Business
Jewett-Cameron Announces 1st Quarter Financial Results
NORTH PLAINS, Ore., Jan. 16, 2024 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter
About this update from Jewett-cameron Trading Company
[{"type":"text","content":"NORTH PLAINS, Ore., Jan. 16, 2024 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter of fiscal 2024 ended November 30, 2023.\n\nSales for the first quarter of fiscal 2024 totaled $9.8 million compared to sales of $12.5 million for the first quarter of fiscal 2023. Loss from operations was ($789,224) compared to a loss of ($6,798) in the year ago period. After a one-time gain from a favorable arbitration settlement and other items, net income for the current quarter was $1,291,541, or $0.37 per share, compared to a net loss of ($73,760), or ($0.02) per share, in the year-ago quarter.\n\"We are continuing to work through the effects of the pandemic and the high rate of inflation that has caused price disruptions and negatively affected consumer buying,\" said CEO Chad Summers. \"The pet segment continues to lag, but sales of our fencing products are meeting expectations. We officially launched our new MyEcoWorld® line of sustainable bag products in the 4th quarter and sales are growing. With the exception of pet products, we are approaching the desired inventory levels for most of our primary products as we sharpen our focus on our operational strengths and core product lines.\"\nAs of November 30, 2023, the Company's cash position was $3.5 million, and there was no borrowing against its $10.0 million line of credit. Based on the timing of accounts receivable and the available line of credit, the Company believes it has sufficient working capital available for the remainder of fiscal 2024.\nJewett-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.\nForward-looking Statements...