Inventory turnover for the three months ended May 31, 2021 was 51 days compared to 54 days for the three months ended May 31, 2020. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. The loans the Company received under the Paycheck Protection Program were essential in supporting the Companys ability to operate without interruption during the crisis and retain 100% of its workforce. Managements Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, Unregistered Sales of Equity Securities and Use of Proceeds, of $250,000 (August 31, 2020 - $65,000) (note 3), Property, plant and equipment, net (note 4). Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. The information in this release contains certain forward-looking statements that anticipate future trends and events. NORTH PLAINS, Ore., May 13, 2021 /PRNewswire/ -- Jewett-Cameron is very pleased to announce that Chad Summers, the Company's current Vice President of Business Development, has been named . Cision Distribution 888-776-0942 Interest and other income was a loss of ($283) compared to income of $21,414 in the prior years period, as the Company drew against its line of credit and incurred interest charges. Weighted average number of common shares outstanding: JEWETT-CAMERON TRADING COMPANY LTD.CONSOLIDATED STATEMENTS OF CASH FLOWS(Expressed in U.S. Net income after other items and income taxes for the current quarter was $734,951, or $0.21 per share, compared to net income of $1,494,111, or $0.43 per share, in the same quarter of 2022. For the nine months ended May 31, 2021, sales totaled $42,396,591 compared to sales of $30,918,345 for the nine months ended May 31, 2020. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research. These products were primarily sold to wholesalers that in turn sold to contractors and end users. The company was made aware that it might likely see a claim initiated based on a State and Federal web accessibility concern.
However, the Company is exposed to interest rate risk. In the past, we have at times experienced decreasing products sales with certain customers. He also participated in and led start-up ventures in both product and service industries. That counter claim has been rejected by Illinois courts. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Other items in the prior nine-month period ended May 31, 2020 included Gain on the Sale of Property, Plant and Equipment of $2,600. The Industrial wood. As of May 31, 2023, the Company's cash position was approximately $2.7 million, and there was $8.0 million borrowed against its $12.0 million line of credit, which was temporarily increased by $2.0 million during the 3rd quarter.
Weighted average number of common shares outstanding: Changes in non-cash working capital items: Increase in accounts payable and accrued liabilities, Net cash (used in) provided by operating activities, Purchase of property, plant and equipment, Net cash provided by (used in) investing activities, Net cash provided by (used in) financing activities, Contact: Chad Summers, President & CEO, (503) 647-0110, View original content:https://www.prnewswire.com/news-releases/jewett-cameron-announces-3rd-quarter-financial-results-301587140.html. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. During the 3rd quarter of fiscal 2020, the Company applied for and received two loans under the Paycheck Protection Program (the PPP) as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) administered by the U.S. Small Business Administration (SBA). Although we prioritized the shipping of our most important products during the 3rd quarter, the combination of product delays and the continued high level of customer orders significantly inflated the Companys backlog and accounts receivable as payment from customers extended later than usual. The Company knows of no other active or pending proceedings against anyone that might materially adversely affect an interest of the Company. "The winter weather which covered much of the US into April had a negative effect on our 3rd quarter sales, as many of our customers delayed, and then reduced, purchases of our outdoor products," said CEO Chad Summers. The operating results of JCC are historically seasonal with the first two quarters of the fiscal year being slower than the final two quarters of the fiscal year.
