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NORTH PLAINS, Ore., July 15, 2024 /PRNewswire/ — Jewett-Cameron Buying and selling Firm Ltd. (NASDAQ: JCTCF) at this time reported monetary outcomes for the third quarter and nine-month intervals of fiscal 2024 ended Might 31, 2024.
Gross sales for the third quarter of fiscal 2024 totaled roughly $15.9 million in comparison with gross sales of $18.9 million for the third quarter of fiscal 2023. Earnings from operations was $55,595 in comparison with $1,251,019 for the third quarter ended Might 31, 2023. Web earnings after different gadgets and earnings taxes for the present quarter was $154,862, or $0.04 per share, in comparison with web earnings of $734,951, or $0.21 per share, within the third quarter of 2023.
For the 9 months ended Might 31, 2024, Jewett-Cameron reported gross sales of roughly $33.9 million in comparison with gross sales of $39.7 million for the 9 months ended Might 31, 2023. After a one-time acquire from a positive arbitration settlement, web earnings was $912,257, or $0.26 per share, in comparison with a web lack of ($310,847), or ($0.09) per share, for the primary 9 months of fiscal 2023.
“Financial elements and restrained client spending, significantly within the dwelling enchancment and pet classes, proceed to problem our gross sales and margins” mentioned CEO Chad Summers. “In response, we’re persevering with to give attention to our core merchandise and enhance our visibility and model recognition with shoppers. This contains the growth of our profitable in-store product placement marketing campaign for a number of of our core fence merchandise into extra shops within the 4th quarter and into fiscal 2025”.
As of Might 31, 2024, the Firm’s money place was roughly $1.05 million. Subsequent to the tip of the third quarter, we established a brand new asset-based line with Northrim Funding Companies for short-term working capital as wanted. Though the rate of interest on the brand new line is increased than we had been beforehand paying, it does present us with extra monetary flexibility. We presently don’t have any borrowing in opposition to this new line.
About Jewett-Cameron Buying and selling Firm Ltd.
Jewett-Cameron Buying and selling Firm is a holding firm that, by means of its subsidiaries, operates out of amenities positioned in North Plains, Oregon. Jewett-Cameron Firm’s enterprise consists of the manufacturing and distribution of patented and patent pending specialty steel and sustainable bag merchandise, and wholesale distribution of wooden merchandise. The Firm’s manufacturers embrace Fortunate Canine ®, for pet merchandise; Modify-A-Gate™, Match-Proper ®, Perimeter Patrol ®, Infinity Euro Fence, and Lifetime Put up™ for gates and fencing; MyEcoWorld ® for sustainable bag merchandise; and Early Begin, Spring Gardner™, Greenline ®, and Weatherguard for greenhouses. Extra details about the Firm and its merchandise might be discovered the Firm’s web site at www.jewettcameron.com.
Ahead-looking Statements
The data on this launch incorporates sure forward-looking statements that anticipate future tendencies and occasions. These statements are primarily based on sure assumptions that will show to be faulty and are topic to sure dangers, together with however not restricted to, the uncertainties of the Firm’s new product introductions, the dangers of elevated competitors and technological change within the Firm’s business, and different elements detailed within the Firm’s SEC filings. Accordingly, precise outcomes might differ, presumably materially, from predictions contained herein.
