Rise in profits at Jewett-Cameron
Jewett-Cameron, a distributor of wood and metal products and other specialty items, reported sales of $15.1 million for its second quarter of 2008, an 8 percent decrease over sales of $16.4 million the previous year. Net income for the period was $513,000, a 60 percent rise compared to net income of $321,000 in the corresponding quarter last year.
For the six months ended Feb. 29, 2008, Jewett-Cameron reported sales of $29.3 million compared to $31.9 million for the same period a year ago. Net income for the six-month period was $887,000, compared to net income of $609,000 in the prior fiscal year.
The sales decline in the quarter and the six-month period reflects a decrease in revenues in the wholesaler’s industrial wood. A large increase in sales of specialty metal products, as well as in lawn, garden and pet segments, offset the declines.
"We are very pleased with our results so far this year," said Don Boone, CEO of Jewett-Cameron, in a prepared statement. "We are particularly encouraged with the continued rapid growth in demand for our specialty metal products, which include our gate support systems, perimeter fencing and dog kennels.”
Jewett-Cameron Trading Co. operates through several subsidiaries, including Jewett-Cameron Lumber Corp., whose business consists of warehouse distribution and direct sales of wood products and specialty metal products to home centers and other retailers. Greenwood Products distributes industrial wood and other specialty building products to customers in the marine and transportation industries. MSI-PRO is an importer and distributor of pneumatic air tools, industrial clamps and saw blades, among other products.