SEC.gov The Company has initiated arbitration against a former distributor asserting a breach of the distribution agreement and seeking damages. At the same time, we needed to order additional product to fulfil both current and future orders. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Company estimates doubtful accounts on an item-by-item basis and includes over aged accounts as part of allowance for doubtful accounts, which are generally ones that are ninety days or greater overdue. These updates include a larger and unified product presentation, new eCommerce interface, and modernized investor relations and contact sections. Sales for the third quarter of fiscal 2023 totaled approximately $18.9 million compared to sales of $20.9 million for the third quarter of fiscal 2022. Effective June 15, 2021, the Companys Line of Credit was increased from $3,000,000 to $5,000,000. For the nine months ended May 31, 2022, Jewett-Cameron reported sales of $47.9 million compared to sales of $42.4 million for the nine months ended May 31, 2021. How we use your information depends on the product and service that you use and your relationship with us. Markets All stock-based compensation is recognized as an expense in the financial statements and such costs are measured at the fair value of the award. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). The interest rate is calculated solely on the one month LIBOR rate plus 175 basis points. Throughout our organization, we are guided by our defining principles of crafted, stewardship and legacy. Mon-Fri: 7 a.m.-3:30 p.m. PST . Accordingly, actual results may differ, possibly materially, from predictions contained herein. Sales at JCC were $20,020,420 for the three months ended May 31, 2021 compared to sales of $15,491,042 for the three months ended May 31, 2020. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Net income for both the three and nine-month periods ended May 31, 2021 were positively affected by a one-time gain of $687,387 related to the forgiveness of the Company's PPP loans. However, the SBA subsequently revised the due date to either the date that SBA remits the borrowers loan forgiveness amount to the lender or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrowers loan forgiveness covered period. Jewett-Cameron Announces 3rd Quarter Financial Results, Good News From the June CPI Report: Inflation Is Truly Declining, June CPI Report Forecast to Show Slowing Overall Inflation, but Not Slow Enough for the Fed, Markets Brief: Theres Good News for Investors in Rates Staying Higher for Longer, How the Largest Bond Funds Performed in Q2, Fed Seen On Track to Raise Rates After Solid June Jobs Report, June Jobs Report Forecasts Predict Another Month of Healthy Growth, How the Largest U.S. Equity Funds Performed in Q2, 9 Top-Performing Mid-Cap Growth Stock Funds, Transparency is our policy. Non-executive Directors also received a one-time initial grant of 225 common shares which were issued in December 2020. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES, Accounts receivable, net of allowance of $Nil (August 31, 2020 - $Nil), Inventory, net of allowance of $250,000 (August 31, 2020 - $65,000), 21,567,564 common shares, without par value, 10,000,000 preferred shares, without par value, 3,489,161 common shares (August 31, 2020 3,481,162), Total liabilities and stockholders' equity, Gain on sale of property, plant and equipment. Sales for the third quarter of fiscal 2023 totaled approximately $18.9 million compared to sales of $20.9 million for the third quarter of fiscal 2022. "We are working through the challenges stemming from the global supply issues that occurred in calendar 2022 as reflected in our improved gross margins during the quarter" said CEO Chad Summers. We have also revamped our corporate website in line with our omnichannel rebranding. The MSI division was permanently closed and all remaining inventory was liquidated during fiscal 2020. UNITED STATES SECURITIES AND EXCHANGE COMMISSION. We will continue to build on our solid foundation of patented, branded, industry leading products our customers, partners, and investors have come to expect from us. The decrease is due to the addition of new personnel and higher administrative costs in the current period, and the costs of capital improvements. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. Any statement of operations transactions in a foreign currency are translated at rates that approximate those in effect at the time of translation. JCSC is a processor and distributor of agricultural seeds in the United States. However, the ongoing COVID-19 situation both in the US and internationally continues to cloud the outlook for the remainder of fiscal 2021 and into fiscal 2022. Accounts receivable primarily includes trade receivables from customers. The fair values of cash are determined through market, observable and corroborated sources. These values form the foundation of our organization and guide every aspect of our business. These agreements are examples of our continuing efforts to expand our product offerings that complement our traditional strengths. Net loss was ($310,847), or ($0.09) per share, compared to net income of $1,372,789, or $0.39 per share, for the first nine months of fiscal 2022. We are currently in compliance with the requirements of our existing line of credit. For the three months ended May 31, 2021, the accounts receivable collection period, or DSO, was 47 compared to 39 for the three months ended May 31, 2020. Founded in Oregon in 1953, Jewett Cameron Company strives to develop and build premium, innovative products in the fencing, pet home, and outdoor living categories.
JEWETT-CAMERON TRADING CO LTD - Form 10-K SEC filing ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. The matter is an action seeking compensation for personal injuries and is based on theories of product liability as to Jewett-Cameron. NORTH PLAINS, Ore., Nov. 29, 2021 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2021. The following tables show the operations of the Company's reportable segments. The result of this would be a lessening of each present stockholders relative percentage interest in our company. Verify your identity, personalize the content you receive, or create and administer your account.
