NORTH PLAINS, OR -- Jewett-Cameron Trading Company Ltd. today reported financial results for the second quarter and six month periods of fiscal 2011 ended February 28, 2011.
Sales for the second quarter of fiscal 2011 totaled $11.86 million compared to sales of $7.67 million for the second quarter of fiscal 2010. For the quarter, income from operations was $755,337 compared to $352,276 in the year-ago quarter. After other items and income taxes, the Company reported net income of $496,949 or $0.25 per share, compared to net income of $204,472, or $0.09 per diluted share in last year's second quarter.
For the six months ended February 28, 2011 Jewett-Cameron reported sales of $17.9 million compared to sales of $15.0 million for the same period a year ago. Due to a litigation reserve of ($1,595,151), the Company reported a net loss of ($349,386), or ($0.16) per share, compared to net income of $277,102, or $0.12 per diluted share in the first six months of fiscal 2010.
"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."
As of February 28, the Company's cash position was $4.73 million, and currently there is no borrowing against its $5.0 million line of credit. In the first quarter of fiscal 2011, the Company re-purchased and cancelled a total of a total of 297,072 shares. The total cost was $2,450,844 at an average share price of $8.25 per share. These purchases were in addition to the 79,040 common shares repurchased and cancelled in the fourth quarter of fiscal 2010. As of April 13, 2011, the Company had not repurchased any shares under the additional repurchase program announced on January 13, 2011. The current repurchase program will remain in place until May 6, 2011, but may be limited or terminated at any time without prior notice.
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 Lumber Corporation's business consists of the manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers and other retailers located primarily in the United States. Greenwood Products is 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. 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 Ltd
Have something to say? Share your thoughts with us in the comments below.