Enhanced Investments - Financial Portal

Jewett-Cameron Announces Fiscal 2019 Financial Results

Published: 2019-11-13 21:20:00 ET

NORTH PLAINS, Ore., Nov. 13, 2019 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2019.

For the fiscal year ended August 31, 2019, Jewett-Cameron reported sales of $45.4 million and net income of $2,100,452, or $0.50 per shares, compared to sales of $53.9 million and net income of $2,920,639, or $0.66 per share, for fiscal 2018.

Sales for the fourth quarter of fiscal 2019 totaled $11.8 million compared to sales of $11.2 in the prior year's fourth quarter.

Net income was $532,918, or $0.13 per share, compared to net income of $700,699, or $0.16 per share, in the fourth quarter of fiscal 2018.

"The prolonged wet weather during the spring and early summer across North America delayed the purchase of lawn and garden products," said CEO Charlie Hopewell. "The poor weather, combined with the increase in US tariffs on many of our Chinese manufactured metal products, were primarily responsible for the decline in our 2019 sales and earnings. However, we were notified in September 2019 that many of our Chinese manufactured products will be exempted from tariffs going forward. This reclassification should help the Company's products to remain competitive in the marketplace."

As of August 31, 2019, the Company's cash position was $9.65 million, and currently there is no borrowing against its $3.0 million line of credit. During fiscal 2019, the Company repurchased for cancellation a total of 345,671 common shares at a cost of $3,061,441, which represents an average price of $8.86 per share. The Board may consider utilizing a portion of the Company's cash position to repurchase additional shares in the future.

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 Company's business consists of the manufacturing and distribution of patented and patent pending specialty metal products, wholesale distribution of wood products, seed processing and sales, and sales of industrial tools and clamps. 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 INFINITY Euro fence 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.

Contact: Charlie Hopewell, President & CEO, (503) 647-0110

View original content:http://www.prnewswire.com/news-releases/jewett-cameron-announces-fiscal-2019-financial-results-300957831.html

SOURCE Jewett-Cameron Trading Company Ltd.

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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.