLC"), incorporated September 1953. Jewett-Cameron Trading Company, Ltd. acquired all the shares of JCLC through a stock-for-stock exchange on July 13, 1987, and at that time JCLC became a wholly owned subsidiary. Effective September 1, 2013, Jewett-Cameron reorganized certain of its subsidiaries. JCLC's name was changed to JC USA Inc. ("JC USA"), and a new subsidiary, Jewett-Cameron Company ("JCC"), was incorporated. JC USA has the following wholly owned subsidiaries: MSI-PRO Co. ("MSI"), incorporated April 1996, Jewett-Cameron Seed Company, ("JCSC"), incorporated October 2000, Greenwood Products, Inc. ("Greenwood"), incorporated February 2002, and Jewett-Cameron Company ("JCC"), incorporated September 2013. Jewett-Cameron Trading Company, Ltd. and its subsidiaries (the "Company") have no significant assets in Canada.
The Company, through its subsidiaries, operates out of facilities located in North Plains, Oregon. JCC'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 is a processor and distributor of industrial wood products used in a variety of markets and applications, including the marine and transportation markets. MSI is an importer and distributor of pneumatic air tools and industrial clamps in the United States. JCSC is a processor and distributor of agricultural seeds in the United States. 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)
February 28,
2014
August 31,
2013
ASSETS
Current assets
Cash
$ 5,816,854
$ 8,308,445
Accounts receivable, net of allowance of $Nil (August 31, 2013 - $Nil)
4,256,286
3,344,777
Inventory, net of allowance of $134,259 (August 31, 2013 - $134,259) (note 3)
7,528,726
8,520,991
Note receivable
-
15,000
Prepaid expenses
2,088,834
587,609
Prepaid income taxes
492,032
270,423
Total current assets
20,182,732
21,047,245
Property, plant and equipment, net (note 4)
2,213,436
2,241,950
Intangible assets, net (note 5)
332,310
368,662
Total assets
$ 22,728,478
$ 23,657,857
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 1,190,980
$ 1,715,458
Litigation reserve (note 13(a))
130,854
144,103
Accrued liabilities
765,638
1,149,882
Total current liabilities
2,087,472
3,009,443
Deferred tax liability (note 6)
42,027
50,393
Total liabilities
2,129,499
3,059,836
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
3,076,756 common shares (August 31, 2013 - 3,134,936)
1,451,791
1,479,246
Additional paid-in capital
600,804
600,804
Retained earnings
18,546,384
18,517,971
Total stockholders' equity
20,598,979
20,598,021
Total liabilities and stockholders' equity
$ 22,728,478
$ 23,657,857
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Period
Ended February 28,
Six Month Period
Ended February 28,
2014
2013
2014
2013
SALES
$ 9,732,649
$ 14,227,824
$ 17,738,930
$ 23,524,229
COST OF SALES
7,974,979
11,788,155
14,131,481
19,093,554
GROSS PROFIT
1,757,670
2,439,669
3,607,449
4,430,675
OPERATING EXPENSES
Selling, general and administrative expenses
446,900
468,162
838,786
803,982
Depreciation and amortization
69,531
64,202
139,550
121,696
Wages and employee benefits
832,421
928,246
1,676,371
1,753,553
1,348,852
1,460,610
2,654,707
2,679,231
Income from operations
408,818
979,059
952,742
1,751,444
OTHER ITEMS
Gain on sale of property, plant and equipment
-
353,852
4,109
353,852
Interest and other income
6,612
6,605
13,273
23,315
Interest expense
-
(400)
-
(400)
6,612
360,057
17,382
376,767
Income before income taxes
415,430
1,339,116
970,124
2,128,211
Income tax expense
(178,032)
(548,485)
(400,147)
(856,834)
Net income
$ 237,398
$ 790,631
$ 569,977
$ 1,271,377
Basic earnings per common share
$ 0.08
$ 0.25
