Jewett-Cameron Announces 2nd Quarter Financial Results

Date : 04/15/2019 @ 9:50PM
Source : PR Newswire (US)
Stock : Jewett-Cameron Trading Company (JCTCF)
Quote : 8.1101  -0.7899 (-8.88%) @ 9:00PM
Jewett Cameron share price Chart

Jewett-Cameron Announces 2nd Quarter Financial Results

Jewett Cameron (NASDAQ:JCTCF)
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3 Months : From Mar 2019 to Jun 2019

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NORTH PLAINS, Ore., April 15, 2019 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2019 ended February 28, 2019.

Sales for the second quarter of fiscal 2018 totaled $7.86 million compared to sales of $13.3 million for the second quarter of fiscal 2018. Income from operations was $57,625 compared to income of $720,244 for the quarter ended February 28, 2018. Net income was $119,629, or $0.03 per share, compared to net income of $508,298, or $0.11 per share, in the year-ago quarter.

For the six months ended February 28, 2019, sales totaled $16.9 million compared to sales of $22.8 million for the six months ended February 28, 2018, and income from operations was $536,634 compared to $1,290,546. Net income was $469,323, or $0.11 per share, compared to net income of $830,731, or $0.19 per share, in the first six months of fiscal 2018.

"The results from the second quarter were disappointing, but were primarily from external factors," said CEO Charlie Hopewell. "The extended cold and wet weather across much of the United States caused retailers to delay purchases of Spring and Summer merchandise, and the tariffs on Chinese goods has resulted in continued uncertainty in the marketplace. So far in our fiscal third quarter however, we are seeing improvement in some important areas."

As of February 28, 2019, the Company's cash position was approximately $3.7 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. Since the start of a new repurchase plan on February 18, 2019, the Company has repurchased a total of 189,400 common shares at a cost of $1,651,706, or $8.72 per share.

Jewett-Cameron Trading Company is a holding company that, through its subsidiaries (Jewett-Cameron Companies), operate out of facilities located in North Plains, Oregon. Those businesses consist 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.

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)



February 28,
2019


August 31,
2018







ASSETS












Current assets






  Cash and cash equivalents

$

3,706,604


$

6,097,463

  Accounts receivable, net of allowance of $Nil (August 31, 2018 - $Nil)


3,197,120



4,152,492

  Inventory, net of allowance of $89,424 (August 31, 2018 - $75,336)


11,705,607



9,803,197

  Note receivable


1,797



4,000

  Prepaid expenses


565,516



347,251

  Prepaid income taxes


308,832



114,310







  Total current assets


19,485,476



20,518,713







Property, plant and equipment, net


2,789,951



3,105,260







Intangible assets, net


3,319



3,590







Total assets

$

22,278,746


$

23,627,563







LIABILITIES AND STOCKHOLDERS' EQUITY












Current liabilities












  Accounts payable

$

368,673


$

377,092

  Accrued liabilities


944,758



1,795,207







  Total current liabilities


1,313,431



2,172,299







Deferred tax liability


79,886



81,853







Total liabilities


1,393,317



2,254,152







Stockholders' equity






  Capital stock






    Authorized






      21,567,564 common shares, without par value






      10,000,000 preferred shares, without par value






    Issued






      4,210,538 common shares (August 31, 2018 – 4,314,659)


993,344



1,017,908

  Additional paid-in capital


600,804



600,804

  Retained earnings


19,291,281



19,754,699







  Total stockholders' equity


20,885,429



21,373,411







  Total liabilities and stockholders' equity

$

22,278,746


$

23,627,563

 

JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)



Three Month
Periods ended
February 28,


Six Month
Periods ended
February 28,


2019

2018


2019

2018











SALES

$

7,857,175

$

13,341,338


$

16,923,275

$

22,755,308











COST OF SALES


6,095,887


10,705,532



12,852,901


17,932,754











GROSS PROFIT


1,761,288


2,635,806



4,070,374


4,822,554











OPERATING EXPENSES










  Selling, general and administrative expenses


405,888


616,074



962,036


1,061,951

  Depreciation and amortization


45,401


122,745



96,271


195,410

  Wages and employee benefits


1,252,374


1,176,743



2,475,433


2,274,647



1,703,663


1,915,562



3,533,740


3,532,008











Income from operations


57,625


720,244



536,634


1,290,546











OTHER ITEMS










   (Loss) gain on sale of property, plant and equipment


105,365


530



105,365


(27,022)

   Interest and other income


9,184


5,793



26,335


8,483



114,549


6,323



131,700


(18,539)











Income before income taxes


172,174


726,567



668,334


1,272,007











Income tax expense


(52,545)


(218,269)



(199,011)


(441,276)











Net income

$

119,629

$

508,298


$

469,323

$

830,731











Basic earnings per common share

$

0.03

$

0.11


$

0.11

$

0.19











Diluted earnings per common share

$

0.03

$

0.11


$

0.11

$

0.19











Weighted average number of common shares outstanding:










  Basic


4,218,348


4,468,988



4,218,672


4,468,988

  Diluted


4,218,348


4,468,988



4,218,672


4,468,988

 

JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)



Six Month Period
ended February 28,


2019


2018







CASH FLOWS FROM OPERATING ACTIVITIES






Net income

$

469,323


$

830,731

Items not involving an outlay of cash:






  Depreciation and amortization


96,271



195,410

  (Gain) loss on sale of property, plant and equipment


(105,365)



27,022

  Deferred income taxes


(1,967)



25,691







Changes in non-cash working capital items:






  Decrease (increase) in accounts receivable


955,372



(2,499,848)

  (Increase) in inventory


(1,902,410)



(481,648)

  Decrease in note receivable


2,203



-

  (Increase) in prepaid expenses


(218,265)



(287,428)

  (Increase) in prepaid income taxes


(194,522)



(469,577)

  (Decrease) in accounts payable and accrued liabilities


(858,868)



(396,839)







Net cash used in operating activities


(1,758,228)



(3,056,486)







CASH FLOWS FROM INVESTING ACTIVITIES






  Purchase of property, plant and equipment


-



(66,041)

  Proceeds from sale of property, plant and equipment


324,674



1,000







Net cash provided by (used in) investing activities


324,674



(65,041)







CASH FLOWS FROM FINANCING ACTIVITIES






  Redemption of common stock


(957,305)



-







Net cash used in financing activities


(957,305)



-







Net decrease in cash


(2,390,859)



(3,121,527)







Cash, beginning of period


6,097,463



5,912,250







Cash, end of period

$

3,706,604


$

2,790,723

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

Cision View original content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-2nd-quarter-financial-results-300832336.html

SOURCE Jewett-Cameron Trading Company Ltd.

Copyright 2019 PR Newswire

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