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Jewett-Cameron Trading Company (JCTC-10.98%) Ltd. has submitted its 10-K filing for the fiscal year ended August 31, 2024.
The filing outlines a decrease in total sales to $47.1 million from $54.3 million in the previous year, mainly due to reduced consumer spending in the home improvement and pet product sectors.
Gross margin declined to 18.8% from 22.6% in fiscal 2023, affected by increased shipping costs and inventory liquidation.
Operating expenses fell to $10.7 million from $11.8 million, with reductions in wages and employee benefits due to a lower number of employees.
The company reported net income of $721,753, or $0.21 per share, compared to a net loss of ($20,626), or ($0.01) per share, in the previous year.
Jewett-Cameron's largest segment, Pet, Fencing and Other, saw a sales decline of 12% to $43.3 million, while Industrial Wood Products increased sales by 43% to $3.7 million.
The Seed Processing and Sales segment, which was closed effective August 31, 2023, contributed $86,274 in sales.
Jewett-Cameron has diversified its supplier base, sourcing from Canada, Bangladesh, Vietnam, Malaysia, and Taiwan, in addition to China, to mitigate tariff impacts and improve margins.
The company maintains a strong balance sheet with a current ratio of 8.57 and cash of $4.85 million as of August 31, 2024.
Jewett-Cameron settled an arbitration case with a former distributor, resulting in a one-time cash payment of $2,450,000.
The company continues to focus on its core product lines and seeks to expand its market presence through new customer acquisitions and strategic partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jewett-Cameron Trading Company annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.