cloudhosting14 wrote: As you would already know that managed hosting itself is another form of Cloud hosting in which the system administrations of servers is looked upon by the CPs. Similar is the case with managed multi Cloud hosting. You can very well understand how a big burden it would be to manage multi cloud servers for organization; this is why a service known as managed multi Cloud is provided to these users. This service ensures them the seam less running of their system administrative operations while organizations focus more on t...
NORTH PLAINS, Ore., Nov. 7, 2012 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ: JCTCF) today reported financial results for its fourth quarter and fiscal year ended August 31, 2012.
For the fiscal year ended August 31, 2012 Jewett-Cameron reported net income after other items and income taxes of $3,059,931, or $1.78 per diluted share, on sales of $45.95 million, compared to net income of $902,394, or $0.44 per diluted share, on sales of $42.06 million, reported for fiscal 2011. The net income in the current year was positively affected by litigation income and related interest of $1,457,096. The prior years' results were negatively affected by a litigation loss and related interest expenses of ($1,402,863).
Sales for the fourth quarter of fiscal 2012 totaled $10.8 million compared to sales of $11.2 million for the fourth quarter of fiscal 2011. The company reported net income of $771,034, or $0.45 per diluted share, compared to net income of $647,456, or $0.31 per diluted share, in the fourth quarter of fiscal 2011.
"We have continued to focus on our strengths of being a reliable and valuable supplier of quality products to our customers. Our successful efforts are reflected in our higher sales and income from operations for the year," said CEO Don Boone. "We also began shipping several new products to complement our existing product lines. However, higher material and transportation costs continue to have a negative effect on our margins."
As of August 31, 2012, the Company's cash position was $7.3 million, and currently there is no borrowing against its $5.0 million line of credit.
During fiscal 2012, the Company re-purchased and cancelled a total of 340,486 shares of its common stock at an average price of $9.03 per share. The total cost of these share repurchases in fiscal 2012 was $3,075,559. On August 17, 2012, the Company announced the Board of Directors had authorized a new Rule 10b-18 share repurchase plan to purchase for cancellation up to 400,000 common shares. This share repurchase plan commenced on August 20, 2012 and will remain in place until March 15, 2013 but may be limited or terminated at any time without prior notice. As of November 7, 2012, no common shares have been repurchased under the new plan.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that operates through subsidiary companies as follows. Jewett-Cameron Lumber Corporation is a wholesaler of wood products and a manufacturer and distributor of specialty metal products, sold principally to home centers and other retailers. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries. 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.
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
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars)
AS OF AUGUST 31
2012
2011
ASSETS
Current assets
Cash
$ 7,309,388
$ 6,774,127
Accounts receivable, net of allowance
of $6,509 (August 31, 2011 - $0)
3,092,842
3,897,086
Inventory, net of allowance
of $139,869 (August 31, 2011 - $204,860) (note 3)
7,085,389
5,815,593
Note receivable
20,000
41,500
Prepaid expenses
388,957
848,341
Prepaid income taxes
-
682,527
Total current assets
17,896,576
18,059,174
Property, plant and equipment, net (note 4)
1,997,109
1,850,037
Intangible assets, net (note 5)
444,203
510,771
Deferred income taxes (note 6)
101,573
157,862
Total assets
$ 20,439,461
$ 20,577,844
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$ 1,577,182
$ 519,265
Litigation reserve (Note 13(a))
170,819
1,627,915
Accrued liabilities
1,181,067
941,846
Accrued income taxes
37,203
-
Total current liabilities
2,966,271
3,089,026
Contingent liabilities and commitments (note 13)
Stockholders' equity
Capital stock (note 8)
Authorized
20,000,000 common shares, without par value
10,000,000 preferred shares, without par value
Issued
1,567,971 common shares (August 31, 2011 - 1,908,457)
1,479,721
1,801,043
Additional paid-in capital
600,804
600,804
Retained earnings
15,392,665
15,086,971
Total stockholders' equity
17,473,190
17,488,818
Total liabilities and stockholders' equity
$ 20,439,461
$ 20,577,844
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in U.S. Dollars)
