NORTH PLAINS, Ore.,
Nov. 13, 2017 /PRNewswire/
-- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today
reported financial results for its fourth quarter and fiscal year
ended August 31, 2017.
For the fiscal year ended August 31,
2017, Jewett-Cameron reported net income of $2,726,657, or $1.20 per share on sales of $47.70 million compared to net income of
$2,125,099, or $0.87 per share, on sales of $48.11 million reported for fiscal 2016.
Sales for the fourth quarter of fiscal 2017 totaled $11.1 million compared to sales of $10.5 million in the prior year's fourth quarter.
Net income was $725,589, or
$0.32 per share, compared to net
income of $552,164, or $0.23 per diluted share, in the fourth quarter of
fiscal 2016.
"We are pleased with the progress we have made in eCommerce and
in developing new international customers," said CEO Charlie Hopewell. "In fiscal 2018, we will
continue our efforts to expand our business in both our existing
sales channels and through new sales initiatives."
As of August 31, 2017, the
Company's cash position was $5.9
million, and currently there is no borrowing against its
$3.0 million line of credit. During
fiscal 2017, the Company repurchased and cancelled a total of
41,800 common shares at a cost of $526,941, which represents an average price of
$12.61 per share. Donald M. Boone, Chairman and Director, also
voluntarily returned 10,000 common shares to the Company's treasury
for cancellation. The Company paid Mr. Boone no consideration for
these shares. The Company's most recent share repurchase plan
terminated on August 31, 2017. 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 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. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE
SHEETS
|
(Expressed in U.S.
Dollars)
|
AS OF AUGUST
31
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash
|
$
5,912,250
|
|
$
4,519,922
|
|
Accounts
receivable, net of allowance of $1,725 (August 31, 2016 -
$Nil)
|
3,565,055
|
|
3,342,204
|
|
Inventory, net of allowance of
$156,713 (August 31, 2016 - $176,717)
|
8,807,545
|
|
8,069,017
|
|
Prepaid
expenses
|
595,776
|
|
832,895
|
|
Prepaid income
taxes
|
-
|
|
596
|
|
|
|
|
|
|
Total current
assets
|
18,880,626
|
|
16,764,634
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
3,222,572
|
|
2,954,595
|
|
|
|
|
|
|
Intangible assets,
net
|
77,837
|
|
150,543
|
|
|
|
|
|
|
Total
assets
|
$
22,181,035
|
|
$
19,869,772
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts
payable
|
$
638,128
|
|
$
839,972
|
Accrued
liabilities
|
1,807,192
|
|
1,473,792
|
|
|
|
|
Total current
liabilities
|
2,445,320
|
|
2,313,764
|
|
|
|
|
Deferred tax
liability
|
11,344
|
|
31,353
|
|
|
|
|
Total
liabilities
|
2,456,664
|
|
2,345,117
|
|
|
|
|
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
|
|
|
|
2,234,494 common
shares (August 31, 2016 – 2,286,294)
|
1,054,316
|
|
1,078,759
|
Additional
paid-in capital
|
600,804
|
|
600,804
|
Retained
earnings
|
18,069,251
|
|
15,845,092
|
|
|
|
|
Total
stockholders' equity
|
19,724,371
|
|
17,524,655
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
22,181,035
|
|
$
19,869,772
|
|
|
|
|
|
|
|
|
|
|
JEWETT-CAMERON
TRADING COMPANY LTD. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Expressed in U.S.
Dollars)
|
YEARS ENDED AUGUST
31
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
SALES
|
$
47,701,056
|
|
$
48,110,998
|
|
|
|
|
COST OF
SALES
|
36,621,773
|
|
38,374,405
|
|
|
|
|
GROSS
PROFIT
|
11,079,283
|
|
9,736,593
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
Selling, general and
administrative
|
2,016,776
|
|
1,789,231
|
Depreciation and
amortization
|
275,214
|
|
276,268
|
Wages and employee
benefits
|
4,349,542
|
|
4,055,948
|
|
|
|
|
|
6,641,532
|
|
6,121,447
|
|
|
|
|
|
|
|
|
Income from
operations
|
4,437,751
|
|
3,615,146
|
|
|
|
|
OTHER
ITEMS
|
|
|
|
(Loss) gain on
sale of property, plant and equipment
|
(394)
|
|
5,600
|
Interest and other
income
|
27,894
|
|
15,164
|
Interest
expense
|
-
|
|
(27)
|
Litigation
expense
|
-
|
|
(115,990)
|
|
27,500
|
|
(95,253)
|
|
|
|
|
Income before income
taxes
|
4,465,251
|
|
3,519,893
|
|
|
|
|
Income
taxes
|
|
|
|
Current
|
1,758,603
|
|
1,397,741
|
Deferred
(recovery)
|
(20,009)
|
|
(2,947)
|
|
|
|
|
Net income for the
year
|
$
2,726,657
|
|
$
2,125,099
|
|
|
|
|
Basic earnings per
common share
|
$
1.20
|
|
$
0.87
|
|
|
|
|
Diluted earnings per
common share
|
$
1.20
|
|
$
0.87
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
2,272,522
|
|
2,435,650
|
Diluted
|
2,272,522
|
|
2,435,650
|
JEWETT-CAMERON
TRADING COMPANY LTD. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Expressed in U.S.
Dollars)
|
YEARS ENDED AUGUST
31
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
CASH FLOWS
FROM OPERATING ACTIVITIES
|
|
|
|
Net income for the
year
|
$
2,726,657
|
|
$
2,125,099
|
Items not affecting
cash:
|
|
|
|
Depreciation and
amortization
|
275,214
|
|
276,268
|
Loss (gain) on sale of
property, plant and equipment
|
394
|
|
(5,600)
|
Deferred income
taxes
|
(20,009)
|
|
(2,947)
|
Interest income on
litigation
|
-
|
|
(6,661)
|
Decrease in litigation
reserve
|
-
|
|
(84,010)
|
|
|
|
|
Changes in non-cash
working capital items:
|
|
|
|
(Increase) decrease in
accounts receivable
|
(222,851)
|
|
346,043
|
Decrease in note
receivable
|
-
|
|
1,310
|
(Increase) decrease in
inventory
|
(738,528)
|
|
282,558
|
Decrease (increase) in
prepaid expenses
|
237,119
|
|
(113,436)
|
Decrease in prepaid
income taxes
|
596
|
|
25,974
|
Increase in accounts
payable and accrued liabilities
|
131,556
|
|
304,451
|
|
|
|
|
Net cash provided by
operating activities
|
2,390,148
|
|
3,149,049
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES
|
|
|
|
Proceeds on sale of
property, plant and equipment
|
3,480
|
|
5,600
|
Purchase of property,
plant and equipment
|
(474,359)
|
|
(926,445)
|
|
|
|
|
Net cash used in
investing activities
|
(470,879)
|
|
(920,845)
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES
|
|
|
|
Redemption of common
stock
|
(526,941)
|
|
(2,124,579)
|
|
|
|
|
Net cash used in
financing activities
|
(526,941)
|
|
(2,124,579)
|
|
|
|
|
Net increase in
cash
|
1,392,328
|
|
103,625
|
|
|
|
|
Cash, beginning of
year
|
4,519,922
|
|
4,416,297
|
|
|
|
|
Cash, end of
year
|
$
5,912,250
|
|
$
4,519,922
|
Contact: Charlie Hopewell,
President & CEO, (503) 647-0110
View original
content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-fiscal-2017-financial-results-300554914.html
SOURCE Jewett-Cameron Trading Company Ltd.