Home - Jewett Cameron Company The lower margin in the current period was due to higher costs related to shipping and logistical issues, and increased sales of lower margin lumber. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We are guided by our defining principles. For the nine-month period ended May 31, 2021, JCSC had operating income of $94,339 compared to an operating loss of ($60,458) for the nine months ended May 31, 2020. We also intend to continue to develop new products, particularly those that complement and expand our existing product lines. Hillcrest, North Plains, Oregon, (Registrants Telephone Number, Including Area Code). If we lost this credit it could become impossible to pay some of our creditors on a timely basis. If common stock is issued in return for additional funds, the price per share could be lower than that paid by our current stockholders. Sustainable and proud positive impact We strive to operate and grow in a way that honors our environment and relationships for the long term. Subsequent to the end of the period, the Company repaid an additional $1.0 million. Due to the continuing uncertainty caused by the worldwide shipping and logistical issues, the Company has recently increased its line of credit to $10 million, of which $5 million is available. All of the borrowed funds were spent on qualifying employee payroll expenses, and the Companys loans were fully forgiven by the SBA in April 2021. Net income for the nine months ended May 31, 2021, including the one-time gain on the forgiveness of the Companys PPP loans of $687,387, was $2,849,839, or $0.82 per basic and diluted share, compared to net income of $1,216,089, or $0.33 per basic and diluted share, for the nine months ended May 31, 2020. Selling, General and Administrative rose to $966,299 from $706,079 which is commensurate with the higher level of sales in the current quarter. Observable At May 31, 2021, cash and cash equivalents were $2,170,046 compared to $3,801,037 at August 31, 2020. Income taxes payable increased by $189,594 to $230,190. If our top customers were lost, we could experience lower sales volumes. Dollars)(Prepared by Management)(Unaudited). All of the proceeds from the PPP loans were used for employee payroll expenses. We could lose our credit agreement and could result in our not being able to pay our creditors. Although we believe our internal controls are operating effectively, we cannot guarantee that in the future we will not identify any material weaknesses in connection with this ongoing process. Our three critical legs of strategy focus on providing crafted, stewardship and legacy values to all that we touch whether that be products or key stakeholders interests. As such, separate disclosure of MSIs operations as discontinued operations within the Companys statement of operations was not considered necessary. All costs related to these activities are included as a component of cost of sales in the consolidated statements of operations. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. The proceeds from such an offering could be utilized both for short-term capital needs and to complement the Company's future growth plans. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data. Thank you for your interest in the U.S. Securities and Exchange Commission. There is no guarantee our actions will secure our information systems against all threats and vulnerabilities. , . Other current capital projects include the renovation of the former seed laboratory into a new Creative Center for new product development which was completed in February 2021. Income from operations was $2,019,644 compared to $2,638,011 for the third quarter ended May 31, 2021. Jewett Cameron Company strives to develop and build premium, innovative products in the fencing, pet home, and outdoor living categories. However, due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on the Companys business, financial position, and operating results in the future. The Company incurs certain expenses related to preparing, packaging and shipping its products to its customers, mainly third-party transportation fees. The Company is currently evaluating the impact of ASU No. Assets to be disposed of are reported at the lower of the carrying amount and the fair value less costs to sell. There is also a shortage of trucks and trucking capacity in the United States, which is causing some delays in both receiving goods from suppliers and shipping product to customers. Sales for the third quarter of fiscal 2022 totaled approximately $20.9 million compared to sales of $21.6 million for the third quarter of fiscal 2021. , . Actual results could differ from those estimates. A trial date has not been set at this time. Former wholly owned subsidiary MSI-PRO was wound-up and dissolved in fiscal 2020. The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. A contagious disease outbreak, such as the recent COVID-19 pandemic emergency, could have an adverse effect on our operations and financial condition. The Company provides for depreciation over the estimated life of each asset on a straight-line basis over the following periods: The Companys intangible assets have a finite life and are recorded at cost. This represents an increase of $11,478,246, or 37%. The Company operates primarily in the United States. Weighted average number of common shares outstanding: CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY, Shares repurchased and cancelled (note 10), Shares issued pursuant to compensation plans, (Gain) on sale of property, plant and equipment. The expansion of our product lines through the introduction of complementary products is performing well, particularly with the compostable dog waste bag which has received extremely favorable consumer response. Sales in the prior years period were negatively affected by poor planting seasons caused by wet weather across North America which reduced the demand for the Companys clover seed as a cover crop. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. These reportable segments were determined based on the nature of the products offered. The largest entity, which accounts for the majority of JCTCF revenues and margins, is JCC. (Level 1), Significant The seed processing and sales segment reflects the business of Jewett-Cameron Seed Company (JCSC). Notes payable, which are the promissory notes PPP loans received in the 3rd quarter, declined by $680,707 to $Nil as the SBA forgave the entire amount of both loans in the period. Choosing a selection results in a full page refresh. Both international and domestic supply chains and logistics remain chaotic. During the year ended August 31, 2020, the Companys Board of Directors approved the termination of the stock option program. Mr. Summers has been with Jewett-Cameron since October 2019. Depreciation rose to $69,353 from $54,781. There was no gain on Sale of Property, Plant and Equipment in the current period compared to $2,200 in the quarter ended May 31, 2020. JC USA is the holding company for the wholly-owned operating subsidiaries. Current portion of notes payable (note 8), 21,567,564 common shares, without par value, 10,000,000 preferred shares, without par value, 3,489,161 common shares (August 31, 2020 3,481,162), Total liabilities and stockholders equity, Selling, general and administrative expenses. 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.
