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Jewett-Cameron reports 2Q financial results

Jewett-Cameron Trading Company says its sales and net income are down in part because of weakness in industrial wood sales to pleasure boat manufacturers.

Sales for the second quarter of 2009, which ended Feb. 28, totaled $9.35 million compared to sales of $15 million for the second quarter of 2008. The company reported net income of $256,000, or 11 cents per diluted share, compared to net income of $513,000, or 21 cents per diluted share, in the same period a year ago.

For the six months ending Feb. 28, Jewett-Cameron reported sales of $20.1 million compared to $29.3 million for the same period a year ago. Net income for the first six months of fiscal 2009 was $549,000, or 23 cents per diluted share, compared to net income of $887,000, or 37 cents per diluted share, in the same period a year ago.

"Total company sales for the six months were down about 31.4 percent from the prior year, which reflects the weakness in our industrial wood sales to pleasure boat manufacturers," CEO Don Boone said in a statement.

However, the Jewett-Cameron Lumber segment - which specializes in warehouse distribution and direct sales of specialty metal and wood products primarily related to lawn, garden and pet items - reported a 19 percent increase in sales from the prior six-month period.

"We continue to experience healthy demand for our non-wood specialty products like dog kennels, our proprietary fence gate systems, perimeter fencing and greenhouses," he said.



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