NORTH PLAINS, Ore.,
Jan. 17, 2017 /PRNewswire/ --
Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported
financial results for the first quarter of fiscal 2017 ended
November 30, 2016.
Sales for the first quarter of fiscal 2017 totaled $10.4 million compared to sales of $11.9 million for the first quarter of fiscal
2016. Income from operations was $792,505 compared to $885,204 for the first quarter ended November 30, 2016. Net income after other items
and income taxes for the current quarter was $485,920, or $0.21
per share, compared to $532,245, or
$0.21 per share, in the year-ago
quarter.
"Our new warehouse expansion is now complete, and we will begin
to utilize the additional space for both existing and new products
this year," said CEO Don Boone. "In
November, we added Charlie Hopewell
as our new Chief Operating Officer. Charlie's extensive experience
will help us grow our product lines and sales channels going
forward."
As of May 31, 2016, the Company's
cash position was $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.
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,
2016
|
|
August
31,
2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
$
4,899,362
|
|
$
4,519,922
|
|
Accounts
receivable, net of allowance of $Nil (August 31, 2016 - $Nil)
|
3,386,389
|
|
3,342,204
|
|
Inventory, net
of allowance of $167,584 (August
31, 2016 - $176,717) (note 3)
|
7,688,609
|
|
8,069,017
|
|
Prepaid
expenses
|
862,118
|
|
832,895
|
|
Prepaid income
taxes
|
-
|
|
596
|
|
|
|
|
|
Total current
assets
|
16,836,478
|
|
16,764,634
|
|
|
|
|
|
Property, plant and
equipment, net (note 4)
|
3,129,753
|
|
2,954,595
|
|
|
|
|
|
Intangible assets,
net (note 5)
|
132,367
|
|
150,543
|
|
|
|
|
|
Total
assets
|
$
20,098,598
|
|
$
19,869,772
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
618,293
|
|
$
839,972
|
|
Accrued
liabilities
|
1,130,568
|
|
1,473,792
|
|
Income taxes
payable
|
310,974
|
|
-
|
|
|
|
|
|
Total current
liabilities
|
2,059,835
|
|
2,313,764
|
|
|
|
|
|
Deferred tax
liability (note 6)
|
28,188
|
|
31,353
|
|
|
|
|
|
Total
liabilities
|
2,088,023
|
|
2,345,117
|
|
|
|
|
|
Contingent
liabilities and commitments (note 12)
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Capital stock
(note 8, 9)
|
|
|
|
|
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
|
16,331,012
|
|
15,845,092
|
|
|
|
|
|
Total
stockholders' equity
|
18,010,575
|
|
17,524,655
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
20,098,598
|
|
$
19,869,772
|
|
JEWETT-CAMERON
TRADING COMPANY LTD.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(Expressed in U.S.
Dollars)
|
|
(Prepared by
Management)
|
|
(Unaudited)
|
|
|
Three Months
Ended
November 30,
|
|
2016
|
|
2015
|
|
|
|
|
|
SALES
|
$
10,421,804
|
|
$
11,941,508
|
|
|
|
|
|
COST OF
SALES
|
8,027,362
|
|
9,561,653
|
|
|
|
|
|
GROSS
PROFIT
|
2,394,442
|
|
2,379,855
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
Selling, general
and administrative expenses
|
551,048
|
|
542,793
|
|
Depreciation and
amortization
|
68,640
|
|
75,513
|
|
Wages and
employee benefits
|
982,249
|
|
876,345
|
|
|
|
|
|
1,601,937
|
|
1,494,651
|
|
|
|
|
|
Income from
operations
|
792,505
|
|
885,204
|
|
|
|
|
|
OTHER
ITEM
|
|
|
|
|
Interest and
other income
|
1,820
|
|
8,734
|
|
1,820
|
|
8,734
|
|
|
|
|
|
Income before income
taxes
|
794,325
|
|
893,938
|
|
|
|
|
|
Income tax
expense
|
(308,405)
|
|
(361,693)
|
|
|
|
|
|
Net
income
|
$
485,920
|
|
$
532,245
|
|
|
|
|
|
Basic earnings per
common share
|
$
0.21
|
|
$
0.21
|
|
|
|
|
|
Diluted earnings per
common share
|
$
0.21
|
|
$
0.21
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
Basic
|
2,286,294
|
|
2,476,832
|
|
Diluted
|
2,286,294
|
|
2,476,832
|
|
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,
|
|
2016
|
|
2015
|
|
|
|
|
|
CASH FLOWS
FROM OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
$
485,920
|
|
$
532,245
|
|
Items not involving an
outlay of cash:
|
|
|
|
|
Depreciation and
amortization
|
68,640
|
|
75,513
|
|
Deferred income
taxes
|
(3,165)
|
|
12,805
|
|
Interest income
on litigation
|
-
|
|
(6,661)
|
|
|
|
|
|
Changes in non-cash
working capital items:
|
|
|
|
|
Increase in
accounts receivable
|
(44,185)
|
|
(631,579)
|
|
Decrease in
inventory
|
380,408
|
|
189,334
|
|
Decrease in note
receivable
|
-
|
|
950
|
|
Decrease in
prepaid income taxes
|
596
|
|
26,570
|
|
(Increase) in
prepaid expenses
|
(29,223)
|
|
(333,009)
|
|
(Decrease)
increase in accounts payable and accrued liabilities
|
(564,903)
|
|
88,686
|
|
Increase in
income taxes payable
|
310,974
|
|
-
|
|
|
|
|
|
Net cash provided by
(used by) operating activities
|
605,062
|
|
(45,146)
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
Purchase of
property, plant and equipment
|
(225,622)
|
|
(10,526)
|
|
(225,622)
|
|
|
|
Net cash used in
investing activities
|
|
|
(10,526)
|
|
|
|
|
|
Net increase
(decrease) in cash
|
379,440
|
|
(55,672)
|
|
|
|
|
|
Cash, beginning of
period
|
4,519,922
|
|
4,416,297
|
|
|
|
|
|
Cash, end of
period
|
$
4,899,362
|
|
$
4,360,625
|
Contact: Don Boone, President
& CEO, (503) 647-0110
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jewett-cameron-announces-1st-quarter-financial-results-300392175.html
SOURCE Jewett-Cameron Trading Company Ltd.