NORTH PLAINS, Ore. - Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2013.
For the fiscal year ended August 31, 2013 Jewett-Cameron reported net income after other items and income taxes of $3,132,019, or $1.00 per diluted share, on sales of $49.29 million, compared to net income of $3,059,931, or $0.89 per diluted share, on sales of $45.95 million, reported for fiscal 2012. The net income in the current year was positively affected by a one-time gain on the sale of property of $353,852 and the prior year's net income was positively affected by litigation income and related interest of $1,457,096. Excluding other items and taxes, income from operations rose to $4,673,690 in fiscal 2013 from $3,563,140 in fiscal 2012.
Sales for the fourth quarter of fiscal 2013 totaled $10.7 million compared to sales of $10.8 million for the fourth quarter of fiscal 2012. The company reported net income of $842,078, or $0.27 per diluted share compared to net income of $771,034, or $0.23 per diluted share, in the fourth quarter of fiscal 2012. All per share amounts have been adjusted for the 2 for 1 stock split of the common shares effective May 2, 2013.
"Our higher sales were primarily due to successful sales efforts and the introduction of several new products," said CEO Don Boone. "We also completed an expansion of our North Plains warehouse which will more easily support the Company's sales growth."
As of August 31, 2013, the Company's cash position was $8.3 million, and currently there is no borrowing against its $5.0 million line of credit. During fiscal 2013, the company repurchased and cancelled a total of 1,006 common shares at a total cost of $7,188, which represents an average price of $7.15 per share.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that operates through subsidiary companies as follows. Jewett-Cameron Lumber Corporation is a wholesaler of wood products and a manufacturer and distributor of specialty metal products, sold principally to home centers and other retailers. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries. MSI-PRO is an importer and distributor of pneumatic air tools, industrial clamps, and the Avenger Products line of sawblades and other products. Jewett-Cameron Seed Company is a processor and distributor of agricultural seeds.
Source: Jewett-Cameron Trading Company
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