$ 0.18
$ 0.41
Diluted earnings per common share
$ 0.08
$ 0.25
$ 0.18
$ 0.41
Weighted average number of common shares outstanding:
Basic
3,129,764
3,135,860
3,132,365
3,135,902
Diluted
3,129,764
3,135,860
3,132,365
3,135,902
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Period
Ended February 28,
Six Month Period
Ended February 28,
2014
2013
2014
2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 237,398
$ 790,631
$ 569,977
$ 1,271,377
Items not involving an outlay of cash:
Depreciation and amortization
69,531
64,202
139,550
121,696
Gain on sale of property, plant and equipment
-
(353,852)
(4,109)
(353,852)
Deferred income taxes
(3,802)
137,100
(8,366)
151,423
Interest income on litigation
(6,588)
(6,588)
(13,249)
(13,249)
Changes in non-cash working capital items:
Increase in accounts receivable
(2,018,552)
(4,628,402)
(911,509)
(4,202,382)
Decrease in inventory
846,025
68,731
992,265
1,393,096
Decrease in note receivable
-
-
15,000
20,000
(Increase) decrease in prepaid expenses
(1,205,662)
537,657
(1,501,225)
(1,041,955)
Increase in prepaid income taxes
(448,288)
(253,952)
(221,609)
(253,952)
Increase (decrease) in accounts payable and accrued liabilities
837,196
675,104
(908,722)
(296,125)
Decrease in accrued income taxes
-
(330,957)
-
(37,203)
Net cash used in operating activities
(1,692,742)
(3,300,326)
(1,851,997)
(3,241,126)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(17,457)
(18,657)
(75,375)
(130,790)
Proceeds from sale of property, plant and equipment
-
410,000
4,800
410,000
Net cash provided by (used in) investing activities
(17,457)
391,343
(70,575)
279,210
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock
(569,019)
(4,884)
(569,019)
(4,884)
Net cash used in financing activities
(569,019)
(4,884)
(569,019)
(4,884)
Net decrease in cash
(2,279,218)
(2,913,867)
(2,491,591)
(2,966,800)
Cash, beginning of period
8,096,072
7,256,455
8,308,445
7,309,388
Cash, end of period
$ 5,816,854
$ 4,342,588
$ 5,816,854
$ 4,342,588
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
11年前
Jewett-Cameron Announces 1st Quarter Financial Results
PR Newswire Jewett-Cameron Trading Company Ltd.
53 minutes ago
NORTH PLAINS, Ore., Jan. 13, 2014 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the first quarter of fiscal 2014 ended November 30, 2013.
Sales were $8.01 million for the first quarter of fiscal 2014 compared to sales of $9.30 million for the first quarter of fiscal 2013. For the quarter, income from operations was $543,924 compared to $772,385 in the year-ago quarter. Net income for the quarter was $332,579, or $0.11 per share, compared to net income of $480,746, or $0.15 per share, in the first quarter of fiscal 2013. Per share amounts have been adjusted for the 2 for 1 stock split of the common shares effective May 2, 2013.
"Our markets have become much more competitive," said CEO Don Boone. "In response, we have increased our efforts to obtain new business and expand our customer base to smaller and mid-size customers. These initiatives resulted in higher selling expenses during the quarter."
As of November 30, 2013, the Company's cash position was $8.096 million, and currently there is no borrowing against its $5.0 million line of credit. Today, the Company announced a new share re-purchase plan where it can repurchase for cancellation up to 313,493 common shares representing 10% of the approximately 3.1 million common shares outstanding. This share repurchase plan may commence on January 20, 2014 and will remain in place until May 16, 2014 but may be limited or terminated at any time without prior notice.
