Business
Jewett-Cameron Announces Fiscal 2023 Financial Results
NORTH PLAINS, Ore., Nov. 28, 2023 /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. 28, 2023 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2023.\n\nFor the fiscal year ended August 31, 2023, Jewett-Cameron had sales of $54.3 million and a net loss of ($20,626), or ($0.01) per share, compared to sales of $62.9 million and net income of $1,164,123, or $0.33 per share, for fiscal 2022.\nSales for the fourth quarter of fiscal 2023 totaled $14,6 million compared to sales of $15.0 million in Q4 2022. Net income in the current fourth quarter was $290,221, or $0.08 per share, compared to a net loss of ($208,666), or ($0.06) per share, in the fourth quarter of fiscal 2022.\n\"Our results were hurt by the extended winter weather across the US which delayed, and then reduced, purchases of our outdoor lines\" said CEO Chad Summers. \"Inflationary pressures also negatively affected results as consumers reduced their discretionary spending, particularly on home improvement and pet products. During the year, we improved our operations and favorably adjusted key supply and logistic agreements. We are continuing the launch of our new MyEcoWorld® sustainable bag products as a less seasonal product line while firmly focusing on our strengths and core product lines.\"\nThe Company has successfully ended cleaning operations at its Jewett-Cameron Seed segment effective August 31, 2023. Full closure of the facility is expected to be completed by the end of calendar 2023.\nAs of August 31, 2023, the Company's cash position was approximately $84 thousand and had borrowed $1.26 million against its $10 million line of credit. Subsequent to the end of the fiscal year, the Company repaid the remaining balance borrowed against the line of credit.\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 St...