Business
Jewett-Cameron Announces Fiscal 2019 Financial Results
NORTH PLAINS, Ore., Nov. 13, 2019 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter
About this update from Jewett-cameron Trading Company
[{"type":"text","content":"NORTH PLAINS, Ore., Nov. 13, 2019 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2019.\nFor the fiscal year ended August 31, 2019, Jewett-Cameron reported sales of $45.4 million and net income of $2,100,452, or $0.50 per shares, compared to sales of $53.9 million and net income of $2,920,639, or $0.66 per share, for fiscal 2018.\nSales for the fourth quarter of fiscal 2019 totaled $11.8 million compared to sales of $11.2 in the prior year's fourth quarter. \nNet income was $532,918, or $0.13 per share, compared to net income of $700,699, or $0.16 per share, in the fourth quarter of fiscal 2018. \n\"The prolonged wet weather during the spring and early summer across North America delayed the purchase of lawn and garden products,\" said CEO Charlie Hopewell. \"The poor weather, combined with the increase in US tariffs on many of our Chinese manufactured metal products, were primarily responsible for the decline in our 2019 sales and earnings. However, we were notified in September 2019 that many of our Chinese manufactured products will be exempted from tariffs going forward. This reclassification should help the Company's products to remain competitive in the marketplace.\"\nAs of August 31, 2019, the Company's cash position was $9.65 million, and currently there is no borrowing against its $3.0 million line of credit. During fiscal 2019, the Company repurchased for cancellation a total of 345,671 common shares at a cost of $3,061,441, which represents an average price of $8.86 per share. The Board may consider utilizing a portion of the Company's cash position to repurchase additional shares in the future.\nAbout Jewett-Cameron Trading Company Ltd.\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 products, wholesale distribution of wood products, seed processing and sales, and sales of industrial tools and clamps. The Company's brands include Lucky Dog, Animal House and AKC licensed products in the expanding pet market; fencing products under the Adjust-A-Gates, Fit-Right, Perimeter Patrol, and INFINI...