Business
Jewett-Cameron Announces Fiscal 2021 Financial Results
NORTH PLAINS, Ore., Nov. 29, 2021 /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. 29, 2021 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2021.\nFor the fiscal year ended August 31, 2021, Jewett-Cameron had sales of $57.5 million and net income of $3,454,953, or $0.99 per share, compared to sales of $44.9 million and net income of $2,784,525, or $0.77 per share, for fiscal 2020.\nSales for the fourth quarter of fiscal 2021 totaled $15.1 million compared to sales of $14.0 million in Q4 2020. Net income was $605,114, or $0.18 per share, compared to net income of $1,568,436, or $0.43 per share, in the fourth quarter of fiscal 2020. \n\"The continuing successful implementation of our corporate strategy is reflected in the higher sales and net income for fiscal 2021\", said CEO and Chairman Charlie Hopewell. \"Our fourth quarter, however, was adversely affected by the ongoing disorder in the worldwide supply chain. This caused some shortages of some of our most popular products and a higher level of backorders, which had a negative effect on our operations and margins. Although we have taken steps to diversify our shipping arrangements and add to our logistics partners, we anticipate these logistical challenges to continue into fiscal 2022.\" \nAs of August 31, 2021, the Company's cash position was approximately $1.8 million. Due to the continuing uncertainty caused by the worldwide shipping and logistical issues, the Company has recently increased its line of credit to $10 million, of which $5 million is available. The Board of Directors is discussing potential alternative sources of capital, which could include a future public offering of common shares. The proceeds from such an offering could be utilized both for short-term capital needs and to complement the Company's future growth plans.\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, and seed processing and sales. The Company's brands include Lucky Dog, Animal House and AKC licensed products in the expanding pet ...