Jewett-Cameron earnings rise in 2010
LBM distributor Jewett-Cameron reported sales of $41.57 million in the fiscal year ended Aug. 31, down 1.3% from $42.13 million in the same period a year ago.
The North Plains, Ore.-based company's net income of $1.98 million was up 25.3% from $1.58 million last year.
"Despite the struggling economy, we were able to increase net income by 25.3% and maintain our strong balance sheet," said CEO Don Boone. "Effective cost controls, combined with higher demand for our lawn, garden and pet products, largely offset the continued weakness in industrial wood sales to the marine and transportation industries."
Jewett-Cameron's divisions include a lumber business that consists of warehouse distribution and direct sales of wood products and specialty metal products to home centers and other retailers. Greenwood Products is a processor and distributor of industrial wood and other specialty building products principally to customers in the marine and transportation industries. MSI-PRO is an importer and distributor of pneumatic air tools, industrial clamps, and the Avenger Products line of sawblades and other products.
Sales for the fourth quarter of fiscal 2010 totaled $14.0 million compared with sales of $10.6 million for the fourth quarter of fiscal 2009. The company reported net income of $909,000, compared with net income of $549,000 in the fourth quarter a year ago.