From GlobeNewswire: 2024-11-20 16:05:00

Jewett-Cameron Trading Company Ltd. (Nasdaq: JCTC) reported Q4 2024 revenue of $13.2 million, down from $14.6 million in Q4 2023. Growth in pet, fence, and industrial wood products was offset by the termination of seed cleaning operations and a decrease in lower margin wood fence business.

The company expanded its partnership with Continental Sales & Marketing, Inc. to distribute key products to national and regional home improvement retailers. Jewett-Cameron also implemented a strategic sourcing plan to diversify suppliers and mitigate tariffs. New product developments are planned for the coming year, including enhancements to popular fence products.

In FY 2024, Jewett-Cameron’s revenue was $47.1 million compared to $54.3 million in FY 2023. The decrease was attributed to the exit of seed cleaning operations, lower pet product sales due to inventory levels, and a decline in wood fence products. The company is focused on driving profitable growth through strategic initiatives and new product launches. Jewett-Cameron Trading Company Ltd. experienced a decrease in gross profit margins for Q4 2024 compared to the previous year, largely due to higher inventory costs, shipping expenses, and writedowns. Operating expenses were also reduced for FY 2024, leading to a net loss for Q4 but a net income for the full year. Inventory balances decreased while cash balance increased significantly.

The company settled an arbitration dispute with a former distributor in the first quarter of fiscal 2024, receiving a one-time cash payment of $2.45 million. This payment offset legal fees and some losses incurred in the arbitration. The Company’s industrial wood segment saw an increase in revenue, offsetting decreases in other segments of the business.

Jewett-Cameron Trading Company will hold a conference call on Wednesday, November 20, 2024, at 4:30 p.m. Eastern time. Interested parties can access the call by dialing (844) 836-8745 for United States callers or +1 (412) 317-6797. The webcast will be accessible live and archived on the Company’s website. A teleconference replay will also be available until November 27, 2024.

The Company’s total stockholders’ equity at August 31, 2024, was $24.9 million, or $7.09 per share. Jewett-Cameron Trading Company operates out of facilities in North Plains, Oregon, manufacturing and distributing specialty metal and sustainable bag products, as well as wood products. It has no long-term debt and continues to focus on operational efficiencies and cost reductions to improve margins in the future. Jewett-Cameron Trading Company Ltd. released their financial statements for the year ended August 31, 2024. The company reported total assets of $27,490,514, a decrease from the previous year. Sales for the year were $47,145,176, with a gross profit of $8,883,644. Net income for the year was $721,753, resulting in earnings per share of $0.21.

The company’s current assets include cash and cash equivalents of $4,853,367, accounts receivable of $3,668,815, and inventory of $13,157,243. Total current assets amount to $23,187,463. Property, plant, and equipment are valued at $3,849,800, and intangible assets at $112,222, with total assets of $27,490,514.

Jewett-Cameron Trading Company Ltd. reported a loss of $1,770,410 from operations for the year. Other items such as other income and interest expense resulted in income before taxes of $803,823. After taxes, the company reported a net income of $721,753. Basic earnings per share were $0.21 for the year.

Cash flows from operating activities provided $6,028,781, with cash flows from investing activities providing $149. Financing activities used $1,259,259 in cash. The company reported a net increase in cash and cash equivalents of $4,769,671 for the year, ending with $4,853,367 in cash and cash equivalents.



Read more at GlobeNewswire:: Jewett-Cameron Reports Fiscal 2024 Full Year and Fourth