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)
November 30,
2013
August 31,
2013
ASSETS
Current assets
Cash
$ 8,096,072
$ 8,308,445
Accounts receivable, net of allowance
of $Nil (August 31, 2013 - $Nil)
2,237,734
3,344,777
Inventory, net of allowance
of $134,259 (August 31, 2013 - $134,259) (note 3)
8,374,751
8,520,991
Note receivable
-
15,000
Prepaid expenses
883,172
587,609
Prepaid income taxes
43,744
270,423
Total current assets
19,635,473
21,047,245
Property, plant and equipment, net (note 4)
2,247,334
2,241,950
Intangible assets, net (note 5)
350,486
368,662
Total assets
$ 22,233,293
$ 23,657,857
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 453,525
$ 1,715,458
Litigation reserve (note 13(a))
137,442
144,103
Accrued liabilities
665,897
1,149,882
Total current liabilities
1,256,864
3,009,443
Deferred tax liability (note 6)
45,829
50,393
Total liabilities
1,302,693
3,059,836
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
3,134,936 common shares (August 31, 2013 - 3,134,936)
1,479,246
1,479,246
Additional paid-in capital
600,804
600,804
Retained earnings
18,850,550
18,517,971
Total stockholders' equity
20,930,600
20,598,021
Total liabilities and stockholders' equity
$ 22,233,293
$ 23,657,857
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Months Ended
November 30,
2013
2012
SALES
$ 8,006,281
$ 9,296,405
COST OF SALES
6,156,502
7,305,399
GROSS PROFIT
1,849,779
1,991,006
OPERATING EXPENSES
Selling, general and administrative expenses
391,886
335,820
Depreciation and amortization
70,019
57,494
Wages and employee benefits
843,950
825,307
1,305,855
1,218,621
Income from operations
543,924
772,385
OTHER ITEMS
Interest and other income
6,661
16,710
Gain on sale of equipment
4,109
-
10,770
16,710
Income before income taxes
554,694
789,095
Income tax expense
(222,115)
(308,349)
Net income
$ 332,579
$ 480,746
Basic earnings per common share
$ 0.11
$ 0.15
Diluted earnings per common share
$ 0.11
$ 0.15
Weighted average number of common shares outstanding:
Basic
3,134,936
3,135,942
Diluted
3,134,936
3,135,942
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Periods
Ended November 30,
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 332,579
$ 480,746
Items not involving an outlay of cash:
Depreciation and amortization
70,019
57,494
Gain on sale of equipment
(4,109)
-
Deferred income taxes
(4,564)
14,323
Interest income on litigation
(6,661)
(6,661)
Changes in non-cash working capital items:
Decrease in accounts receivable
1,107,043
426,020
Decrease in inventory
146,240
1,324,365
Decrease in note receivable
15,000
20,000
Decrease in prepaid income taxes
226,679
-
Increase in prepaid expenses
(295,563)
(1,579,612)
Decrease in accounts payable and accrued liabilities
(1,745,918)
(971,229)
Increase in accrued income taxes
-
293,754
Net cash provided (used) by operating activities
(159,255)
59,200
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(57,918)
(112,133)
Proceeds from sale of equipment
4,800
-
Net cash used in investing activities
(53,118)
(112,133)
Net decrease in cash
(212,373)
(52,933)
Cash, beginning of period
8,308,445
7,309,388
Cash, end of period
$ 8,096,072
$ 7,256,455
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
11年前
..
Jewett-Cameron Announces Fiscal 2013 Financial Results
PR NewswirePress Release: Jewett-Cameron Trading Company Ltd. –
NORTH PLAINS, Ore., Oct. 30, 2013 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2013.
For the fiscal year ended August 31, 2013 Jewett-Cameron reported net income after other items and income taxes of $3,132,019, or $1.00 per diluted share, on sales of $49.29 million, compared to net income of $3,059,931, or $0.89 per diluted share, on sales of $45.95 million, reported for fiscal 2012. The net income in the current year was positively affected by a one-time gain on the sale of property of $353,852 and the prior year's net income was positively affected by litigation income and related interest of $1,457,096. Excluding other items and taxes, income from operations rose to $4,673,690 in fiscal 2013 from $3,563,140 in fiscal 2012.
Sales for the fourth quarter of fiscal 2013 totaled $10.7 million compared to sales of $10.8 million for the fourth quarter of fiscal 2012. The company reported net income of $842,078, or $0.27 per diluted share compared to net income of $771,034, or $0.23 per diluted share, in the fourth quarter of fiscal 2012. All per share amounts have been adjusted for the 2 for 1 stock split of the common shares effective May 2, 2013.
"Our higher sales were primarily due to successful sales efforts and the introduction of several new products," said CEO Don Boone. "We also completed an expansion of our North Plains warehouse which will more easily support the Company's sales growth."
