jewett cameron investor relations

You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. SOURCE Jewett-Cameron Trading Company Ltd. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! The financial impact of such an outbreak are outside our control and are not reasonable to estimate, but may be significant. For the nine months ended May 31, 2020, there were two suppliers that each accounted for 10% or greater of total purchases, and the aggregate purchases amounted to $13,119,225. The plan allows for a non-elective discretionary contribution plus matching employee contributions up to a specific limit. The Company continues to closely monitor the impact of the pandemic on all aspects of its business. 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. , . During the period, the Company issued 7,999 common shares to officers, directors and employees as compensation under the Companys Restricted Share Plan at a deemed price of $8.80 per share. Jewett-Cameron is currently one of three named Defendants. The shares were repurchased privately at a price of $7.89 per share, calculated as the Volume Weighted Average Price (VWAP) of all the shares traded on NASDAQ during the first quarter of fiscal 2020. Dollars)(Prepared by Management)(Unaudited). 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. No common shares were repurchased during the first nine months of fiscal 2021 ended May 31, 2021. Income taxes payable increased by $189,594 to $230,190. Accordingly, actual results may differ, possibly materially, from predictions contained herein. Effective September 1, 2019, the Board of Directors decided to permanently close the MSI division and exit the industrial tools business. We could experience a decrease in the demand for our products resulting in lower sales volumes. Income tax expense for the three months ended May 31, 2021 was $904,638 compared to $522,026 for the three month period ended May 31, 2020. This has resulted in significant cost increases for container rentals in addition to shipping delays, as seaborne container slots are scarce and there are long delays for container ships to unload at certain American West Coast ports. Weighted average number of common shares outstanding: Changes in non-cash working capital items: (Decrease) increase in accounts payable and accrued liabilities, Decrease (increase) in prepaid income taxes, Net cash provided by (used by) operating activities, Purchase of property, plant and equipment, Net cash provided by financing activities, Contact: Chad Summers, President & CEO, (503) 647-0110. Besides our internal new product development process, we may also seek to acquire products that conform to this strategy. Holders of common stock are entitled to one vote for each share held. That counter claim has been rejected by Illinois courts. Share this article. 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 Industrial wood. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. With the expected phase-out of LIBOR, the Company expects the calculated rate on the line of credit will be changed to another published reference standard before the planned cessation of LIBOR quotations sometime in 2021. Income tax expense in the current nine month period was $1,035,896 compared to $547,614 for the nine months ended May 31, 2020. The maximum number of Common Shares reserved for issuance under the Plan will not exceed 1% of the then issued and outstanding number of Common Shares at the time of the grant. Based on the timing of accounts receivable and the unused portion of the line of credit, the Company believes it has sufficient working capital available for the remainder of fiscal 2023. The Board believes that sound corporate governance practices are essential to the effective, efficient and prudent operation of the Company and for . Wood products are primarily fencing, while metal products include pet enclosures and kennels, proprietary gate support systems, perimeter fencing, greenhouses, canopies and umbrellas. JCSC is a processor and distributor of agricultural seeds in the United States. Jewett-Cameron Company Company Profile | North Plains, OR | Competitors, Financials & Contacts - Dun & Bradstreet Operating profit for the current quarter was $3,104,805 compared to income of $1,909,079 for the quarter ended May 31, 2020. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Jewett-Cameron Announces 3rd Quarter Financial Results, Jewett-Cameron announces adoption of Advance Notice Policy. We have also revamped our corporate website in line with our omnichannel rebranding. Therefore, our management could decide to make an investment (buy shares, loan money, etc.) Nine Months Ended May 31, 2021 and May 31, 2020. The Company does not expect any change in the interest rates to have a material adverse effect on the Companys results from operations. Jewett-Cameron Trading Company, Ltd. acquired all the shares of JCLC through a stock-for-stock exchange on July 13, 1987, and at that time JCLC became a wholly owned subsidiary. We are adding sales and customers as our production levels continue to ramp up. , . Bank indebtedness was $996,010 compared to $Nil as of August 31, 2020 as the Company drew on its line of credit during the third quarter. The Companys new Enterprise Resource Planning (ERP) software system successfully went live in February 2021 and has been performing well. The Company knows of no other active or pending proceedings against anyone that might materially adversely affect an interest of the Company. Other As of May 31, 2021, the Company had a borrowing balance of $996,010, leaving $2,003,990 available. Other income in the current nine-month period includes a one-time gain on the extinguishment of debt of $687,387 which is the principal and accrued interest of the Companys two SBA PPP loans which were forgiven during the current period. With a price-to-earnings (or "P/E") ratio of 8.2x Jewett-Cameron Trading Company Ltd. (NASDAQ:JCTC.F) may be sending very bullish signals at the moment, given that almost half of all companies in . 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. Weighted average number of common shares outstanding: (Gain) on sale of property, plant and equipment. Privacy Policy and 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. In February 2016, Topic 842, Leases was issued to replace the leases requirements in Topic 840, Leases. The Office of the United States Trade Representative (USTR) instituted new tariffs on the importation of a number of products into the United States from China effective September 24, 2018. