Jewett-Cameron, the North Plains, Ore.-based LBM distributor, reported sales for its first quarter of fiscal 2012 of $7.24 million, a 19% rise over sales of $6.08 million for the first quarter of fiscal 2011. Net income for the quarter, which ended Nov. 30, 2011, was $64,033, compared with a net loss of $846,335 in the corresponding period last year. The year-ago results were negatively affected by a one-time litigation reserve of $1,579,125.
On Jan. 17, the company announced a new share re-purchase plan where it can repurchase up to 300,000 common shares representing about 16% of the approximately 1.9 million common shares outstanding. This share repurchase plan may commence on Jan. 23, 2012, and will remain in place until May 18, 2012, but may be limited or terminated at any time without prior notice.
"We are pleased with the almost 19% increase in sales compared with the prior year's first quarter," said CEO Don Boone, "and believe that extending our share repurchase program at this time is in the best interest of the company and our shareholders."