Jewett-Cameron reports third-quarter financial results

Jewett-Cameron Trading Co. CEO Don Boone said a shift to e-commerce resulted in lower costs and higher margins for the company during its third quarter ended May 31.

Overall, third quarter sales were $15.1 million, down from $16.1 million a year ago. The company reported net income of $1.02 million, up from $937,000 a year ago.

Sales for the nine months were at $38.6 million, up from $35.1million a year prior. Net income for the nine months was $2.3 million, about the same as a year ago.

Boone added that the company implemented a new share repurchase plan.

"We also completed the 2 for 1 stock split of our common shares, and our strong cash position combined with the additional liquidity corresponds to our practice of implementing share re-purchase programs, which we believe is an effective method of enhancing shareholder value," said Boone.