NORTH PLAINS, Ore., Jan. 14, 2013 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter of fiscal 2013 ended November 30, 2012.
Sales were $9.30 million for the first quarter of fiscal 2013 compared to sales of $7.24 million for the first quarter of fiscal 2012. For the quarter, income from operations was $772,385 compared to $162,936 in the year-ago quarter. Net income for the quarter was $480,746, or $0.31 per share, compared to net income of $64,033, or $0.03 per share, in the first quarter of fiscal 2012.
"The increase in sales for the quarter was due to successful sales efforts to increase market share of our existing products, as well as our recent introduction of new pet containment products," said CEO Done Boone.
As of November 30, the Company's cash position was $7.26 million, and currently there is no borrowing against its $5.0 million line of credit.
On August 17, 2012, the Company announced the Board of Directors had authorized a Rule 10b-18 share repurchase plan to purchase for cancellation up to 400,000 common shares. This share repurchase plan commenced on August 20, 2012 and will remain in place until March 15, 2013 but may be limited or terminated at any time without prior notice. As of November 30, 2012, the Company had repurchased no common shares under the plan.
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 Lumber Corporation'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.
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.
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JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
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November 30,
2012
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August 31,
2012
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ASSETS
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Current assets
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Cash
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$ 7,256,455
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$ 7,309,388
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Accounts receivable, net of allowance
of $0 (August 31, 2012 - $6,509)
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2,666,822
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3,092,842
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Inventory, net of allowance
of $125,756 (August 31, 2012 - $139,869) (note 3)
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5,761,024
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7,085,389
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Note receivable
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-
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20,000
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Prepaid expenses
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1,968,569
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388,957
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Total current assets
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17,652,870
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17,896,576
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Property, plant and equipment, net (note 4)
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2,072,050
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1,997,109
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Intangible assets, net (note 5)
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423,901
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444,203
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Deferred income taxes (note 6)
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87,250
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101,573
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Total assets
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$ 20,236,071
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$ 20,439,461
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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Accounts payable
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$ 828,452
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$ 1,577,182
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Litigation reserve (Note 12(a))
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164,158
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170,819
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Accrued liabilities
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958,568
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1,181,067
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Accrued income taxes
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330,957
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37,203
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Total current liabilities
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2,282,135
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2,966,271
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Contingent liabilities and commitments (note 12)
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Stockholders' equity
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Capital stock (note 8)
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Authorized
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20,000,000 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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1,567,971 common shares (August 31, 2012 - 1,567,971)
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1,479,721
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1,479,721
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Additional paid-in capital
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600,804
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600,804
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Retained earnings
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15,873,411
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15,392,665
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Total stockholders' equity
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17,953,936
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17,473,190
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Total liabilities and stockholders' equity
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$ 20,236,071
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$ 20,439,461
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JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
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Three Months Ended
November 30,
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2012
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2011
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SALES
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$ 9,296,405
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$ 7,240,610
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COST OF SALES
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7,305,399
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5,774,415
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GROSS PROFIT
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1,991,006
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1,466,195
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OPERATING EXPENSES
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Selling, general and administrative expenses
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335,820
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428,348
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Depreciation and amortization
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57,494
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61,198
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Wages and employee benefits
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825,307
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813,713
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1,218,621
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1,303,259
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Income from operations
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772,385
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162,936
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OTHER ITEMS
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Interest and other income
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16,710
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-
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Interest expense (note 12(a))
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-
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(16,204)
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16,710
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(16,204)
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Income before income taxes
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789,095
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146,732
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Income tax expense
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(308,349)
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(82,699)
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Net income
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$ 480,746
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$ 64,033
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Basic earnings per common share
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$ 0.31
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$ 0.03
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Diluted earnings per common share
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$ 0.31
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$ 0.03
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Weighted average number of common shares outstanding:
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Basic
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1,567,971
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1,900,215
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Diluted
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1,567,971
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1,900,215
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JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
(Prepared by Management)
(Unaudited)
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Three Month Periods
Ended November 30,
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2012
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2011
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net income
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$ 480,746
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$ 64,033
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Items not involving an outlay of cash:
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Depreciation and amortization
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57,494
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61,198
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Deferred income taxes
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14,323
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752
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Interest income on litigation
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(6,661)
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-
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Changes in non-cash working capital items:
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Decrease in accounts receivable
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426,020
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1,044,596
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Decrease (increase) in inventory
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1,324,365
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(2,677,341)
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Decrease in note receivable
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20,000
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-
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(Increase) in prepaid expenses
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(1,579,612)
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(483)
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(Decrease) increase in accounts payable and accrued liabilities
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(971,229)
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509,154
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Increase in accrued income taxes
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293,754
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81,947
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Net cash provided (used) by operating activities
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59,200
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(916,144)
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CASH FLOWS FROM INVESTING ACTIVITIES
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Purchase of property, plant and equipment
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(112,133)
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(12,813)
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Purchase of intangible assets and other
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-
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(4,550)
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Net cash used in investing activities
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(112,133)
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(17,363)
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CASH FLOWS FROM FINANCING ACTIVITIES
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Redemption of common stock
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-
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(454,120)
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Net cash used in financing activities
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-
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(454,120)
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Net (decrease) in cash
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(52,933)
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(1,387,627)
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Cash, beginning of period
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7,309,388
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6,774,127
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Cash, end of period
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$ 7,256,455
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$ 5,386,500
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Contact: Don Boone, President & CEO, (503) 647-0110
SOURCE Jewett-Cameron Trading Company Ltd.