As of August 31, 2013, the Company's cash position was $8.3 million, and currently there is no borrowing against its $5.0 million line of credit. During fiscal 2013, the company repurchased and cancelled a total of 1,006 common shares at a total cost of $7,188, which represents an average price of $7.15 per share.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that operates through subsidiary companies as follows. Jewett-Cameron Lumber Corporation is a wholesaler of wood products and a manufacturer and distributor of specialty metal products, sold principally to home centers and other retailers. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries. 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.
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
2013
2012
ASSETS
Current assets
Cash
$ 8,308,445
$ 7,309,388
Accounts receivable, net of allowance
of $Nil (August 31, 2012 - $6,509)
3,344,777
3,092,842
Inventory, net of allowance
of $134,259 (August 31, 2012 - $139,869) (note 3)
8,520,991
7,085,389
Note receivable
15,000
20,000
Prepaid expenses
587,609
388,957
Prepaid income taxes
270,423
-
Total current assets
21,047,245
17,896,576
Property, plant and equipment, net (note 4)
2,241,950
1,997,109
Intangible assets, net (note 5)
368,662
444,203
Deferred tax assets (note 6)
-
101,573
Total assets
$ 23,657,857
$ 20,439,461
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 1,715,458
$ 1,577,182
Litigation reserve (note 13(a))
144,103
170,819
Accrued liabilities
1,149,882
1,181,067
Accrued income taxes
-
37,203
Total current liabilities
3,009,443
2,966,271
Deferred tax liability (note 6)
50,393
-
Total liabilities
3,059,836
2,966,271
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
3,134,936 common shares (August 31, 2012 - 3,135,942)
1,479,246
1,479,721
Additional paid-in capital
600,804
600,804
Retained earnings
18,517,971
15,392,665
Total stockholders' equity
20,598,021
17,473,190
Total liabilities and stockholders' equity
$ 23,657,857
$ 20,439,461
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
YEAR ENDED AUGUST 31
2013
2012
SALES
$ 49,286,147
$ 45,945,530
COST OF SALES
39,455,054
37,306,129
GROSS PROFIT
9,831,093
8,639,401
OPERATING EXPENSES
Selling, general and administrative
1,503,226
1,463,550
Depreciation and amortization
256,487
244,216
Wages and employee benefits
3,397,690
3,368,495
5,157,403
5,076,261
Income from operations
4,673,690
3,563,140
OTHER ITEMS
Gain on sale of property, plant and equipment
353,852
-
Interest and other income
37,383
13,225
Litigation income (note 13(a))
-
1,443,629
391,235
1,456,854
Income before income taxes
5,064,925
5,019,994
Income taxes (note 6)
Current
1,780,940
1,903,774
Deferred
151,966
56,289
Net income for the year
$ 3,132,019
$ 3,059,931
Basic earnings per common share
$ 1.00
$ 0.89
Diluted earnings per common share
$ 1.00
$ 0.89
Weighted average number of common shares outstanding:
Basic
3,135,509
3,444,212
Diluted
3,135,509
3,444,212
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
YEAR ENDED AUGUST 31
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year
$ 3,132,019
$ 3,059,931
Items not affecting cash:
Depreciation and amortization
256,487
244,216
Gain on sale of property, plant and equipment
(353,852)
-
Deferred income taxes
151,966
56,289
Litigation income
-
(1,443,629)
Interest income on litigation
(26,716)
(13,467)
Changes in non-cash working capital items:
Decrease (increase) in accounts receivable
(251,935)
804,244
Decrease in note receivable
5,000
21,500
Increase in inventory
(1,435,602)
(1,269,796)
Decrease (increase) in prepaid expenses
(198,652)
459,384
Decrease (increase) in prepaid income taxes
(270,423)
682,527
Increase in accounts payable and accrued liabilities
107,091
1,297,138
Increase (decrease) in accrued income taxes
(37,203)
37,203
Net cash provided by operating activities
1,078,180
3,935,540
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on sale of property, plant and equipment
410,000
-
Purchase of property, plant and equipment
(481,935)
(311,670)
Purchase of intangible assets and other
-
(13,050)
Net cash used in investing activities
(71,935)
(324,720)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock
(7,188)
(3,075,559)
Net cash used in financing activities
(7,188)
(3,075,559)
Net increase in cash
999,057
535,261
Cash, beginning of year
7,309,388
6,774,127
Cash, end of year
$ 8,308,445
$ 7,309,388
Contact: Don Boone, President & CEO, (503) 647-0110
Drmicrocap
11年前
Jewett-Cameron Announces 3rd Quarter Financial Results
PR NewswirePress Release: Jewett-Cameron Trading Company Ltd. – NORTH PLAINS, Ore., July 11, 2013 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the third quarter and nine month periods of fiscal 2013 ended May 31, 2013.
