NORTH PLAINS, Ore., July 15, 2024 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (NASDAQ:JCTCF) today reported financial results for the third quarter and nine-month periods of fiscal 2024 ended May 31, 2024. Sales for the third quarter of fiscal 2024 totaled approximately $15.9 million compared to sales of $18.9 million for the third quarter of fiscal 2023. Income from operations was $55,595 compared to $1,251,019 for the third quarter ended May 31, 2023. Net income after other items and income taxes for the current quarter was $154,862, or $0.04 per share, compared to net income of $734,951, or $0.21 per share, in the 3rd quarter of 2023. For the nine months ended May 31, 2024, Jewett-Cameron reported sales of approximately $33.9 million compared to sales of $39.7 million for the nine months ended May 31, 2023. After a one-time gain from a favorable arbitration settlement, net income was $912,257, or $0.26 per share, compared to a net loss of ($310,847), or ($0.09) per share, for the first nine months of fiscal 2023. "Economic factors and restrained consumer spending, particularly in the home improvement and pet categories, continue to challenge our sales and margins" said CEO Chad Summers. "In response, we are continuing to focus on our core products and increase our visibility and brand recognition with consumers. This includes the expansion of our successful in-store product placement campaign for several of our core fence products into more stores in the 4th quarter and into fiscal 2025". As of May 31, 2024, the Company's cash position was approximately $1.05 million. Subsequent to the end of the 3rd quarter, we established a new asset-based line with Northrim Funding Services for short-term operating capital as needed. Although the interest rate on the new line is higher than we were previously paying, it does provide us with additional financial flexibility. We currently have no borrowing against this new line. 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 patented and patent pending specialty metal and sustainable bag products, and wholesale distribution of wood products. 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; MyEcoWorld® for sustainable bag products; 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) May 31, 2024 August 31, 2023 ASSETS Current assets   Cash and cash equivalents $ 1,054,704 $ 83,696   Accounts receivable, net of allowance of $0 (August 31, 2023 - $0) 7,408,344 5,634,924   Inventory, net of allowance of $90,536 (August 31, 2023 - $497,884) 13,470,934 18,339,048   Prepaid expenses 1,402,472 630,788   Total current assets 23,336,454 24,688,456 Property, plant and equipment, net 4,482,130 4,655,427 Intangible assets, net 112,431 134,845 Deferred tax assets 396,788 319,875 Total assets $ 28,327,803 $ 29,798,603 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities   Accounts payable $ 787,563 $ 2,181,194   Bank indebtedness - 1,259,259   Income taxes payable 244,108 147,629   Accrued liabilities 2,254,484 2,113,194 Total liabilities 3,286,155 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