Jewett-Cameron Announces 3rd Quarter Financial Results

NORTH PLAINS, Ore., July 20, 2015

Sales for the third quarter of fiscal 2015 totaled $13.3 million compared to sales of $15.3 million for the third quarter of fiscal 2014. Income from operations was $779,340 compared to $1,552,537 for the third quarter ended May 31, 2014. Net income after other items and income taxes for the current quarter was $461,100, or $0.18 per share, compared to net income of $936,329, or $0.33 per share, in the year-ago quarter.

For the nine months ended May 31, 2015, Jewett-Cameron reported sales of $30.7 million compared to sales of $33.1 million for the nine months ended May 31, 2014. Net income was $1,072,447, or $0.41 per share, compared to net income of $1,506,306, or $0.50 per share, in the first nine months of fiscal 2014.

"The extended winter weather and West Coast port slowdowns which adversely affected our results in the second quarter continued in the third quarter," said CEO Don Boone. "These conditions negatively impacted our revenues and margins. However, we launched several new products during the quarter which were well received by the marketplace, particularly by our established customer base."

As of May 31, 2015, the Company's cash position was $1.8 million, and there was no borrowing against its $3.0 million line of credit. The Company has historically utilized its cash position by implementing share repurchase programs as an effective method of enhancing shareholder value. On February 17, 2015, the Company implemented a new share repurchase plan to purchase for cancellation up to 300,000 common shares under Rule 10b5-1 of the U.S. Securities Exchange Act of 1934. During the second quarter, no common shares were repurchased. During the third quarter of fiscal 2015 ended May 31, 2015, the Company repurchased and cancelled 89,051 common shares at a total cost of $1,101,574 which represents an average price of $12.31 per share. Subsequent to the end of the third quarter, the Company re-purchased and is in the process of cancelling a total of 4,778 common shares. The total cost was $54,491 at an average share price of $11.40 per share. Effective July 17, 2015, the Board of Directors terminated the current 10b5-1 share re-purchase plan. The Board of Directors will consider implementing new share repurchase plans in the future as an effective use of the Company's cash position.

About Jewett-Cameron Trading Company Ltd.

Jewett-Cameron Trading Company is a holding company that, through its subsidiaries, operates out of facilities located in North Plains, Oregon. Jewett-Cameron Company'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. 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. JC USA provides professional and administrative services, including accounting and credit services, to its subsidiary companies.