YEAR ENDED AUGUST 31
2012
2011
SALES
$ 45,945,530
$ 42,056,470
COST OF SALES
37,306,129
33,930,109
GROSS PROFIT
8,639,401
8,126,361
OPERATING EXPENSES
Selling, general and administrative
1,463,550
1,680,428
Depreciation and amortization
244,216
261,542
Wages and employee benefits
3,368,495
3,348,143
5,076,261
5,290,113
Income from operations
3,563,140
2,836,248
OTHER ITEMS
Loss on sale of property, plant and equipment
-
(2,652)
Interest and other income (loss)
13,968
(30)
Interest expense
(743)
(440,726)
Litigation income (loss) (note 13(a))
1,443,629
(962,137)
1,456,854
(1,405,545)
Income before income taxes
5,019,994
1,430,703
Income taxes (note 6)
Current
1,903,774
487,589
Deferred
56,289
40,720
Net income for the year
$ 3,059,931
$ 902,394
Basic earnings per common share
$ 1.78
$ 0.44
Diluted earnings per common share
$ 1.78
$ 0.44
Weighted average number of common shares outstanding:
Basic
1,722,106
2,060,587
Diluted
1,722,106
2,060,587
JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars)
YEAR ENDED AUGUST 31
2012
2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the year
$ 3,059,931
$ 902,394
Items not affecting cash:
Depreciation and amortization
244,216
261,542
Loss on sale of property, plant and equipment
-
2,652
Deferred income taxes
56,289
40,720
Litigation (income) loss
(1,443,629)
962,137
Interest (income) expense on litigation
(13,467)
440,726
Changes in non-cash working capital items:
Decrease (increase) in accounts receivable
804,244
(22,972)
Decrease in note receivable
21,500
-
(Increase) decrease in inventory
(1,269,796)
450,189
Decrease (increase) decrease in prepaid expenses
459,384
(791,645)
Decrease (increase) in prepaid income taxes
682,527
(682,527)
Increase (decrease) in accounts payable and accrued liabilities
With Cloud Expo New York | 12th Cloud Expo [June 10-13, 2013] hurtling towards us, let's take a look at the distinguished individuals in our incredible Speaker Faculty for the technical and strategy sessions at the conference coming up June 10-13 at the Jacob Javits Center in New York ...
If the leadership in your organization is mature and has a good track record – rest assured that a risk-mitigated decision to dabble in the public cloud is a vote of confidence in your direction.
It's little more than innate human nature to strive to control the environment around us....
The technology infrastructure of today’s business landscape has undergone dramatic shifts in recent years. The consumerization of IT, the Bring Your Own Device (BYOD) movement, and of course the cloud have revolutionized the way corporations manage data, complete transactions and commu...
We must bring together the worlds of SOA, BPM, Cloud, REST, and HOA. The secret to getting all these architectural trends to work well together centers on how we deal with state information. We must first separate application state from resource state, and then subsequently take the co...
Hyper-V Replica is our included asynchronous site-to-site VM replication capability for Windows Server 2012 and our free Hyper-V Server 2012 bare-metal enterprise-grade hypervisor. Using Hyper-V Replica, you can quickly implement a cost-effective disaster recovery plan for your busine...
.gif)
With Cloud Expo New York | 12th Cloud Expo [June 10-13, 2013] hurtling towards us, let's take a look at the distinguished individuals in our incredible Speaker Faculty for the technical and strategy sessions at the conference coming up June 10-13 at the Jacob Javits Center in New York ...
If the leadership in your organization is mature and has a good track record – rest assured that a risk-mitigated decision to dabble in the public cloud is a vote of confidence in your direction.
It's little more than innate human nature to strive to control the environment around us....
The technology infrastructure of today’s business landscape has undergone dramatic shifts in recent years. The consumerization of IT, the Bring Your Own Device (BYOD) movement, and of course the cloud have revolutionized the way corporations manage data, complete transactions and commu...
We must bring together the worlds of SOA, BPM, Cloud, REST, and HOA. The secret to getting all these architectural trends to work well together centers on how we deal with state information. We must first separate application state from resource state, and then subsequently take the co...
Hyper-V Replica is our included asynchronous site-to-site VM replication capability for Windows Server 2012 and our free Hyper-V Server 2012 bare-metal enterprise-grade hypervisor. Using Hyper-V Replica, you can quickly implement a cost-effective disaster recovery plan for your busine...
