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NORTH PLAINS, Ore. , July 14, 2022 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the third quarter and nine-month periods of fiscal 2022 ended May 31, 2022 .
Sales for the third quarter of fiscal 2022 totaled approximately $20.9 million compared to sales of $21.6 million for the third quarter of fiscal 2021. Income from operations was $2,019,644 compared to $2,638,011 for the third quarter ended May 31, 2021 . Net income after other items and income taxes for the current quarter was $1,494,111 , or $0.43 per share, compared to net income of $2,414,477 , or $0.69 per share, in the same quarter of 2021.
For the nine months ended May 31, 2022 , Jewett-Cameron reported sales of $47.9 million compared to sales of $42.4 million for the nine months ended May 31, 2021 . Net income was $1,372,789 , or $0.39 per share, compared to net income of $2,849,839 , or $0.82 per share, for the first nine months of fiscal 2021.
Net income for both the three and nine-month periods ended May 31, 2021 were positively affected by a one-time gain of $687,387 related to the forgiveness of the Company's PPP loans.
"Our decision to build our most important inventory at the beginning of our busy Spring and Summer season worked well," said CEO Chad Summers . "It reduced some product costs and helped insulate us against the continuing supply chain disruptions from China . We were able to provide high product availability and on-time fulfillment rates for our customers. We remain well positioned with our inventory on hand entering the 4th quarter."
As of May 31, 2022 , the Company's cash position was approximately $2.1 million , and there was $9.0 million borrowed against its $10.0 million line of credit. Subsequent to the end of the period, the Company repaid an additional $1.0 million , and as product is sold and accounts receivable are collected, we expect to continue to repay the amount drawn against the line.
About Jewett-Cameron Trading Company Ltd.
Jewett-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.
The information in this release contains certain forward-looking statements that anticipate future trends and events. These statements are based on certain assumptions that may prove to be erroneous and are subject to certain risks, including but not limited to, the uncertainties of the Company's new product introductions, the risks of increased competition and technological change in the Company's industry, and other factors detailed in the Company's SEC filings. Accordingly, actual results may differ, possibly materially, from predictions contained herein.
(Expressed in U.S. Dollars)
Accounts receivable, net of allowance of $Nil (August 31, 2021 - $0)
Inventory, net of allowance of $250,000 (August 31, 2021 - $250,000)
Property, plant and equipment, net
21,567,564 common shares, no par value
10,000,000 preferred shares, no par value
Total liabilities and stockholders' equity
(Expressed in U.S. Dollars)
Selling, general and administrative expenses
Gain on extinguishment of debt
Basic earnings per common share
Diluted earnings per common share
Weighted average number of common shares outstanding:
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
CASH FLOWS FROM OPERATING ACTIVITIES
Items not involving an outlay of cash:
Gain on extinguishment of debt
Changes in non-cash working capital items:
Decrease (increase) in prepaid expenses
Decrease in prepaid income taxes
Increase in accounts payable and accrued liabilities
Increase in income taxes payable
Net cash (used in) provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by (used in) financing activities
Net increase (decrease) in cash
Contact: Chad Summers , President & CEO, (503) 647-0110
View original content:https://www.prnewswire.com/news-releases/jewett-cameron-announces-3rd-quarter-financial-results-301587140.html
SOURCE Jewett-Cameron Trading Company Ltd.
Originally published on the TownNews Content Exchange.
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