Jewett Cameron Form 10-Q - SEC.gov In response to the COVID-19 pandemic, the State of Oregon fully reopened and lifted all of its mask and social distancing requirements in June 2021. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. Subsequent to the end of the third fiscal quarter, the Company added Michelle Walker to the Board of Directors. These individuals are Donald Boone, who passed away in May, 2019, and who was the . Previously, she was CEO of Sock It to Me, Inc., a sock and underwear brand she grew by 400% during her tenure. MSI is a former division of the Company that imported and distributed products including pneumatic air tools, industrial clamps, and saw blades. Jewett Cameron Trading Company Ltd. (JCTCF) has one primary subsidiary, JC USA, Inc. which has three business subsidiaries; Jewett Cameron Company (JCC), Greenwood Products Inc. and Jewett Cameron Seed Company (JCSC). Diluted earnings per common share takes into consideration common shares outstanding (computed under basic earnings per share) and potentially dilutive common shares. NORTH PLAINS, Ore., July 13, 2023 /PRNewswire/ --Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for the third quarter and nine-month periods of fiscal 2023 ended May 31, 2023. Selling, General and Administrative expenses increased to $2,556,902 from $2,118,999 which is commensurate with the higher level of sales in the current period. The Company also records a corresponding asset which is amortized over the life of the asset. Changes in non-cash working capital items: Increase in accounts payable and accrued liabilities, Net cash provided by (used in) operating activities, Purchase of property, plant and equipment, Net proceeds and repayments from bank indebtedness, Net cash provided by financing activities, Contact: Chad Summers, President & CEO, (503) 647-0110, View original content:https://www.prnewswire.com/news-releases/jewett-cameron-announces-3rd-quarter-financial-results-301877068.html. The Company, through its subsidiaries, operates out of facilities located in North Plains, Oregon. The following table lists sales made by the Company to customers which were in excess of 10% of total sales for the nine months ended May 31, 2021 and 2020: The Company conducts business primarily in the United States, but also has limited amounts of sales in foreign countries. We remain committed to our overall strategy to expand new and existing sales channels, widen our product distribution, and grow our connections with the end consumer. The Company is a named party in a Civil Action in Pennsylvania. In the opinion of management, the accompanying consolidated financial statements of Jewett-Cameron Trading Company Ltd., contain all adjustments, consisting only of normal recurring adjustments, necessary to fairly state its financial position as of May 31, 2021 and August 31, 2020 and its results of operations and cash flows for the three and nine month periods ended May 31, 2021 and 2020 in accordance with U.S. GAAP. Non-executive directors will be granted 25 common shares for each quarter of service, with the cumulative amount of shares earned each fiscal year to be granted shortly after the close of that fiscal year. There has also been strong market acceptance of the Companys newly introduced products, including the compostable dog waste bags. , . The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and normal use of the long-lived assets. Borrowing under the line of credit is secured by an assignment of accounts receivable and inventory. "The continuing successful implementation of our corporate strategy is reflected in the higher sales and net income for fiscal 2021", said CEO and Chairman Charlie Hopewell. The Company estimates income tax expense for the quarter based on combined federal and state rates that are currently in effect, and the increase in taxes is consistent with the higher income for the current quarter. Accounts receivable, net of allowance of $0 (August 31, 2022 - $0), Inventory, net of allowance of $456,021 (August 31, 2022 - $800,000), 10,000,000 preferred shares, no par value, 3,498,899 common shares (August 31, 2022 3,495,342), Total liabilities and stockholders' equity, Selling, general and administrative expenses. They have a term of 2 years with a 1% annual interest rate. At the present time it is speculative to predict as to its outcome.
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