Jewett-Cameron Announces 3rd Quarter Financial Results
Jewett-Cameron Trading Company Ltd. (“Jewett-Cameron” or the “Company”) reported financial results for the third quarter and nine-month periods of fiscal 2022 ended May 31, 2022.
Sales for the third quarter of fiscal 2022 totaled approximately $20.9 million compared to sales of $21.6 million for the third quarter of fiscal 2021. Income from operations was $2,019,644 compared to $2,638,011 for the third quarter ended May 31, 2021. Net income after other items and income taxes for the current quarter was $1,494,111, or $0.43 per share, compared to net income of $2,414,477, or $0.69 per share, in the same quarter of 2021.
For the nine months ended May 31, 2022, Jewett-Cameron reported sales of $47.9 million compared to sales of $42.4 million for the nine months ended May 31, 2021. Net income was $1,372,789, or $0.39 per share, compared to net income of $2,849,839, or $0.82 per share, for the first nine months of fiscal 2021.
Net income for both the three and nine-month periods ended May 31, 2021 were positively affected by a one-time gain of $687,387 related to the forgiveness of the Company’s PPP loans.
“Our decision to build our most important inventory at the beginning of our busy Spring and Summer season worked well” said CEO Chad Summers. “It reduced some product costs and helped insulate us against the continuing supply chain disruptions from China. We were able to provide high product availability and on-time fulfillment rates for our customers. We remain well positioned with our inventory on hand entering the 4th quarter.”
As of May 31, 2022, the Company’s cash position was approximately $2.1 million, and there was $9.0 million borrowed against its $10.0 million line of credit. Subsequent to the end of the period, the Company repaid an additional $1.0 million, and as product is sold and accounts receivable are collected, we expect to continue to repay the amount drawn against the line.
For the full third quarter results, click here.
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, and seed processing and sales. The Company’s brands include Lucky Dog®, for pet products; Adjust-A-Gate™, Fit-Right®, Perimeter Patrol®, Infinity Euro Fence, 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.
Chad Summers – President & CEO – (503) 647-0110
Source: Jewett-Cameron Trading Company Ltd.