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Jewett-Cameron Announces 1st Quarter Financial Results

JCTC

NORTH PLAINS, Ore., Jan. 13, 2014 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter of fiscal 2014 ended November 30, 2013.

Sales were $8.01 million for the first quarter of fiscal 2014 compared to sales of $9.30 million for the first quarter of fiscal 2013.  For the quarter, income from operations was $543,924 compared to $772,385 in the year-ago quarter. Net income for the quarter was $332,579, or $0.11 per share, compared to net income of $480,746, or $0.15 per share, in the first quarter of fiscal 2013. Per share amounts have been adjusted for the 2 for 1 stock split of the common shares effective May 2, 2013.

"Our markets have become much more competitive," said CEO Don Boone. "In response, we have increased our efforts to obtain new business and expand our customer base to smaller and mid-size customers. These initiatives resulted in higher selling expenses during the quarter."

As of November 30, 2013, the Company's cash position was $8.096 million, and currently there is no borrowing against its $5.0 million line of credit. Today, the Company announced a new share re-purchase plan where it can repurchase for cancellation up to 313,493 common shares representing 10% of the approximately 3.1 million common shares outstanding. This share repurchase plan may commence on January 20, 2014 and will remain in place until May 16, 2014 but may be limited or terminated at any time without prior notice.

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)









November 30,

2013


August 31,

2013





ASSETS








Current assets




  Cash

$   8,096,072


$    8,308,445

  Accounts receivable, net of allowance 

     of $Nil (August 31, 2013 - $Nil)

 

2,237,734


 

3,344,777

  Inventory, net of allowance

      of $134,259 (August 31, 2013 - $134,259) (note 3)

 

8,374,751


 

8,520,991

  Note receivable

-


15,000

  Prepaid expenses

883,172


587,609

  Prepaid income taxes

43,744


270,423





  Total current assets

19,635,473


21,047,245





Property, plant and equipment, net (note 4)

2,247,334


2,241,950

 

Intangible assets, net (note 5)

 

350,486


 

368,662





Total assets

$  22,233,293


$  23,657,857





LIABILITIES AND STOCKHOLDERS' EQUITY








Current liabilities








  Accounts payable

$   453,525


$  1,715,458

  Litigation reserve (note 13(a))

137,442


144,103

  Accrued liabilities

665,897


1,149,882





  Total current liabilities

1,256,864


3,009,443





Deferred tax liability (note 6)

45,829


50,393





Total liabilities

1,302,693


3,059,836





Contingent liabilities and commitments (note 13)








Stockholders' equity




  Capital stock (note 8)




     Authorized




      21,567,564 common shares, without par value




      10,000,000 preferred shares, without par value




    Issued




      3,134,936 common shares (August 31, 2013 - 3,134,936)

1,479,246


1,479,246

  Additional paid-in capital

600,804


600,804

  Retained earnings

18,850,550


18,517,971





  Total stockholders' equity

20,930,600


20,598,021





  Total liabilities and stockholders' equity

$  22,233,293


$  23,657,857

 


JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)





Three Months Ended

November 30,


2013


2012





SALES

$  8,006,281


$  9,296,405





COST OF SALES

6,156,502


7,305,399





GROSS PROFIT

1,849,779


1,991,006





OPERATING EXPENSES




  Selling, general and administrative expenses

391,886


335,820

  Depreciation and amortization

70,019


57,494

  Wages and employee benefits

843,950


825,307






1,305,855


1,218,621





Income from operations

543,924


772,385





OTHER ITEMS




Interest and other income

6,661


16,710

Gain on sale of equipment

4,109


-


10,770


16,710





Income before income taxes

554,694


789,095





Income tax expense

(222,115)


(308,349)





Net income

$    332,579


$     480,746





Basic earnings per common share

$          0.11


$           0.15





Diluted earnings per common share

$          0.11


$           0.15





Weighted average number of common shares outstanding:




  Basic

3,134,936


3,135,942

  Diluted

3,134,936


3,135,942

 

JEWETT-CAMERON TRADING COMPANY LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars)

(Prepared by Management)

(Unaudited)





Three Month Periods

Ended November 30,


2013


2012





CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$   332,579


$   480,746

Items not involving an outlay of cash:




  Depreciation and amortization

70,019


57,494

  Gain on sale of equipment

(4,109)


-

  Deferred income taxes

(4,564)


14,323

  Interest income on litigation

(6,661)


(6,661)





Changes in non-cash working capital items:




  Decrease in accounts receivable

1,107,043


426,020

  Decrease in inventory

146,240


1,324,365

  Decrease in note receivable

15,000


20,000

  Decrease in prepaid income taxes

226,679


-

  Increase in prepaid expenses

(295,563)


(1,579,612)

  Decrease in accounts payable and accrued liabilities

(1,745,918)


(971,229)

  Increase in accrued income taxes

-


293,754





Net cash provided (used) by operating activities

(159,255)


59,200





CASH FLOWS FROM INVESTING ACTIVITIES




  Purchase of property, plant and equipment

(57,918)


(112,133)

  Proceeds from sale of equipment

4,800


-





Net cash used in investing activities

(53,118)


(112,133)





Net decrease in cash

(212,373)


(52,933)





Cash, beginning of period

8,308,445


7,309,388





Cash, end of period

$  8,096,072


$  7,256,455

 

Contact: Don Boone, President & CEO, (503) 647-0110

SOURCE Jewett-Cameron Trading Company Ltd.



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