PR Newswire
NORTH PLAINS, Ore., Nov. 28, 2023
NORTH PLAINS, Ore., Nov. 28, 2023 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2023.
For the fiscal year ended August 31, 2023, Jewett-Cameron had sales of $54.3 million and a net loss of ($20,626), or ($0.01) per share, compared to sales of $62.9 million and net income of $1,164,123, or $0.33 per share, for fiscal 2022.
Sales for the fourth quarter of fiscal 2023 totaled $14,6 million compared to sales of $15.0 million in Q4 2022. Net income in the current fourth quarter was $290,221, or $0.08 per share, compared to a net loss of ($208,666), or ($0.06) per share, in the fourth quarter of fiscal 2022.
"Our results were hurt by the extended winter weather across the US which delayed, and then reduced, purchases of our outdoor lines" said CEO Chad Summers. "Inflationary pressures also negatively affected results as consumers reduced their discretionary spending, particularly on home improvement and pet products. During the year, we improved our operations and favorably adjusted key supply and logistic agreements. We are continuing the launch of our new MyEcoWorld® sustainable bag products as a less seasonal product line while firmly focusing on our strengths and core product lines."
The Company has successfully ended cleaning operations at its Jewett-Cameron Seed segment effective August 31, 2023. Full closure of the facility is expected to be completed by the end of calendar 2023.
As of August 31, 2023, the Company's cash position was approximately $84 thousand and had borrowed $1.26 million against its $10 million line of credit. Subsequent to the end of the fiscal year, the Company repaid the remaining balance borrowed against the line of credit.
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 and sustainable bag products, and wholesale distribution of wood products. The Company's brands include Lucky Dog®, for pet products; Adjust-A-Gate™, Fit-Right®, Perimeter Patrol®, Infinity Euro Fence, and Lifetime Post™ for gates and fencing; MyEcoWorld® for sustainable bag products; and Early Start, Spring Gardner™, Greenline®, and Weatherguard for greenhouses. 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 | |||||||||
| |||||||||
| 2023 | | 2022 | ||||||
| | | | | | ||||
ASSETS | | | | | | ||||
Current assets | | | | | | ||||
Cash and cash equivalents | $ | 83,696 | | $ | 484,463 | ||||
Accounts receivable, net of allowance of $0 (August 31, 2022 - $0) | | 5,634,924 | | | 7,191,646 | ||||
Inventory, net of allowance of $497,884 (August 31, 2022 - $800,000) | | 18,339,048 | | | 20,632,313 | ||||
Prepaid expenses | | 630,788 | | | 1,112,575 | ||||
Prepaid income taxes | | - | | | 208,963 | ||||
| | | | | | ||||
Total current assets | | 24,688,456 | | | 29,629,960 | ||||
| | | | | | ||||
Property, plant and equipment, net | | 4,655,427 | | | 4,828,420 | ||||
| | | | | | ||||
Intangible assets, net | | 134,845 | | | 33,358 | ||||
| | | | | | ||||
Deferred tax assets | | 319,875 | | | 24,998 | ||||
| | | | | | ||||
Total assets | $ | 29,798,603 | | $ | 34,516,736 | ||||
| | | | | | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | ||||
Current liabilities | | | | | | ||||
| | | | | | ||||
Accounts payable | $ | 2,181,194 | | $ | 1,566,047 | ||||
Bank indebtedness | | 1,259,259 | | | 7,000,000 | ||||
Income taxes payable | | 147,629 | | | - | ||||
Accrued liabilities | | 2,113,194 | | | 1,856,039 | ||||
| | | | | | ||||
Total liabilities | | 5,701,276 | | | 10,422,086 | ||||
| | | | | | ||||
Stockholders' equity | | | | | | ||||
Capital stock Authorized 21,567,564 common shares, no par value 10,000,000 preferred shares, no par value Issued 3,498,899common shares (August 31, 2022 – 3,495,342) | |
825,468 | | | 824,629 | ||||
Additional paid-in capital | | 765,055 | | | 742,591 | ||||
Retained earnings | | 22,506,804 | | | 22,527,430 | ||||
| | | | | | ||||
Total stockholders' equity | | 24,097,327 | | | 24,094,650 | ||||
| | | | | | ||||
Total liabilities and stockholders' equity | $ | 29,798,603 | | $ | 34,516,736 | ||||
| | | | | | | | | |
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.