Sales for the third quarter of fiscal 2024 totaled approximately
For the nine months ended
“Economic factors and restrained consumer spending, particularly in the home improvement and pet categories, continue to challenge our sales and margins” said CEO
As of
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that, through its subsidiaries, operates out of facilities located in
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 (Prepared by Management) (Unaudited) |
|||||
|
2024 |
2023 |
||||
|
ASSETS |
|||||
|
Current assets |
|||||
|
Cash and cash equivalents |
$ |
1,054,704 |
$ |
83,696 |
|
|
Accounts receivable, net of allowance of |
7,408,344 |
5,634,924 |
|||
|
Inventory, net of allowance of |
13,470,934 |
18,339,048 |
|||
|
Prepaid expenses |
1,402,472 |
630,788 |
|||
|
Total current assets |
23,336,454 |
24,688,456 |
|||
|
Property, plant and equipment, net |
4,482,130 |
4,655,427 |
|||
|
Intangible assets, net |
112,431 |
134,845 |
|||
|
Deferred tax assets |
396,788 |
319,875 |
|||
|
Total assets |
$ |
28,327,803 |
$ |
29,798,603 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||
|
Current liabilities |
|||||
|
Accounts payable |
$ |
787,563 |
$ |
2,181,194 |
|
|
Bank indebtedness |
– |
1,259,259 |
|||
|
Income taxes payable |
244,108 |
147,629 |
|||
|
Accrued liabilities |
2,254,484 |
2,113,194 |
|||
|
Total liabilities |
3,286,155 |
5,701,276 |
|||
|
Stockholders’ equity |
|||||
|
Capital stock Authorized 21,567,564 common shares, no par value 10,000,000 preferred shares, no par value Issued 3,504,802 common shares ( |
826,861 |
825,468 |
|||
|
Additional paid-in capital |
795,726 |
765,055 |
|||
|
Retained earnings |
23,419,061 |
22,506,804 |
|||
|
Total stockholders’ equity |
25,041,648 |
24,097,327 |
|||
|
Total liabilities and stockholders’ equity |
$ |
28,327,803 |
$ |
29,798,603 |
|
|
JEWETT-CAMERON TRADING COMPANY LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in (Prepared by Management) (Unaudited) |
||||||||
|
Three Month Period Ended |
Nine Month Period Ended May 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 |
||||||||
|
Selling, general and administrative expenses |
1,026,071 |
961,566 |
2,941,978 |
2,884,463 |
||||
|
Depreciation and amortization |
79,406 |
99,962 |
268,349 |
299,577 |
||||
|
Wages and employee benefits |
1,790,004 |
2,100,825 |
5,221,662 |
5,975,438 |
||||
|
2,895,481 |
3,162,353 |
8,431,989 |
9,159,478 |
|||||
|
Income (loss) from operations |
55,595 |
1,251,019 |
(1,460,316) |
34,136 |
||||
|
OTHER ITEMS |
||||||||
|
Other income |
– |
– |
2,450,000 |
– |
||||
|
Gain on sale of assets |
1,450 |
– |
90,537 |
– |
||||
|
Interest (expense) income |
(1,437) |
(152,905) |
11,527 |
(353,987) |
||||
|
13 |
(152,905) |
2,552,064 |
(353,987) |
|||||
|
Income (loss) before income taxes |
55,608 |
1,098,114 |
1,091,748 |
(319,851) |
||||
|
Income tax expense (recovery) |
(99,254) |
363,163 |
179,491 |
(9,004) |
||||
|
Net income (loss) |
$ |
154,862 |
$ |
734,951 |
$ |
912,257 |
$ |
(310,847) |
|
Basic earnings (loss) per common share |
$ |
0.04 |
$ |
0.21 |
$ |
0.26 |
$ |
(0.09) |
|
Diluted earnings (loss) per common share |
$ |
0.04 |
$ |
0.21 |
$ |
0.26 |
$ |
(0.09) |
|
Weighted average number of common shares outstanding: |
||||||||
|
Basic |
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 (Prepared by Management) (Unaudited) |
|||||
|
Nine Month Period Ended |
|||||
|
2024 |
2023 |
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||
|
Net income (loss) |
$ |
912,257 |
$ |
(310,847) |
|
|
Items not involving an outlay of cash: |
|||||
|
Depreciation and amortization |
268,349 |
299,577 |
|||
|
Stock-based compensation expense |
32,064 |
23,303 |
|||
|
Gain on sale of property, plant and equipment |
(90,537) |
– |
|||
|
Write-down of intangible assets |
21,790 |
– |
|||
|
Deferred income tax expense |
(76,913) |
(366,566) |
|||
|
Changes in non-cash working capital items: |
|||||
|
Increase in accounts receivable |
(1,773,420) |
(338,489) |
|||
|
Decrease in inventory |
4,868,114 |
103,083 |
|||
|
(Increase) decrease in prepaid expenses |
(771,684) |
242,427 |
|||
|
Decrease in prepaid income taxes |
– |
208,963 |
|||
|
(Decrease) increase in accounts payable and accrued liabilities |
(1,252,341) |
1,541,107 |
|||
|
Increase in income taxes payable |
96,479 |
147,215 |
|||
|
Net cash provided by operating activities |
2,234,158 |
1,549,773 |
|||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||
|
Increase in intangible assets |
– |
(102,500) |
|||
|
Proceeds on sale of property, plant and equipment |
106,649 |
||||
|
Purchase of property, plant and equipment |
(110,540) |
(215,685) |
|||
|
Net cash used in investing activities |
(3,891) |
(318,185) |
|||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||
|
(Repayment to) proceeds from bank indebtedness |
(1,259,259) |
1,000,000 |
|||
|
Net cash (used in) provided by financing activities |
(1,259,259) |
1,000,000 |
|||
|
Net increase in cash |
971,008 |
2,231,588 |
|||
|
Cash, beginning of period |
83,696 |
484,463 |
|||
|
Cash, end of period |
$ |
1,054,704 |
$ |
2,716,051 |
|
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