NORTH PLAINS, Ore.,
Jan. 17, 2012 /PRNewswire/ --
Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF; TSX: JCT) today
reported financial results for the first quarter of fiscal 2012
ended November 30, 2011.
Sales for the first quarter of fiscal 2012 totaled $7.24 million compared to sales of $6.08 million for the first quarter of fiscal
2011. For the quarter, income from operations was
$162,936 compared to $78,694 in the year-ago quarter. Net income for
the quarter was $64,033, or
$0.03 per share, compared to a net
loss of ($846,335), or ($0.37) per share in the first quarter of fiscal
2011. The year-ago results were negatively affected by a one-time
litigation reserve of ($1,579,125).
As of November 30, the Company's
cash position was $5.39 million, and
currently there is no borrowing against its $5.0 million line of credit. In the first quarter
of fiscal 2012, the Company repurchased and cancelled a total of a
total of 50,000 common shares. The total cost was $454,120 at an average share price of
$9.08 per share. These purchases were
in addition to the 403,480 common shares repurchased and cancelled
in fiscal 2011. Today, the Company announced a new share
re-purchase plan where it can repurchase up to 300,000 common
shares representing approximately 16% of the approximately 1.9
million common shares outstanding. This share repurchase plan may
commence on January 23, 2012 and will
remain in place until May 18, 2012
but may be limited or terminated at any time without prior
notice.
"We are pleased with the almost 19% increase in sales compared
to the prior year's first quarter," said CEO Don Boone, "and believe that extending our share
repurchase program at this time is in the best interest of the
Company and our shareholders."
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.
Forward-looking Statements
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.
JEWETT-CAMERON TRADING COMPANY LTD.
|
CONSOLIDATED BALANCE SHEETS
|
(Expressed
in U.S. Dollars)
|
(Prepared
by Management)
|
(Unaudited)
|
|
|
|
|
|
November 30,
2011
|
|
August
31,
2011
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash and cash equivalents
|
$
5,386,500
|
|
$
6,774,127
|
Accounts receivable, net of allowance
of $2,467 (August 31, 2011 -
$Nil)
|
2,852,490
|
|
3,897,086
|
Inventory, net of allowance
of $199,568 (August
31, 2011 - $204,860) (note 3)
|
8,492,934
|
|
5,815,593
|
Note receivable
|
41,500
|
|
41,500
|
Prepaid expenses
|
848,824
|
|
848,341
|
Prepaid income taxes
|
600,580
|
|
682,527
|
|
|
|
|
Total current assets
|
18,222,828
|
|
18,059,174
|
|
|
|
|
Property, plant and equipment, net (note
4)
|
1,820,389
|
|
1,850,037
|
|
|
|
|
Intangible assets, net (note 5)
|
496,584
|
|
510,771
|
|
|
|
|
Deferred income taxes (note 6)
|
157,110
|
|
157,862
|
|
|
|
|
Total
assets
|
$
20,696,911
|
|
$
20,577,844
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
$
1,326,832
|
|
$
519,265
|
Litigation reserve (note 12(a))
|
1,644,119
|
|
1,627,915
|
Accrued liabilities
|
627,229
|
|
941,846
|
|
|
|
|
Total current liabilities
|
3,598,180
|
|
3,089,026
|
|
|
|
|
|
|
|
|
Contingent liabilities and commitments (note
12)
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
Capital stock (note 8)
|
|
|
|
Authorized
|
|
|
|
20,000,000 common
shares, without par value
|
|
|
|
10,000,000 preferred
shares, without par value
|
|
|
|
Issued
|
|
|
|
1,858,457 common
shares (August 31, 2011 - 1,908,457)
|
1,753,857
|
|
1,801,043
|
Additional paid-in capital
|
600,804
|
|
600,804
|
Retained earnings
|
14,744,070
|
|
15,086,971
|
|
|
|
|
Total stockholders' equity
|
17,098,731
|
|
17,488,818
|
|
|
|
|
Total liabilities and stockholders' equity
|
$
20,696,911
|
|
$
20,577,844
|
JEWETT-CAMERON TRADING COMPANY LTD.
