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13.04.2017 22:20:00
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Jewett-Cameron Announces 2nd Quarter Financial Results
NORTH PLAINS, Ore., April 13, 2017 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2017 ended February 28, 2017.
Sales for the second quarter of fiscal 2017 totaled $9.5 million compared to sales of $11.2 million for the second quarter of fiscal 2016. Income from operations was $548,234 compared to income of $340,617 for the quarter ended February 29, 2016. Net income was $309,013, or $0.14 per share, compared to net income of $131,960, or $0.05 per share, in the year-ago quarter.
For the six months ended February 28, 2017, sales totaled $19.9 million compared to sales of $23.1 million for the six months ended February 29, 2016, and income from operations was $1,340,739 compared to $1,225,821. Net income was $794,933, or $0.35 per share, compared to net income of $664,205, or $0.27 per share, in the first six months of fiscal 2016. Net income in the three and six month periods ended February 29, 2016 were negatively affected by the Company's one-time litigation expense of $115,990 from the settlement of all its ligation with Greenwood Forest Products Inc.
"We have begun stocking our new warehouse expansion with products in preparation for our historically busier second half of the fiscal year", said CEO Charlie Hopewell. "We have also begun several initiatives to increase our eCommerce and International revenues, including negotiating new sales and distribution agreements."
As of February 28, 2017, the Company's cash position was $2.0 million, and there was no borrowing against the Company's $3.0 million line of credit.
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) | |||
February 28, | August 31, | ||
ASSETS | |||
Current assets | |||
Cash | $ 2,018,532 | $ 4,519,922 | |
Accounts receivable, net of allowance of $1,308 (August 31, 2016 - $Nil) | 4,547,741 | 3,342,204 | |
Inventory, net of allowance of $167,057 (August 31, 2016 - $176,717) | 8,886,243 | 8,069,017 | |
Prepaid expenses | 807,693 | 832,895 | |
Prepaid income taxes | 149,487 | 596 | |
Total current assets | 16,409,696 | 16,764,634 | |
Property, plant and equipment, net | 3,175,002 | 2,954,595 | |
Intangible assets, net | 114,190 | 150,543 | |
Total assets | $ 19,698,888 | $ 19,869,772 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities | |||
Accounts payable | $ 302,684 | $ 839,972 | |
Accrued liabilities | 1,049,803 | 1,473,792 | |
Total current liabilities | 1,352,487 | 2,313,764 | |
Deferred tax liability | 26,813 | 31,353 | |
Total liabilities | 1,379,300 | 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 | |||
2,286,294 common shares (August 31, 2016 – 2,286,294) | 1,078,759 | 1,078,759 | |
Additional paid-in capital | 600,804 | 600,804 | |
Retained earnings | 16,640,025 | 15,845,092 | |
Total stockholders' equity | 18,319,588 | 17,524,655 | |
Total liabilities and stockholders' equity | $ 19,698,888 | $ 19,869,772 | |
JEWETT-CAMERON TRADING COMPANY LTD. | |||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(Expressed in U.S. Dollars) | |||||
(Prepared by Management) | |||||
(Unaudited) | |||||
Three Month | Six Month | ||||
2017 | 2016 | 2017 | 2016 | ||
SALES | $ 9,499,286 | $ 11,188,133 | $ 19,921,089 | $ 23,129,641 | |
COST OF SALES | 7,370,224 | 9,152,554 | 15,397,585 | 18,714,207 | |
GROSS PROFIT | 2,129,062 | 2,035,579 | 4,523,504 | 4,415,434 | |
OPERATING EXPENSES | |||||
Selling, general and administrative expenses | 453,668 | 531,423 | 1,004,717 | 1,074,216 | |
Depreciation and amortization | 69,368 | 68,470 | 138,007 | 143,983 | |
Wages and employee benefits | 1,057,792 | 1,095,069 | 2,040,041 | 1,971,414 | |
1,580,828 | 1,694,962 | 3,182,765 | 3,189,613 | ||
Income from operations | 548,234 | 340,617 | 1,340,739 | 1,225,821 | |
OTHER ITEMS | |||||
(Loss) gain on sale of property, plant and equipment | (393) | 5,600 | (393) | 5,600 | |
Interest and other income | 2,000 | 1,800 | 3,820 | 10,534 | |
Litigation expense | - | (115,990) | - | (115,990) | |
1,607 | (108,590) | 3,427 | (99,856) | ||
Income before income taxes | 549,841 | 232,027 | 1,344,166 | 1,125,965 | |
Income tax expense | (240,828) | (100,067) | (549,233) | (461,760) | |
Net income | $ 309,013 | $ 131,960 | $ 794,933 | $ 664,205 | |
Basic earnings per common share | $ 0.14 | $ 0.05 | $ 0.35 | $ 0.27 | |
Diluted earnings per common share | $ 0.14 | $ 0.05 | $ 0.35 | $ 0.27 | |
Weighted average number of common shares outstanding: | |||||
Basic | 2,286,294 | 2,476,832 | 2,286,294 | 2,476,832 | |
Diluted | 2,286,294 | 2,476,832 | 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 Period | Six Month Period | ||||||
2017 | 2016 | 2017 | 2016 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ 309,013 | $ 131,960 | $ 794,933 | $ 664,205 | |||
Items not involving an outlay of cash: | |||||||
Depreciation and amortization | 69,368 | 68,470 | 138,007 | 143,983 | |||
Loss (gain) on sale of property, plant and equipment | 393 | (5,600) | 393 | (5,600) | |||
Deferred income taxes | 7,705 | (9,301) | 4,540 | 3,504 | |||
Interest income on litigation | - | - | - | (6,661) | |||
Decrease in litigation reserve | - | (84,010) | - | (84,010) | |||
Changes in non-cash working capital items: | |||||||
Decrease (increase) in accounts receivable | (1,161,352) | 535,231 | (1,205,537) | (96,348) | |||
Decrease (increase) in inventory | (1,197,634) | 651,225 | (817,226) | 840,559 | |||
Decrease in note receivable | - | 360 | - | 1,310 | |||
Decrease in prepaid expenses | 54,425 | 543,620 | 25,202 | 210,611 | |||
Increase in prepaid income taxes | (149,487) | (159,031) | (148,891) | (132,461) | |||
Decrease in accounts payable and accrued liabilities |
(396,374) | (373,786) | (961,277) |
(285,100) | |||
Decrease in income taxes payable | (310,974) | - | - | - | |||
Net cash provided by (used in) operating activities | (2,774,917) | 1,299,138 | (2,169,856) | 1,253,992 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchase of property, plant and equipment | (109,393) | (37,376) | (335,014) | (47,902) | |||
Proceeds from sale of property, plant and equipment | 3,480 | 5,600 | 3,480 | 5,600 | |||
Net cash used in investing activities | (105,913) | (31,776) | (331,534) | (42,302) | |||
Net increase (decrease) in cash | (2,880,830) | 1,267,362 | (2,501,390) | 1,211,690 | |||
Cash, beginning of period | 4,899,362 | 4,360,625 | 4,519,922 | 4,416,297 | |||
Cash, end of period | $ 2,018,532 | $ 5,627,987 | $ 2,018,532 | $ 5,627,987 | |||
Contact: Charlie Hopewell, President & CEO, (503) 647-0110
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jewett-cameron-announces-2nd-quarter-financial-results-300439630.html
SOURCE Jewett-Cameron Trading Company Ltd.
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