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Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) announced the closure of its subsidiary, Jewett-Cameron Seed Company (JCSC), effective August 31, 2023. JCSC, which reported sales of $2,359,794 and a net loss of ($517,453) in fiscal 2022, faced challenges due to declining seed quality and demand as agricultural operations around Portland are displaced. A strategic review confirmed that maintaining JCSC was not financially viable due to flat revenues and soaring maintenance costs. Immediate winding down of operations is underway, with processing of existing seed continuing until complete closure by year-end 2023. The facility includes 11.7 acres of land and 105,000 square feet of buildings in Hillsboro, Oregon. This decision will not impact other Jewett-Cameron operations located in North Plains.
Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) reported its financial results for Q2 and the first six months of fiscal 2023, ending February 28, 2023. Sales for Q2 were $8.14 million, down from $14.06 million in the same quarter last year. The company recorded a loss from operations of $1.21 million, compared to a profit of $696,740 a year earlier. Net loss for the quarter was $972,038 or $0.28 per share, compared to a net income of $269,820 or $0.08 per share in Q2 2022. For the six-month period, sales decreased to $20.7 million, down from $27.0 million in the same period last year. The company’s cash position as of February 28, 2023, was approximately $268,000, with a significant amount borrowed against its credit line.
Jewett-Cameron Trading Company Ltd. (JCTCF) reported Q1 fiscal 2023 sales of $12.58 million, a decline from $12.92 million in Q1 FY2022. The net loss improved to ($73,760) or ($0.02) per share, compared to ($391,141) or ($0.11) per share a year earlier. CEO Chad Summers noted improvements in gross margins despite global supply challenges. The company has entered two significant sales agreements: a consignment deal with a major retailer in fencing and an exclusive distribution agreement with SECOS Group for sustainable products. As of November 30, 2022, cash stood at $1.7 million, with $7.6 million drawn from a $10 million line of credit.
Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) reported its financial results for the fiscal year ending August 31, 2022. Sales increased to $62.9 million from $57.5 million in the previous year, but net income fell to $1.16 million ($0.33 per share) from $3.45 million ($0.99 per share). The fourth quarter showed stagnant sales at $15.0 million and a net loss of ($208,666) (($0.06) per share), compared to a profit in Q4 2021. The company anticipates lower purchasing in early fiscal 2023 due to sufficient inventory.
Jewett-Cameron Trading Company Ltd. (JCTCF) reported Q3 fiscal 2022 results, showing sales of approximately $20.9 million, down from $21.6 million in Q3 2021. Income from operations fell to $2,019,644 from $2,638,011 year-over-year. Net income decreased to $1,494,111 ($0.43 per share) from $2,414,477 ($0.69 per share) in Q3 2021. For the nine-month period, sales increased to $47.9 million, with net income at $1,372,789 ($0.39 per share), down from $2,849,839 ($0.82 per share) in the same period last year. The company cites effective inventory management as a key factor in mitigating supply chain disruptions.