NORTH PLAINS, Ore.,
Jan. 14, 2021 /PRNewswire/ --
Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported
financial results for the first quarter of fiscal 2021 ended
November 30, 2020.
Sales for the first quarter of fiscal 2021 totaled $10.3 million compared to sales of $7.1
million for the first quarter of fiscal 2020. Net income for the
current quarter was $488,527, or
$0.14 per share, compared to a net
loss of ($6,621), or ($0.00) per
share, in the year-ago quarter.
"We continue to see strong demand from the DIY and pet product
sectors which is elevating our brand and market presence. We feel
the pandemic has bolstered our market penetration and accelerated
our strategic campaign to rebrand our products to connect directly
with consumers and expand our presence in more sales channels" said
CEO Charlie Hopewell. "Even though
the economic effects of the ongoing COVID-19 pandemic are
uncertain, we remain committed to this strategy in fiscal
2021."
As of November 30, 2020, the
Company's cash position was approximately $5.8 million, and there was no borrowing against
its $3.0 million line of credit.
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,
Animal House and AKC licensed products in the expanding pet market;
fencing products under the Adjust-A-Gates, Fit-Right, Perimeter
Patrol, and LIFETIME POST™ systems brands; Early Start,
Spring Gardner, and Weatherguard for
greenhouses; and TrueShade for patio umbrellas, furniture covers
and canopies. Additional information about the Company and its
products can be found the Company's website at
www.jewettcameron.com.
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,
2020
|
|
August
31,
2020
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
5,839,952
|
|
$
|
3,801,037
|
Accounts
receivable, net of allowance of
$Nil (August 31, 2020 - $Nil)
|
|
4,246,957
|
|
|
6,274,426
|
Inventory, net
of allowance of $65,000 (August
31, 2020 - $65,000)
|
|
9,421,159
|
|
|
9,198,146
|
Prepaid
expenses
|
|
839,873
|
|
|
1,036,128
|
|
|
|
|
|
|
Total current
assets
|
|
20,347,941
|
|
|
20,309,737
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
3,101,343
|
|
|
2,967,565
|
|
|
|
|
|
|
Intangible assets,
net
|
|
599
|
|
|
659
|
|
|
|
|
|
|
Total
assets
|
$
|
23,449,883
|
|
$
|
23,277,961
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
974,176
|
|
$
|
1,095,061
|
Current portion
of notes payable
|
|
415,988
|
|
|
342,326
|
Income taxes
payable
|
|
219,636
|
|
|
40,596
|
Accrued
liabilities
|
|
1,682,324
|
|
|
2,016,300
|
|
|
|
|
|
|
Total current
liabilities
|
|
3,292,124
|
|
|
3,494,283
|
|
|
|
|
|
|
Long-term
liabilities
|
|
|
|
|
|
Notes payable (note
8)
|
|
264,719
|
|
|
338,381
|
|
|
|
|
|
|
Deferred tax
liability
|
|
56,168
|
|
|
96,952
|
|
|
|
|
|
|
Total
liabilities
|
|
3,613,011
|
|
|
3,929,616
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Capital
stock
|
|
|
|
|
|
Authorized
|
|
|
|
|
|
21,567,564 common
shares, without par value
|
|
|
|
|
|
10,000,000 preferred
shares, without par value
|
|
|
|
|
|
Issued
|
|
|
|
|
|
3,481,162 common
shares (August 31, 2020 – 3,481,162)
|
|
821,284
|
|
|
821,284
|
Additional
paid-in capital
|
|
618,707
|
|
|
618,707
|
Retained
earnings
|
|
18,396,881
|
|
|
17,908,354
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
19,836,872
|
|
|
19,348,345
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$
|
23,449,883
|
|
$
|
23,277,961
|
JEWETT-CAMERON
TRADING COMPANY LTD.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Expressed in U.S.
Dollars)
|
(Prepared by
Management)
|
(Unaudited)
|
|
|
Three
Months
Ended
November
30,
2020
|
|
Three
Months
Ended
November
30,
2019
|
|
|
|
|
|
|
SALES
|
$
|
10,316,284
|
|
$
|
7,055,178
|
|
|
|
|
|
|
COST OF
SALES
|
|
7,353,385
|
|
|
5,006,835
|
|
|
|
|
|
|
GROSS
PROFIT
|
|
2,962,899
|
|
|
2,048,343
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
Selling, general
and administrative expenses
|
|
694,628
|
|
|
649,010
|
Depreciation and
amortization
|
|
50,529
|
|
|
48,148
|
Wages and
employee benefits
|
|
1,593,959
|
|
|
1,362,059
|
|
|
|
|
|
|
|
|
2,339,116
|
|
|
2,059,217
|
|
|
|
|
|
|
Income from
operations
|
|
623,783
|
|
|
(10,874)
|
|
|
|
|
|
|
OTHER
ITEMS
|
|
|
|
|
|
Interest and
other income
|
|
3,000
|
|
|
11,615
|
|
|
|
|
|
|
Income before income
taxes
|
|
626,783
|
|
|
741
|
|
|
|
|
|
|
Income tax
expense
|
|
(138,256)
|
|
|
(7,362)
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
488,527
|
|
$
|
(6,621)
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
0.14
|
|
$
|
(0.00)
|
|
|
|
|
|
|
Diluted earnings per
common share
|
$
|
0.14
|
|
$
|
(0.00)
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
Basic
|
|
3,481,162
|
|
|
3,971,282
|
Diluted
|
|
3,481,162
|
|
|
3,971,282
|
JEWETT-CAMERON
TRADING COMPANY LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Expressed in U.S.
Dollars)
|
(Prepared by
Management)
|
(Unaudited)
|
|
|
Three
Months
Ended
November
30,
2020
|
|
Three
Months
Ended
November
30,
2019
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
Net income
(loss)
|
$
|
488,527
|
|
$
|
(6,621)
|
Items not involving an
outlay of cash:
|
|
|
|
|
|
Depreciation and amortization
|
|
50,529
|
|
|
48,148
|
Deferred income taxes
|
|
(40,784)
|
|
|
(14,101)
|
|
|
|
|
|
|
Changes in non-cash
working capital items:
|
|
|
|
|
|
Decrease in accounts receivable
|
|
2,027,469
|
|
|
671,926
|
(Increase) in inventory
|
|
(223,013)
|
|
|
(902,321)
|
Decrease in note receivable
|
|
-
|
|
|
200
|
Decrease (increase) in prepaid expenses
|
|
196,255
|
|
|
(175,276)
|
Decrease in accounts payable and accrued
liabilities
|
|
(454,861)
|
|
|
(297,730)
|
Decrease in prepaid income taxes
|
|
-
|
|
|
21,464
|
Increase in income taxes payable
|
|
179,040
|
|
|
-
|
|
|
|
|
|
|
Net cash provided by
(used by) operating activities
|
|
2,223,162
|
|
|
(654,311)
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
(184,247)
|
|
|
(28,750)
|
|
|
|
|
|
|
Net cash used in
investing activities
|
|
(184,247)
|
|
|
(28,750)
|
|
|
|
|
|
|
Net increase
(decrease) in cash
|
|
2,038,915
|
|
|
(683,061)
|
|
|
|
|
|
|
Cash, beginning of
period
|
|
3,801,037
|
|
|
9,652,310
|
|
|
|
|
|
|
Cash, end of
period
|
$
|
5,839,952
|
|
$
|
8,969,249
|
Contact: Charlie Hopewell,
President & CEO, (503) 647-0110
View original
content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-1st-quarter-financial-results-301208863.html
SOURCE Jewett-Cameron Trading Company Ltd.