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Jewett-Cameron Announces 1st Quarter Financial Results


News provided by

Jewett-Cameron Trading Company Ltd.

Jan 14, 2015, 04:30 ET

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NORTH PLAINS, Ore., Jan. 14, 2015 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter of fiscal 2015 ended November 30, 2014.

Sales were $7.98 million for the first quarter of fiscal 2015 compared to sales of $8.01 for the first quarter of fiscal 2014. Income from operations for the quarter was $529,899 compared to $543,924 in the year-ago quarter. Net income was $327,787, or $0.12 per share, for the quarter compared to net income of $332,579, or $0.11 per share, for the first quarter of fiscal 2014. The net income per share was higher for the current quarter due to a lower weighted average number of common shares outstanding as a result of the Company's repurchase of common shares.

"Our markets remained competitive in the first quarter of fiscal 2015, and continued higher raw material prices continue to negatively pressure our profit margins," said CEO Don Boone. "However, the sales initiatives we initiated during fiscal 2014 have been successful in beginning to expand and diversify our customer base."

As of November 30, the Company's cash position was $1.984 million, and currently there is no borrowing against its $1.0 million line of credit. During the first quarter, the Company repurchased and cancelled a total of 118,969 common shares at an average price of $10.86 per share. The Company's most recent share repurchase plan expired on November 14, 2014. 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,
2014


August 31,
2014





ASSETS








Current assets




  Cash

$    1,984,977


$    4,327,540

  Accounts receivable, net of allowance of $Nil (August 31, 2014 - $Nil)

2,720,614


2,442,928

  Inventory, net of allowance of $87,800 (August 31, 2014 - $111,756) (note 3)

10,744,751


9,154,129

  Note receivable

-


15,000

  Prepaid expenses

569,976


762,533

  Prepaid income taxes

341,176


546,347





  Total current assets

16,361,494


17,248,477





Property, plant and equipment, net (note 4)

2,097,760


2,147,387





Intangible assets, net (note 5)

277,780


295,956





Total assets

$  18,737,034


$  19,691,820





LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities








  Accounts payable

$      377,496


$      240,825

  Litigation reserve (note 13(a))

110,726


117,387

  Accrued liabilities

950,107


1,073,930





  Total current liabilities

1,438,329


1,432,142





Deferred tax liability (note 6)

64,689


60,972





Total liabilities

1,503,018


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

15,413,148


16,321,701





  Total stockholders' equity

17,234,016


18,198,706





  Total liabilities and stockholders' equity

$  18,737,034


$  19,691,820

JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)



Three Months Ended
November 30,


2014


2013





SALES

$  7,982,617


$  8,006,281





COST OF SALES

6,112,594


6,156,502





GROSS PROFIT

1,870,023


1,849,779





OPERATING EXPENSES




  Selling, general and administrative expenses

461,448


391,886

  Depreciation and amortization

69,083


70,019

  Wages and employee benefits

809,593


843,950






1,340,124


1,305,855





Income from operations

529,899


543,924





OTHER ITEMS




Interest and other income

6,895


6,661

Gain on sale of equipment

-


4,109


6,895


10,770





Income before income taxes

536,794


554,694





Income tax expense

(209,007)


(222,115)





Net income

$   327,787


$   332,579





Basic earnings per common share

$         0.12


$         0.11





Diluted earnings per common share

$         0.12


$         0.11





Weighted average number of common shares outstanding:




  Basic

2,688,942


3,134,936

  Diluted

2,688,942


3,134,936

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,


2014


2013





CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$    327,787


$   332,579

Items not involving an outlay of cash:




  Depreciation and amortization

69,083


70,019

  Gain on sale of equipment

-


(4,109)

  Deferred income taxes

3,717


(4,564)

  Interest income on litigation

(6,661)


(6,661)





Changes in non-cash working capital items:




  (Increase) decrease in accounts receivable

(277,686)


1,107,043

  (Increase) decrease in inventory

(1,590,622)


146,240

  Decrease in note receivable

15,000


15,000

  Decrease in prepaid income taxes

205,171


226,679

  (Increase) decrease in prepaid expenses

192,557


(295,563)

  Increase (decrease) in accounts payable and accrued liabilities

12,848


(1,745,918)





Net cash used by operating activities

(1,048,806)


(159,255)





CASH FLOWS FROM INVESTING ACTIVITIES




  Purchase of property, plant and equipment

(1,280)


(57,918)

  Proceeds from sale of equipment

-


4,800





Net cash used in investing activities

(1,280)


(53,118)





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

(2,342,563)


(212,373)





Cash, beginning of period

4,327,540


8,308,445





Cash, end of period

$  1,984,977


$  8,096,072

Contact: Don Boone, President & CEO, (503) 647-0110

SOURCE Jewett-Cameron Trading Company Ltd.

Related Links

http://www.jewettcameron.com

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