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Jewett-Cameron Announces Fiscal 2022 Financial Results
NORTH PLAINS, Ore., Nov. 29, 2022 /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, 2022 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2022.\nFor the fiscal year ended August 31, 2022, Jewett-Cameron had sales of $62.9 million and net income of $1,164,123, or $0.33 per share, compared to sales of $57.5 million and net income of $3,454,953, or $0.99 per share, for fiscal 2021.\nSales for the fourth quarter of fiscal 2022 totaled $15.0 million compared to sales of $15.1 million in Q4 2021. Net loss in the current fourth quarter was ($208,666), or ($0.06) per share, compared to net income of $605,114, or $0.18 per share, in the fourth quarter of fiscal 2021.\n\"Jewett-Cameron has weathered the unprecedented supply chain challenges well over the past year given the extraordinary circumstances. We sold more units year over year in multiple categories\", said CEO Chad Summers. \"Some products faced unique challenges that reduced their sales, but we have already met with customers to correct the issues going forward. We are excited to build upon our successes in the year ahead.\"\nAs of August 31, 2022, the Company's cash position was approximately $484 thousand and had borrowed $7 million against its $10 million line of credit. The Company expects to purchase less goods in the first two quarters of fiscal 2023 than it typically does as its current inventory position will be sufficient to carry the Company into its historically busy season in the final two quarters of the fiscal year.\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®, for pet products; Adjust-A-Gate™, Fit-Right®, Perimeter Patrol®, Infinity Euro Fence, and Lifetime Post™ for gates and fencing; 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\nThe information in this release contains certain forward-lo...