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- **Revenue hit by tariffs**: 21% Q3 decline, but LTP growth (85%) and displayers (88% increase) mitigate metal fence weakness.
- **Cost-cutting measures**: 20% staff reduction and supplier diversification to Vietnam/Malaysia/Bangladesh.
- **Financial strain**: 15% gross margin vs. 18.6% prior, $0.6M net loss, but $2.6M OpEx down 10%.
- **Key initiatives**: LTP sales 8% of total, pet business 44% down, and seed facility for sale to boost equity.

**【CEO Summary Section】**
- **Revenue decline**: Q3 2025 revenue fell 21% to $12.6 million, driven by tariffs and deferred customer purchases.
- **Metal fence resilience**: Despite overall decline, metal fence sales dropped only 4%, supported by 85% growth in Lifetime Steel Post (LTP) product sales and 88% increase in LTP displayers at Home Depot.
- **Challenges in other segments**: Pet business down 44% due to supply chain issues; wood fence sales impacted by cedar shortages, though production is now expanded.
- **Mitigation strategies**: Diversified suppliers to Vietnam, Malaysia, and Bangladesh to reduce tariff exposure; 20% workforce reduction to cut costs.
- **Long-term optimism**: Expecting tariff clarity to restore normalized demand, with focus on supply chain diversification and operational efficiency.

**【CFO Financial Commentary】**
- **Gross margin pressure**: 15% gross margin (down from 18.6%) due to tariffs, shipping costs, and lower-margin product shifts.
- **Cost control**: Operating expenses reduced 10% to $2.6 million, offsetting部分 tariff impacts.
- **Financial health**: Net loss of $0.6 million; inventory at $15.3 million, with $2.4 million drawn on credit line.

**【Q&A Highlights】**
- **LTP contribution**: LTP sales account for 8% of total revenue.
- **Customer overlap**: Potential overlap between fencing and pet product buyers, but no direct data.
- **Asset monetization**: Seed processing facility (book value $550K) being marketed for sale to enhance shareholder value.

Jewett-Cameron Trading Company Ltd (JCTC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

JCTC

JCTC fundamentals

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