Sales for the third quarter of fiscal 2013 totaled $15.05 million compared to sales of $16.11 million for the third quarter of fiscal 2012. For the quarter, income from operations were $1,686,508 compared to $1,556,199 in the year-ago quarter. After other items and income taxes, the Company reported net income of $1,018,564, or $0.32 per basic and diluted share, compared to net income of $937,090, or $0.29 per basic and diluted share, in last year's third quarter, after adjusting for the Company's 2 for 1 stock split effective May 2, 2013.
For the nine months ended May 31, 2013, Jewett-Cameron reported sales of $38.58 million compared to sales of $35.10 million for the nine months ended May 31, 2012. Income from operations was $3,437,952 in the current nine month period compared to income of $2,391,570 in the year-ago nine month period. The current nine month period was positively affected by the gain on sale of property of $353,852 while the year-ago nine month period was positively affected by the reversal of Litigation Reserves totaling $1,443,629. Including the one-time gains, net income for the nine months ended May 31, 2013 was $2,289,941, or $0.73 per basic and diluted share, compared to net income of $2,288,897, or $0.65 per basic and diluted share, in the prior nine month period, after adjustment for the 2 for 1 stock split.
"An increasing shift towards e-commerce sales of our metal products through our customer's online websites has resulted in lower costs and higher margins," said CEO Don Boone. "We also completed the 2 for 1 stock split of our common shares, and our strong cash position combined with the additional liquidity corresponds to our practice of implementing share re-purchase programs, which we believe is an effective method of enhancing shareholder value."
As of May 31st, 2013, the Company's cash position was $7.68 million, and there is currently no borrowing against its $5.0 million line of credit. During the nine months ended May 31, 2013, the company repurchased and cancelled a total of 814 common shares at a total cost of $4,884, which represents an average price of $6.00 per share. On May 29, 2013, the Company announced the implementation of a new share repurchase plan for the purchase and cancellation of up to 400,000 common shares, which represents approximately 13% of the approximately 3.1 million shares outstanding. The plan commenced on June 3, 2013, and will remain in place until August 16, 2013, but may be limited or terminated at any time without prior notice.
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 Lumber Corporation'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.
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,
2013
August 31,
2012
ASSETS
Current assets
Cash
$ 7,678,879
$ 7,309,388
Accounts receivable, net of allowance
of $0 (August 31, 2012 - $6,509)
4,820,700
3,092,842
Inventory, net of allowance
of $139,333 (August 31, 2012 - $139,869) (note 3)
4,674,912
7,085,389
Note receivable
15,000
20,000
Prepaid expenses
1,890,437
388,957
Prepaid income taxes
125,868
-
Total current assets
19,205,796
17,896,576
Property, plant and equipment, net (note 4)
1,995,645
1,997,109
Intangible assets, net (note 5)
384,767
444,203
Deferred income taxes (note 6)
-
101,573
Total assets
$ 21,586,208
$ 20,439,461
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 410,948
$ 1,577,182
Litigation reserve (note 12(a))
150,837
170,819
Accrued liabilities
1,215,732
1,181,067
Accrued income taxes
-
37,203
Total current liabilities
1,777,517
2,966,271
Deferred tax liability (note 6)
50,444
-
Total liabilities
1,827,961
2,966,271
Contingent liabilities and commitments (note 12)
