Jewett-Cameron Trading Company reported fourth-quarter sales of $10.8 million, down 3.6% from the same quarter a year ago.
Net income for the distributor increased to $771,034, up 19% from the year ago period.
"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."
For the fiscal year ended Aug. 31, Jewett-Cameron reported net income after other items and income taxes of $3,059,931, on sales of $45.95 million, compared with net income of $902,394 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 with 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 with net income of $647,456, or $0.31 per diluted share, in the fourth quarter of fiscal 2011.
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.
Jewett-Cameron Trading Co. is a holding company that operates through subsidiary companies. Jewett-Cameron Lumber Corp. 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.