Higher costs for materials affect Jewett-Cameron
Jewett-Cameron Trading Co. reported sales for the second quarter of fiscal 2012 totaling $11.75 million compared to sales of $11.86 million for the second quarter of fiscal 2011.
Operational income for the quarter, which ended Feb. 29, 2012, was $672,436 compared to $755,337 in the year-ago quarter.
In February 2012, the company received a favorable decision from the Oregon Supreme Court in the company’s lawsuit filed in relation to the acquisition of inventory by Greenwood Products. As a result, the current quarter’s results include a reversal of litigation reserves of $1,443,629 and interest expense of $16,023. These amounts have been treated as a one-time gain and contributed to net income after other items and income taxes.
For the six month period, Jewett-Cameron reported sales of $19.0 million compared to sales of $17.9 million for the same period a year ago. Net income after other items and income taxes was $1.35 million compared to a net loss of $349,386 a year ago. The current six month period was positively affected by the reversal of litigation reserves, while the year-ago six month period was negatively affected by the company accruing $1,370,151 to the litigation reserve.
"We are pleased with the higher level of sales for the six-month period and the favorable ruling by the Oregon Supreme Court," said CEO Don Boone. "However, the higher material and transportation costs continue to negatively affect our margins and net income."
Jewett-Cameron Trading Co. is a holding company that, through its subsidiaries, operates out of facilities located in North Plains, Oregon. Jewett-Cameron Lumber Corp.’s business consists of the manufacturing and distribution of specialty metal products and wholesale distribution of wood products to home centers and other retailers located primarily in the United States. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries in the United States.
No comments found
Weyerhaeuser is hiring at EWP plants
Weyerhaeuser has announced plans to hire at least 100 trades and production workers at three of its engineered lumber product plants in the South. The locations are Natchitoches and Zwolle, La., and Emerson, Ark.
People interested in applying for these and other Weyerhaeuser jobs can search available positions and submit an application on the “careers” page of the Weyerhaeuser website.
“We are gearing up to ensure continuing product availability for our customers as demand for housing and light commercial construction recovers,” said Carlos Guilherme, VP engineered lumber products for Weyerhaeuser.
The Natchitoches plant manufactures Trus Joist joists used in flooring. The plant also produces Trus Joist Microllam laminated veneer lumber (LVL), which is a strong and versatile engineered lumber product used for beams and window and door headers. The Zwolle and Emerson plants manufacture Weyerhaeuser veneer and plywood.
March housing starts decline, but permits rise
Residential construction data from the Commerce Department released Tuesday morning shows housing starts declined 5.8% in March to a seasonally adjusted annual rate of 654,000. But building permits were the strongest since September 2008.
Single-family housing starts held steady at 462,000, compared with 463,000 in February.
The total housing starts figure is the lowest since October 2011, when the rate dipped to 628,000. Optimists, however, will point out that the year-over-year growth continues to be strong for construction. March’s total starts are up 10.3%, and single-family starts are up 10.5% compared with March 2011.
The building permit story will also fuel optimism. Privately owned housing units authorized by building permits in March were at a rate of 747,000, up 4.5% from February, and up 30.1% compared with March 2011.