North Plains, Oregon, January 17, 2012 - Jewett-Cameron
Trading Company Ltd. (NASDAQ: JCTCF; TSX: JCT) today reported
financial results for the first quarter of fiscal
2012 ended November 30, 2011.
Sales for the first quarter of fiscal 2012 totaled $7.24
million compared to sales of $6.08 million for the first
quarter of fiscal 2011. For the quarter, income from
operations was
$162,936 compared to $78,694 in the year-ago quarter. Net
income for the quarter was
$64,033, or $0.03 per share, compared to a net loss of
($846,335), or ($0.37) per share in the first quarter of
fiscal 2011. The year-ago results were negatively affected by
a one-time litigation reserve of ($1,579,125).
As of November 30, the Company's cash position was $5.39
million, and currently there is no borrowing against its $5.0
million line of credit. In the first quarter of fiscal 2012,
the Company repurchased and cancelled a total of a total of
50,000 common shares. The total cost was $454,120 at an
average share price of $9.08 per share. These purchases were
in addition to the 403,480 common shares repurchased and
cancelled in fiscal 2011. Today, the Company announced a new
share re-purchase plan where it can repurchase up to 300,000
common shares representing approximately 16% of the
approximately 1.9 million common shares outstanding. This
share repurchase plan may commence on January 23, 2012 and
will remain in place until May 18, 2012 but may be limited or
terminated at any time without prior notice.
"We are pleased with the almost 19% increase in sales
compared to the prior year's first quarter," said CEO Don
Boone, "and believe that extending our share repurchase
program at this time is in the best interest of the Company
and our shareholders."
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 Lumber Corporation's
business consists of the manufacturing and distribution of
specialty metal products and wholesale distribution of wood
products to home centers and other retailers located
primarily in the United States. Greenwood Products is a
processor and distributor of industrial wood and other
specialty building products principally to customers in the
marine and transportation industries in the United States.
MSI-PRO is an importer and distributor of pneumatic air
tools, industrial clamps, and the Avenger Products line of
sawblades and other products. Jewett-Cameron Seed Company is
a processor and distributor of agricultural seeds.
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.
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars) (Prepared by Management) (Unaudited)
November 30,2011
August 31,2011
ASSETS Current assetsCash and cash equivalents $ 5,386,500 $ 6,774,127
Accounts receivable, net of allowance
of $2,467 (August 31, 2011 - $Nil) 2,852,490 3,897,086
Inventory, net of allowance
of $199,568 (August 31, 2011 - $204,860) (note 3) | 8,492,934 | 5,815,593 |
Note receivable | 41,500 | 41,500 |
Prepaid expenses | 848,824 | 848,341 |
Prepaid income taxes | 600,580 | 682,527 |
Total current assets | 18,222,828 | 18,059,174 |
Property, plant and equipment, net (note 4) | 1,820,389 | 1,850,037 |
Intangible assets, net (note 5) | 496,584 | 510,771 |
Deferred income taxes (note 6) | 157,110 | 157,862 |
Total assets | $ 20,696,911 | $ 20,577,844 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Current liabilities | ||
Accounts payable | $ 1,326,832 | $ 519,265 |
Litigation reserve (note 12(a)) | 1,644,119 | 1,627,915 |
Accrued liabilities | 627,229 | 941,846 |
Total current liabilities | 3,598,180 | 3,089,026 |
Capital stock (note 8)
Authorized
20,000,000 common shares, without par value
10,000,000 preferred shares, without par value
Issued
1,858,457 common shares (August 31, 2011 - 1,908,457) | 1,753,857 | 1,801,043 |
Additional paid-in capital | 600,804 | 600,804 |
Retained earnings | 14,744,070 | 15,086,971 |
Total stockholders' equity | 17,098,731 | 17,488,818 |
Total liabilities and stockholders' equity | $ 20,696,911 | $ 20,577,844 |
STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars) (Prepared by Management) (Unaudited)
Three Months Ended November 30,2011 2010
SALES $ 7,240,610 $ 6,085,051COST OF SALES | 5,774,415 | 4,639,257 | |
GROSS PROFIT | 1,466,195 | 1,445,794 | |
OPERATING EXPENSES | |||
Selling, general and administrative expenses | 428,348 | 480,184 | |
Depreciation and amortization | 61,198 | 65,377 | |
Wages and employee benefits | 813,713 | 821,539 | |
1,303,259 | 1,367,100 | ||
Income from operations | 162,936 | 78,694 | |
OTHER ITEMS Gain on sale of property, plant and equipment | - | 5,450 | |
Interest and other income | - | 23 | |
Interest expense (note 12(a)) | (16,204) | (391,988) | |
Litigation reserves (note 12(a)) | - | (962,137) | |
(16,204) | (1,348,652) |
Income (loss) before income taxes 146,732 (1,269,958)
Income tax (expense) recovery (82,699) 423,623
Net income (loss) $ 64,033 $ (846,335) Basic earnings (loss) per common share $ 0.03 $ (0.37) Diluted earnings (loss) per common share $ 0.03 $ (0.37) Weighted average number of common shares outstanding:Basic 1,900,215 2,308,672
Diluted 1,900,215 2,308,672
JEWETT-CAMERON TRADING COMPANY LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in U.S. Dollars)(Prepared by Management) (Unaudited)
Three Month Periods Ended November 30,2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) | $ 64,033 | $ (846,335) |
Items not involving an outlay of cash: Depreciation and amortization | 61,198 | 65,377 |
Gain on sale of property, plant and equipment | - | (5,450) |
Deferred income taxes | 752 | (594) |
Changes in non-cash working capital items: Decrease in accounts receivable | 1,044,596 | 2,114,056 |
(Increase) in inventory | (2,677,341) | (486,814) |
(Increase) in prepaid expenses | (483) | (87,584) |
Increase in accounts payable and accrued liabilities | 509,154 | 1,099,752 |
Increase (decrease) in accrued income taxes | 81,947 | (423,029) |
Net cash provided (used) by operating activities | (916,144) | 1,429,379 |
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment | (12,813) | (33,980) |
Purchase of intangible assets and other Proceeds from sale of property, plant and equipment | (4,550) - | - 5,450 |
Net cash used in investing activities | (17,363) | (28,530) |
CASH FLOWS FROM FINANCING ACTIVITIES Redemption of common stock | (454,120) | (2,450,844) |
Net cash used in financing activities | (454,120) | (2,450,844) |
Net (decrease) in cash and cash equivalents | (1,387,627) | (1,049,995) |
Cash and cash equivalents, beginning of period | 6,774,127 | 8,710,314 |
Cash and cash equivalents, end of period | $ 5,386,500 | $ 7,660,319 |
Contact: Don Boone, President & CEO, (503) 647-0110
Source: Jewett-Cameron Trading Company Ltd.
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