Stockholders' equity
Capital stock (note 8)
Authorized
21,567,564 common shares, without par value
10,000,000 preferred shares, without par value
Issued
3,135,128 common shares (August 31, 2012 – 3,135,942)
1,479,337
1,479,721
Additional paid-in capital
600,804
600,804
Retained earnings
17,678,106
15,392,665
Total stockholders' equity
19,758,247
17,473,190
Total liabilities and stockholders' equity
$ 21,586,208
$ 20,439,461
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Periods
to May 31,
Nine Month Periods
to May 31,
2013
2012
2013
2012
SALES
$ 15,051,509
$ 16,113,435
$ 38,575,738
$ 35,105,842
COST OF SALES
12,021,388
13,306,308
31,114,942
28,741,219
GROSS PROFIT
3,030,121
2,807,127
7,460,796
6,364,623
OPERATING EXPENSES
Selling, general and administrative expenses
372,191
233,947
1,176,173
1,122,892
Depreciation and amortization
66,735
61,279
188,431
186,773
Wages and employee benefits
904,687
955,702
2,658,240
2,663,388
1,343,613
1,250,928
4,022,844
3,973,053
Income from operations
1,686,508
1,556,199
3,437,952
2,391,570
OTHER ITEMS
Gain on sale of property, plant and equipment
-
-
353,852
-
Interest and other income
6,734
7,234
30,049
7,234
Interest expense (note 12(a))
-
(743)
(400)
(743)
Litigation income (note 12(a))
-
-
-
1,443,629
6,734
6,491
383,501
1,450,120
Income before income taxes
1,693,242
1,562,690
3,821,453
3,841,690
Income tax expense
(674,678)
(625,600)
(1,531,512)
(1,552,793)
Net income
$ 1,018,564
$ 937,090
$ 2,289,941
$ 2,288,897
Basic earnings per common share
$ 0.32
$ 0.29
$ 0.73
$ 0.65
Diluted earnings per common share
$ 0.32
$ 0.29
$ 0.73
$ 0.65
Weighted average number of common shares outstanding:
Basic
3,135,128
3,199,702
3,135,641
3,547,718
Diluted
3,135,128
3,199,702
3,135,641
3,547,718
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
Three Month Periods
to May 31,
Nine Month Periods
to May 31,
2013
2012
2013
2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 1,018,564
$ 937,090
$ 2,289,941
$ 2,288,897
Items not involving an outlay of cash:
Depreciation and amortization
66,735
61,279
188,431
186,773
Gain on sale of property, plant and equipment
-
-
(353,852)
-
Deferred income tax expense
594
495
152,017
2,052
Interest income on litigation
(6,734)
-
(19,982)
-
Changes in non-cash working capital items:
(Increase) decrease in accounts receivable
2,474,524
(1,219,911)
(1,727,858)
(1,276,868)
Decrease in inventory
1,017,381
1,484,917
2,410,477
817,143
(Increase) decrease in note receivable
(15,000)
-
5,000
(20,000)
Increase in prepaid expenses
(459,525)
(506,245)
(1,501,480)
(859,629)
(Increase) decrease in prepaid income taxes
128,084
-
(125,868)
682,527
Decrease in accounts payable and
accrued liabilities
(835,443)
(16,511)
(1,131,569)
(1,035,089)
Increase (decrease) in accrued income taxes
-
(24,188)
(37,203)
204,170
Net cash provided by operating activities
3,389,180
716,926
148,054
989,976
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(52,889)
(5,675)
(183,679)
(36,206)
Purchase of intangible assets and other
-
-
-
(13,050)
Proceeds from sale of property, plant and
equipment
-
-
410,000
-
Net cash provided by (used in) investing activities
(52,889)
(5,675)
226,321
(49,256)
CASH FLOWS FROM FINANCING ACTIVITIES
Redemption of common stock
-
(382,510)
(4,884)
(3,075,559)
Net cash used in financing activities
-
(382,510)
(4,884)
(3,075,559)
Net increase (decrease) in cash
3,336,291
328,741
369,491
(2,134,839)
Cash, beginning of period
4,342,588
4,310,547
7,309,388
6,774,127
Cash, end of period
$ 7,678,879
$ 4,639,288
$ 7,678,879
$ 4,639,288
Contact: Don Boone, President & CEO, (503) 647-0110
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swampboots
4年前
