Jewett-Cameron Announces 2nd Quarter Financial Results

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[{"type":"text","content":"NORTH PLAINS, Ore., April 15, 2024 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2024 ended February 29, 2024.\n\nSales for the second quarter of fiscal 2024 were $8.23 million compared to sales of $8.14 million for the second quarter of fiscal 2023. Loss from operations was ($726,687) compared to a loss of ($1,210,085) for the quarter ended February 28, 2023. Net loss was ($534,145), or ($0.15) per share compared to a net loss of ($972,038), or ($0.28) per share, in the year-ago quarter.\nFor the six months ended February 29, 2024, sales totaled $18.0 million compared to sales of $20.7 million for the six months ended February 28, 2023. Loss from operations was ($1,515,911) compared to a loss of ($1,216,883) for the six months ending February 28, 2023. After a one-time gain from a favorable arbitration settlement, net income of the current six months was $757,395, or $0.22 per share, compared to a net loss of ($1,045,798), or ($0.30) per share, for the first six months of fiscal 2023.\n\"Consumer spending continues to be negatively affected by inflation and general economic pressures,\" said CEO Chad Summers. \"In response, we are focusing on innovation and growing our core product lines of fencing, pet containment and the new MyEcoWorld® line of sustainable bag products. These efforts include the addition of new customers and complementary new products, while working to identify cost reductions and improving our margins.\"\nAs of February 29, 2024, the Company's cash position was approximately $1.15 million, and there was no borrowing against our bank line of credit. We requested the bank reduce our line of credit from $10 million to $5 million as our forecasts do not anticipate the need to borrow above that level. Our bank has decided that we do not currently meet their criteria for a line of credit, and the revised $5 million line will expire on June 30, 2024. We are currently in negotiations with other lenders, including asset based lenders, on establishing a new line of credit of $5 million or less. We anticipate having one or more new funding and banking arrangements in place by May 31, 2024.\nJewett-Cameron Trading Company is a holding company that, through its subsidiaries, operates out of facilities located in ...

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