NORTH PLAINS, OR --Wood products firm Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF; TSX: JCT) says second quarter 2011 sales rose 54% to $11.86 million versus $7.67 million for the second quarter 2010. Net income more than doubled to $496,949 versus $204,472 for the period year prior.
The company says due to a litigation reserve of $1,595,151 it reported a net loss of $349,386 for the first six months of fiscal 2011, despite a 20% sales increase to $17.9 million for the period.
"We have aggressively worked to increase our market share on our current products with our existing customers," said CEO Don Boone. "However, we are not immune to rising material and transportation costs, both of which had a negative effect on our margins and income."
Jewett-Cameron says it has $4.73 million, and has not borrowed against its $5 million line of credit. Among its subsidiaries are Jewett-Cameron Lumber (manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers in the United States) and Greenwood Products (a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries.) in the United States. Its MSI-PRO is an importer and distributor of pneumatic air tools, industrial clamps, and the Avenger Products line of sawblades.
Have something to say? Share your thoughts with us in the comments below.