Jewett Cameron Trading Company Ltd (JCTCF) has reported a 19.79 percent rise in profit for the year ended Aug. 31, 2016. The company has earned $2.13 million, or $0.87 a share in the year, compared with $1.77 million, or $0.69 a share for the last year.
Revenue during the year grew 13.90 percent to $48.11 million from $42.24 million in the previous year. Gross margin for the year expanded 31 basis points over the previous year to 20.24 percent. Total expenses were 92.49 percent of annual revenues, down from 93.08 percent for the last year. This has led to an improvement of 59 basis points in operating margin to 7.51 percent.
Operating income for the year was $3.62 million, compared with $2.92 million in the previous year.
"The continued acceptance of several new products we introduced beginning in fiscal 2015 has had a positive effect on our sales and financial results" said chief executive officer Don Boone. "We are also continuing construction of a warehouse expansion at our North Plains headquarters which will support the distribution of additional new products in the future".
Operating cash flow improves
Jewett Cameron Trading Company Ltd has generated cash of $3.15 million from operating activities during the year, up 11.25 percent or $0.32 million, when compared with the last year.
The company has spent $0.92 million cash to meet investing activities during the year as against cash outgo of $0.29 million in the last year.
The company has spent $2.12 million cash to carry out financing activities during the year as against cash outgo of $2.45 million in the last year period.
Cash and cash equivalents stood at $4.52 million as on Aug. 31, 2016, up 2.35 percent or $0.10 million from $4.42 million on Aug. 31, 2015.
Working capital decreases marginally
Jewett Cameron Trading Company Ltd has witnessed a decline in the working capital over the last year. It stood at $14.45 million as at Aug. 31, 2016, down 4.32 percent or $0.65 million from $15.10 million on Aug. 31, 2015. Current ratio was at 7.25 as on Aug. 31, 2016, down from 8.19 on Aug. 31, 2015.
Cash conversion cycle (CCC) has decreased to 63 days for the year from 120 days for the last year. Days sales outstanding went down to 31 days for the year compared with 37 days for the same period last year.
Days inventory outstanding has decreased to 38 days for the year compared with 92 days for the previous year period. At the same time, days payable outstanding went down to 7 days for the year from 9 for the same period last year.
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