Jewett-Cameron Announces Fiscal 2016 Financial Results

NORTH PLAINS, Ore., Nov. 2, 2016 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2016.

For the fiscal year ended August 31, 2016 Jewett-Cameron reported net income of $2,125,099, or $0.87 per share, on sales of $48.11 million compared to net income of $1,773,971, or $0.69 per share, on sales of $42.24 million reported for fiscal 2015.

Sales for the fourth quarter of fiscal 2016 totaled $10.5 million compared to sales of $11.5 million for the fourth quarter of fiscal 2015. Net income was $552,164, or $0.23 per diluted share, compared to net income of $701,524, or $0.27 per diluted share, in the fourth quarter of fiscal 2015.

"The continued acceptance of several new products we introduced beginning in fiscal 2015 has had a positive effect on our sales and financial results" said CEO Don Boone. "We are also continuing construction of a warehouse expansion at our North Plains headquarters which will support the distribution of additional new products in the future".

During fiscal 2016, the Company settled all of the litigation with Greenwood Forest Products, Inc. The Company made a cash payment of $200,000 to Greenwood Forest Products, Inc., as full settlement and termination of the litigation.

As of August 31, 2016, the Company's cash position was $4.5 million, and currently there is no borrowing against its $3.0 million line of credit. During fiscal 2016, the Company repurchased and cancelled a total of 175,538 common shares at a cost of $2,124,579, which represents an average price of $12.10. Donald M. Boone, CEO, President and Director, also voluntarily returned 15,000 common shares to the Company's treasury for cancellation in June 2016, which was in addition to the 15,000 common shares he returned for cancellation in August 2015. The Company paid Mr. Boone no consideration for the 30,000 shares. The Company's most recent share repurchase plan terminated on August 25, 2016. The Board of Directors will consider implementing new share repurchase plans in the future as an effective use of the Company's cash position.

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 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. JC USA provides professional and administrative services, including accounting and credit services, to its subsidiary companies.

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.

Contact: Don Boone, President & CEO, (503) 647-0110

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jewett-cameron-announces-fiscal-2016-financial-results-300356108.html

SOURCE Jewett-Cameron Trading Company Ltd.