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Jewett-Cameron Trading Company Q1 2019 sales $9.1 million

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Staff Writer | January 16, 2019
Jewett-Cameron Trading Company reported financial results for the first quarter of fiscal 2019 ended November 30, 2018.
Jewett-Cameron Trading Company   Net income was $349,694, or $0.08 per share
Sales for the first quarter of fiscal 2019 totaled $9.1 million compared to sales of $9.4 million for the first quarter of fiscal 2018.

Net income was $349,694, or $0.08 per share, compared to net income of $323,433, or $0.07 per share, in the year-ago quarter.

"The implementation of higher tariffs on our products manufactured in China had a negative effect on our sales during the current quarter," said CEO Charlie Hopewell.

"However, our efforts to mitigate these higher costs including some price increases, combined with a favorable product mix, did result in higher margins during the quarter. We also added new customers and will continue to work to expand our client base both domestically and internationally."

As of November 30, 2018, the company's cash position was approximately $5.4 million, and there was no borrowing against its $3.0 million line of credit. During the quarter, 95,671 common shares were repurchased at a cost of $893,376, which is an average share price of $9.34 per share. These purchases completed the 250,000 share repurchase plan originally announced in June 2018.