Jewett-Cameron Announces Fiscal 2015 Financial Results
NORTH PLAINS, Ore., Nov. 6, 2015 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: 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 |
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CONSOLIDATED BALANCE SHEETS |
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(Expressed in U.S. Dollars) |
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AS OF AUGUST 31 |
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2015 |
2014 |
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ASSETS |
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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 |
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Current liabilities |
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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 |
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Stockholders' equity |
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Capital stock |
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Authorized |
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21,567,564 common shares, without par value |
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10,000,000 preferred shares, without par value |
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Issued |
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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 |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Expressed in U.S. Dollars) |
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YEARS ENDED AUGUST 31 |
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2015 |
2014 |
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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 |
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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 |
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Income from operations |
2,923,583 |
3,084,598 |
|
OTHER ITEMS |
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Gain on sale of property, plant and equipment |
- |
3,546 |
|
Interest and other income |
31,993 |
27,086 |
|
31,993 |
30,632 |
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Income before income taxes |
2,955,576 |
3,115,230 |
|
Income taxes |
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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: |
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Basic |
2,581,850 |
2,968,220 |
|
Diluted |
2,581,850 |
2,968,220 |
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Expressed in U.S. Dollars) |
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YEARS ENDED AUGUST 31 |
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2015 |
2014 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income for the year |
$ 1,773,971 |
$ 1,858,453 |
|
Items not affecting cash: |
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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: |
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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 |
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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) |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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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
SOURCE Jewett-Cameron Trading Company Ltd.
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