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MAY 31, 2021, TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________, (Exact Name of Registrant as Specified in its Charter), (State or Other Jurisdiction of Incorporation or Organization), 32275 N.W. External sources of liquidity include a line of credit from U.S. Bank of $5,000,000, which was increased from $3,000,000 subsequent to the end of the fiscal period. Home - Jewett Cameron Company This distributor has raised a counter claim in Illinois federal court against the Company asserting a breach of the same contract and seeking damages. Amortization is calculated using the straight-line method over the remaining life of the asset. 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. Payments were originally deferred for 6 months, after which the repayment of principal and interest is required to be made in equal monthly payments over 18 months beginning December 4, 2020. Topic 842 will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods and is to be retrospectively applied. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Based on the Companys current working capital position, its policy of retaining earnings, and the line of credit available, the Company has adequate working capital to meet its needs for the remainder of the current fiscal year. 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. 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. To date, we have not had any incidents of transmissions within the confines of our facilities due to our clear and consistent protocols during the restrictive period, as well as our employees remarkable support of our procedures which has been critical to our success in keeping our workplace safe and running. Jewett-Cameron Company's business consists of the manufacturing and distribution of patented and patent pending specialty metal products, wholesale distribution of wood products, and seed processing and sales. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Net income after other items and income taxes for the current quarter was $1,494,111, or $0.43 per share, compared to net income of $2,414,477, or $0.69 per share, in the same quarter of 2021. The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments for which it is practicable to estimate such values: Cash - the carrying amount approximates fair value because the amounts consist of cash held at a bank and cash held in short term investment accounts. These systems face threats including telecommunication failures, natural disasters, and cyber security threats, including computer viruses, unauthorized access to our systems, and other security issues. When extension of credit is not advisable, the Company relies on either prepayment or a letter of credit. These products were primarily sold to wholesalers that in turn sold to contractors and end users. Common Stock, no par value 3,489,161 common shares as of July 14, 2021. As of May 31, 2021, the Company had working capital of $18,495,447 compared to working capital of $16,815,454 as of August 31, 2020, an increase of $1,679,993. The Company estimates income tax expense for the period based on combined federal and state rates that are currently in effect. The Companys operations, including inventory production and sales, have been excluded from business restrictions within the jurisdictions that the Company operates. Sales at JCC were $37,843,379 for the nine months ended May 31, 2021 compared to sales of $27,493,875 for the nine months ended May 31, 2020, which was an increase of $10,349,504, or 38%. The assistance of the PPP program provided us the ability to assist sound employee decisions when they either felt they had an external exposure or perhaps even tested positive due to such external exposure. The fair values of cash are determined through market, observable and corroborated sources. The Company recognizes revenue from the sales of lumber, building supply products, industrial wood products, specialty metal products, and other specialty products and tools, when the products are shipped, title passes, and the ultimate collection is reasonably assured. ASU No. Based on that evaluation, our Principal Executive and Financial Officer has concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our Chief Executive Officer and our Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. 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. "It reduced some product costs and helped insulate us against the continuing supply chain disruptions from China. Verify your identity, personalize the content you receive, or create and administer your account. All costs billed to the customer are included as sales in the consolidated statements of operations. Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Revenue from the provision of these services and products is recognized when the services have been performed, products sold and collection of the amounts is reasonably assured. Jewett-Cameron Company's business consists of the manufacturing and distribution of patented and patent pending specialty metal products, wholesale distribution of wood products, and seed processing and sales. However, we cannot control the duration or depth of such actions which may increase our product costs which would reduce our margins and potentially decrease the competitiveness of our products. 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. A contagious disease outbreak, such as the recent COVID-19 pandemic emergency, could have an adverse effect on our operations and financial condition. In the past, we have at times experienced decreasing products sales with certain customers. 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. 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. Other income includes a one-time gain on the extinguishment of debt of $687,387 which is the principal and accrued interest of the Companys two SBA PPP loans which were forgiven during the current quarter. The company has multiple options to assist in mitigating the cost impacts of these government actions. Our business could be negatively affected by an outbreak of an infectious disease due to the consequences of the actions taken by companies and governments to contain and control the virus. Cash and cash equivalents totaled $2,170,046, a decrease of $1,630,991 from cash of $3,801,037. Repayment amounts due within 1 year have been recorded as current liabilities, and the remaining amounts due in more than 1 year as long-term liabilities. The Company has a deferred compensation 401(k) plan for all employees with at least 6 months of service pending a monthly enrollment time. The recipient of Restricted Shares is entitled to all of the rights of a shareholder, including the right to vote such shares and the right to receive any dividends, except that the shares granted under the Plan are nontransferable during the Restricted Period. The largest entity, which accounts for the majority of JCTCF revenues and margins, is JCC. 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. We have a line of credit with U.S. Bank in the amount of $5,000,000, of which $4,003,990 is available.

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