NORTH PLAINS, Ore., April 15, 2024 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ:JCTCF) today reported financial results for the second quarter and six month periods of fiscal 2024 ended February 29, 2024. Sales for the second quarter of fiscal 2024 were $8.23 million compared to sales of $8.14 million for the second quarter of fiscal 2023. Loss from operations was ($726,687) compared to a loss of ($1,210,085) for the quarter ended February 28, 2023. Net loss was ($534,145), or ($0.15) per share compared to a net loss of ($972,038), or ($0.28) per share, in the year-ago quarter. For the six months ended February 29, 2024, sales totaled $18.0 million compared to sales of $20.7 million for the six months ended February 28, 2023. Loss from operations was ($1,515,911) compared to a loss of ($1,216,883) for the six months ending February 28, 2023. After a one-time gain from a favorable arbitration settlement, net income of the current six months was $757,395, or $0.22 per share, compared to a net loss of ($1,045,798), or ($0.30) per share, for the first six months of fiscal 2023. "Consumer spending continues to be negatively affected by inflation and general economic pressures," said CEO Chad Summers. "In response, we are focusing on innovation and growing our core product lines of fencing, pet containment and the new MyEcoWorld® line of sustainable bag products. These efforts include the addition of new customers and complementary new products, while working to identify cost reductions and improving our margins." As of February 29, 2024, the Company's cash position was approximately $1.15 million, and there was no borrowing against our bank line of credit. We requested the bank reduce our line of credit from $10 million to $5 million as our forecasts do not anticipate the need to borrow above that level. Our bank has decided that we do not currently meet their criteria for a line of credit, and the revised $5 million line will expire on June 30, 2024. We are currently in negotiations with other lenders, including asset based lenders, on establishing a new line of credit of $5 million or less. We anticipate having one or more new funding and banking arrangements in place by May 31, 2024. 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 patented and patent pending specialty metal products, wholesale distribution of wood products, and seed processing and sales. The Company's brands include Lucky Dog®, for pet products; Adjust-A-Gate®, Fit-Right®, Perimeter Patrol®, Infinity Euro Fence, and Lifetime Post® for gates and fencing; and Early Start, Spring Gardner™, Greenline®, and Weatherguard for greenhouses.  Additional information about the Company and its products can be found the Company's website at www.jewettcameron.com. Forward-looking Statements The information in this release contains certain forward-looking statements that anticipate future trends and events.  These statements are based on certain assumptions that may prove to be erroneous and are subject to certain risks, including but not limited to, the uncertainties of the Company's new product introductions, the risks of increased competition and technological change in the Company's industry, and other factors detailed in the Company's SEC filings.  Accordingly, actual results may differ, possibly materially, from predictions contained herein. JEWETT-CAMERON TRADING COMPANY LTD. CONSOLIDATED BALANCE SHEETS (Expressed in U.S. Dollars) (Prepared by Management) (Unaudited) February 29, 2024 August 31, 2023 ASSETS Current assets   Cash and cash equivalents $ 1,149,316 $ 83,696   Accounts receivable, net of allowance of $0 (August 31, 2023 - $0) 4,676,317 5,634,924   Inventory, net of allowance of $410,325 (August 31, 2023 - $497,884) 17,576,787 18,339,048   Prepaid expenses 796,393 630,788   Total current assets 24,198,813 24,688,456 Property, plant and equipment, net 4,450,788 4,655,427 Intangible assets, net 112,639 134,845 Deferred tax assets 226,148 319,875 Total assets $ 28,988,388 $ 29,798,603 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities   Accounts payable $ 2,190,006 $ 2,181,194   Bank indebtedness - 1,259,259   Income taxes payable 172,722 147,629   Accrued liabilities 1,738,874 2,113,194 Total liabilities 4,101,602 5,701,276 Stockholders' equity   Capital stock     Authorized       21,567,564 common shares, no par value       10,000,000 preferred shares, no par value     Issued       3,504,802 common shares (August 31, 2023 – 3,498,899) 826,861 825,468   Additional paid-in capital