|
STATEMENTS
OF OPERATIONS
|
(Expressed
in U.S. Dollars)
|
(Prepared
by Management)
|
(Unaudited)
|
|
|
|
Three
Months Ended
November 30,
|
|
2011
|
|
2010
|
|
|
|
|
SALES
|
$
7,240,610
|
|
$
6,085,051
|
|
|
|
|
COST OF SALES
|
5,774,415
|
|
4,639,257
|
|
|
|
|
GROSS
PROFIT
|
1,466,195
|
|
1,445,794
|
|
|
|
|
OPERATING EXPENSES
|
|
|
|
Selling, general and administrative expenses
|
428,348
|
|
480,184
|
Depreciation and amortization
|
61,198
|
|
65,377
|
Wages and employee benefits
|
813,713
|
|
821,539
|
|
|
|
|
|
1,303,259
|
|
1,367,100
|
|
|
|
|
Income
from operations
|
162,936
|
|
78,694
|
|
|
|
|
OTHER
ITEMS
|
|
|
|
Gain on sale of property, plant and
equipment
|
-
|
|
5,450
|
Interest and other income
|
-
|
|
23
|
Interest expense (note 12(a))
|
(16,204)
|
|
(391,988)
|
Litigation reserves (note 12(a))
|
-
|
|
(962,137)
|
|
(16,204)
|
|
(1,348,652)
|
|
|
|
|
Income
(loss) before income taxes
|
146,732
|
|
(1,269,958)
|
|
|
|
|
Income tax
(expense) recovery
|
(82,699)
|
|
423,623
|
|
|
|
|
Net
income (loss)
|
$
64,033
|
|
$
(846,335)
|
|
|
|
|
Basic
earnings (loss) per common share
|
$
0.03
|
|
$
(0.37)
|
|
|
|
|
Diluted
earnings (loss) per common share
|
$
0.03
|
|
$
(0.37)
|
|
|
|
|
Weighted average number of common shares
outstanding:
|
|
|
|
Basic
|
1,900,215
|
|
2,308,672
|
Diluted
|
1,900,215
|
|
2,308,672
|
JEWETT-CAMERON TRADING COMPANY LTD.
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Expressed
in U.S. Dollars)
|
(Prepared
by Management)
|
(Unaudited)
|
|
|
|
Three
Month Periods
Ended
November 30,
|
|
2011
|
|
2010
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
Net income
(loss)
|
$
64,033
|
|
$
(846,335)
|
Items not
involving an outlay of cash:
|
|
|
|
Depreciation and amortization
|
61,198
|
|
65,377
|
Gain on sale of property, plant and equipment
|
-
|
|
(5,450)
|
Deferred income taxes
|
752
|
|
(594)
|
|
|
|
|
Changes in
non-cash working capital items:
|
|
|
|
Decrease in accounts receivable
|
1,044,596
|
|
2,114,056
|
(Increase) in inventory
|
(2,677,341)
|
|
(486,814)
|
(Increase) in prepaid expenses
|
(483)
|
|
(87,584)
|
Increase in accounts payable and accrued liabilities
|
509,154
|
|
1,099,752
|
Increase (decrease) in accrued income taxes
|
81,947
|
|
(423,029)
|
|
|
|
|
Net cash
provided (used) by operating activities
|
(916,144)
|
|
1,429,379
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
Purchase of property, plant and equipment
|
(12,813)
|
|
(33,980)
|
Purchase of intangible assets and other
|
(4,550)
|
|
-
|
Proceeds from sale of property, plant and equipment
|
-
|
|
5,450
|
|
|
|
|
Net cash
used in investing activities
|
(17,363)
|
|
(28,530)
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
Redemption of common stock
|
(454,120)
|
|
(2,450,844)
|
|
|
|
|
Net cash
used in financing activities
|
(454,120)
|
|
(2,450,844)
|
|
|
|
|
Net
(decrease) in cash and cash equivalents
|
(1,387,627)
|
|
(1,049,995)
|
|
|
|
|
Cash
and cash equivalents, beginning of period
|
6,774,127
|
|
8,710,314
|
|
|
|
|
Cash
and cash equivalents, end of period
|
$
5,386,500
|
|
$
7,660,319
|
|
|
|
|
Contact: Don Boone, President
& CEO, (503) 647-0110
SOURCE Jewett-Cameron Trading Company Ltd.