Sales rise 24.7% at Jewett-Cameron
Jewett-Cameron Trading Co. reported $16.11 million in sales for its third fiscal quarter, a 24.7% increase over sales of $12.91 million for the same quarter of 2011.
Net income for the quarter, which ended May 31, was $937,090, compared with net income of $604,324 for the third quarter of 2011.
For the nine-month period, Jewett-Cameron reported sales of $35.1 million compared with sales of $30.8 million for the corresponding nine months a year ago. Due to the favorable ruling from the Oregon Supreme Court regarding the company’s lawsuit filed in relation to the acquisition of inventory by Greenwood Products, Jewett-Cameron reversed $1,450,363 of its litigation reserve and accrued interest during the current nine-month period. This contributed to the net income for the nine-month period ended May 31 of $2.28 million, compared to net income of $254,938 in the prior year’s period, which was negatively affected by costs from the lawsuit.
"Our continued focus of being a reliable and valuable supplier of quality products to our customers is reflected in our higher sales for both the quarter and nine -month periods," said CEO Don Boone. "We have also successfully test marketed several new products, some of which have begun shipping to customers. However, high material and transportation costs continue to limit our margins."
Jewett-Cameron Trading Co. is a holding company that, through its subsidiaries, operates out of facilities located in North Plains, Ore. 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.
LP amends credit agreement
Louisiana-Pacific Corp. has amended its 2009 revolving credit agreement with its lenders and Bank of America, the administrative agent, to release the liens on certain assets of the company and its subsidiaries. These include liens on all equipment and real estate of the Nashville, Tenn.-based company and its domestic subsidiaries.
The new agreement increases the company’s flexibility to grant liens on, and dispose of, certain assets, including equipment and real estate, according to a July 11 filing with the Securities and Exchange Commission.
Louisiana-Pacific is one of the industry’s leading suppliers of oriented strand board and other building materials.
Beacon Roofing Supply adds former LP exec to its board
Beacon Roofing Supply, one of the industry’s largest distributors of roofing and exterior building products, has announced the addition of Richard (Rick) Frost and Neil Novich to its board of directors, effective immediately.
Frost has deep operational experience in the building products industry. He retired as CEO for Louisiana-Pacific in May 2012, having served in that capacity since December 2004. Frost previously served as executive VP, president, commodity products, procurement and engineering from March 2003 to November 2004; executive VP, president, OSB, procurement and engineering from May 2002 to February 2003; and VP timberlands and procurement from 1996 to April 2002. He currently serves on the board of Tractor Supply, the largest operator of retail farm and ranch stores in the United States with more than 1,100 stores in 44 states.
Novich is the former chairman, president and CEO of Ryerson, a global metals distributor and fabricator. He joined Ryerson in 1994 as chief operating officer, was named president and CEO in 1995, adding chairman to his title in 1999. He remained chairman and CEO until 2007, when the company was sold. Prior to his time at Ryerson, Novich spent 13 years with Bain & Co., an international management consulting firm, where he was a partner.
Beacon Roofing Supply operates 206 branches in 38 states in the United States and across Canada.