PR Newswire
NORTH PLAINS, Ore., Jan. 14, 2022
NORTH PLAINS, Ore., Jan. 14, 2022 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the first quarter of fiscal 2022 ended November 30, 2021.
Sales for the first quarter of fiscal 2022 totaled $12.9 million compared to sales of $10.3 million for the first quarter of fiscal 2021. Net loss for the current quarter was ($391,141), or ($0.11) per share, compared to net income of $488,527, or $0.14 per share, in the year-ago quarter.
"Our sales quarter over quarter increased by 25%, reflecting the continued strong demand for our products, but higher costs for raw materials and global logistical issues significantly reduced our margins," said CEO Chad Summers. "In response, we have now successfully increased our selling prices with our customers, but these inflationary pressures will remain an issue affecting our margins throughout fiscal 2022."
As of November 30, 2021, the Company's cash position was approximately $1.2 million, and there was $5.0 million borrowed against its $10.0 million line of credit. Based on the timing of accounts receivable and the unused portion of the line of credit, the Company believes it has sufficient working capital available for the remainder of fiscal 2022.
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®, for pet products; Adjust-A-Gate™, Fit-Right®, Perimeter Patrol®, and Lifetime Post™ for gates and fencing; and Early Start, Spring Gardner™, Greenline®, and Weatherguard for greenhouses. 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 30,2021 | | August 31,2021 | ||
| | | | | |
ASSETS | | | | | |
Current assets | | | | | |
Cash and cash equivalents | $ | 1,235,445 | | $ | 1,184,313 |
Accounts receivable, net of allowance of $0 (August 31, 2021 - $0) | | 5,806,987 | | | 7,086,503 |
Inventory, net of allowance of $250,000 (August 31, 2021 - $250,000) | | 17,223,927 | | | 14,391,365 |
Prepaid expenses | | 2,267,341 | | | 2,305,820 |
Prepaid income taxes | | 355,163 | | | 252,958 |
| | | | | |
Total current assets | | 26,888,863 | | | 25,220,959 |
| | | | | |
Property, plant and equipment, net | | 4,407,548 | | | 3,886,543 |
| | | | | |
Intangible assets, net | | 30,629 | | | 30,897 |
| | | | | |
Total assets | $ | 31,327,040 | | $ | 29,138,399 |
| | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | |
Current liabilities | | | | | |
| | | | | |
Accounts payable | $ | 2,084,438 | | $ | 1,349,677 |
Bank indebtedness | | 5,000,000 | | | 3,000,000 |
Accrued liabilities | | 1,594,834 | | | 1,798,088 |
| | | | | |
Total current liabilities | | 8,679,272 | | | 6,147,765 |
| | | | | |
Deferred tax liability | | 125,834 | | | 116,945 |
| | | | | |
Total liabilities | | 8,805,106 | | | 6,264,710 |
| | | | | |
Stockholders' equity | | | | | |
Capital stock Authorized 21,567,564 common shares, no par value 10,000,000 preferred shares, no par value Issued 3,492,842 common shares (August 31, 2021 –3,489,161) | | 824,039 | | | 823,171 |
Additional paid-in capital | | 725,729 | | | 687,211 |
Retained earnings | | 20,972,166 | | | 21,363,307 |
| | | | | |
Total stockholders' equity | | 22,521,934 | | | 22,873,689 |
| | | | | |
Total liabilities and stockholders' equity | $ | 31,327,040 | | $ | 29,138,399 |
JEWETT-CAMERON TRADING COMPANY LTD. Werbung Mehr Nachrichten zur Jewett-Cameron Trading Company Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |