Jewett-Cameron Announces 3rd Quarter Financial Results

Jewett-Cameron Trading Company Ltd. reported financial results for the third quarter and nine-month periods of fiscal 2024 ended May 31, 2024.

Sales for the third quarter of fiscal 2024 totaled approximately $15.9 million compared to sales of $18.9 million for the third quarter of fiscal 2023. Income from operations was $55,595 compared to $1,251,019 for the third quarter ended May 31, 2023. Net income after other items and income taxes for the current quarter was $154,862, or $0.04 per share, compared to net income of $734,951, or $0.21 per share, in the 3rd quarter of 2023.

For the nine months ended May 31, 2024, Jewett-Cameron reported sales of approximately $33.9 million compared to sales of $39.7 million for the nine months ended May 31, 2023. After a one-time gain from a favorable arbitration settlement, net income was $912,257, or $0.26 per share, compared to a net loss of ($310,847), or ($0.09) per share, for the first nine months of fiscal 2023.

“Economic factors and restrained consumer spending, particularly in the home improvement and pet categories, continue to challenge our sales and margins” said CEO Chad Summers. “In response, we are continuing to focus on our core products and increase our visibility and brand recognition with consumers. This includes the expansion of our successful in-store product placement campaign for several of our core fence products into more stores in the 4th quarter and into fiscal 2025”.

As of May 31, 2024, the Company’s cash position was approximately $1.05 million. Subsequent to the end of the 3rd quarter, we established a new asset-based line with Northrim Funding Services for short-term operating capital as needed. Although the interest rate on the new line is higher than we were previously paying, it does provide us with additional financial flexibility. We currently have no borrowing against this new line.

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 and sustainable bag products, and wholesale distribution of wood products. 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; MyEcoWorld® for sustainable bag products; 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.

Source: Jewett-Cameron Trading Company Ltd.