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. {Dollars})
(Ready by Administration)
(Unaudited)
Might 31,
2024
August 31,
2023
ASSETS
Present property
Money and money equivalents
$
1,054,704
$
83,696
Accounts receivable, web of allowance of $0 (August 31, 2023 – $0)
7,408,344
5,634,924
Stock, web of allowance of $90,536 (August 31, 2023 – $497,884)
13,470,934
18,339,048
Pay as you go bills
1,402,472
630,788
Complete present property
23,336,454
24,688,456
Property, plant and gear, web
4,482,130
4,655,427
Intangible property, web
112,431
134,845
Deferred tax property
396,788
319,875
Complete property
$
28,327,803
$
29,798,603
LIABILITIES AND STOCKHOLDERS’ EQUITY
Present liabilities
Accounts payable
$
787,563
$
2,181,194
Financial institution indebtedness
–
1,259,259
Earnings taxes payable
244,108
147,629
Accrued liabilities
2,254,484
2,113,194
Complete liabilities
3,286,155
5,701,276
Stockholders’ fairness
Capital inventory
Approved
21,567,564 widespread shares, no par worth
10,000,000 most popular shares, no par worth
Issued
3,504,802 widespread shares (August 31, 2023 “ 3,498,899)
826,861
825,468
Extra paid-in capital
795,726
765,055
Retained earnings
23,419,061
22,506,804
Complete stockholders’ fairness
25,041,648
24,097,327
Complete liabilities and stockholders’ fairness
$
28,327,803
$
29,798,603
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. {Dollars})
(Ready by Administration)
(Unaudited)
Three Month
Interval Ended
Might 31,
9 Month
Interval Ended
Might 31,
2024
2023
2024
2023
SALES
$
15,896,017
$
18,945,738
$
33,931,050
$
39,666,658
COST OF SALES
12,944,941
14,532,366
26,959,377
30,473,044
GROSS PROFIT
2,951,076
4,413,372
6,971,673
9,193,614
OPERATING EXPENSES
Promoting, common and administrative bills
1,026,071
961,566
2,941,978
2,884,463
Depreciation and amortization
79,406
99,962
268,349
299,577
Wages and worker advantages
1,790,004
2,100,825
5,221,662
5,975,438
2,895,481
3,162,353
8,431,989
9,159,478
Earnings (loss) from operations
55,595
1,251,019
(1,460,316)
34,136
OTHER ITEMS
Different earnings
–
–
2,450,000
–
Achieve on sale of property
1,450
–
90,537
–
Curiosity (expense) earnings
(1,437)
(152,905)
11,527
(353,987)
13
(152,905)
2,552,064
(353,987)
Earnings (loss) earlier than earnings taxes
55,608
1,098,114
1,091,748
(319,851)
Earnings tax expense (restoration)
(99,254)
363,163
179,491
(9,004)
Web earnings (loss)
$
154,862
$
734,951
$
912,257
$
(310,847)
Fundamental earnings (loss) per widespread share
$
0.04
$
0.21
$
0.26
$
(0.09)
Diluted earnings (loss) per widespread share
$
0.04
$
0.21
$
0.26
$
(0.09)
Weighted common variety of widespread shares excellent:
Fundamental
3,504,802
3,498,899
3,502,399
3,498,000
Diluted
3,504,802
3,498,899
3,502,399
3,498,000
JEWETT-CAMERON TRADING COMPANY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. {Dollars})
(Ready by Administration)
(Unaudited)
9 Month
Interval Ended
Might 31,
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Web earnings (loss)
$
912,257
$
(310,847)
Objects not involving an outlay of money:
Depreciation and amortization
268,349
299,577
Inventory-based compensation expense
32,064
23,303
Achieve on sale of property, plant and gear
(90,537)
–
Write-down of intangible property
21,790
–
Deferred earnings tax expense
(76,913)
(366,566)
Modifications in non-cash working capital gadgets:
Improve in accounts receivable
(1,773,420)
(338,489)
Lower in stock
4,868,114
103,083
(Improve) lower in pay as you go bills
(771,684)
242,427
Lower in pay as you go earnings taxes
–
208,963
(Lower) enhance in accounts payable and accrued liabilities
(1,252,341)
1,541,107
Improve in earnings taxes payable
96,479
147,215
Web money supplied by working actions
2,234,158
1,549,773
CASH FLOWS FROM INVESTING ACTIVITIES
Improve in intangible property
–
(102,500)
Proceeds on sale of property, plant and gear
106,649
Buy of property, plant and gear
(110,540)
(215,685)
Web money utilized in investing actions
(3,891)
(318,185)
CASH FLOWS FROM FINANCING ACTIVITIES
(Compensation to) proceeds from financial institution indebtedness
(1,259,259)
1,000,000
Web money (utilized in) supplied by financing actions
(1,259,259)
1,000,000
Web enhance in money
971,008
2,231,588
Money, starting of interval
83,696
484,463
Money, finish of interval
$
1,054,704
$
2,716,051
Contact: Chad Summers, President & CEO, (503) 647-0110
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