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JEWETT-CAMERON TRADING COMPANY LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS YEAR ENDED AUGUST 31 (USD $) | 12 Months Ended
--- | ---
Aug. 31, 2013 | Aug. 31, 2012
Income statement |  |  |  |
SALES | $ 49,286,147 |  | $ 45,945,530 |
COST OF SALES | 39,455,054 |  | 37,306,129 |
GROSS PROFIT | 9,831,093 |  | 8,639,401 |
OPERATING EXPENSES |  |  |  |
Selling, general and administrative | 1,503,226 |  | 1,463,550 |
Depreciation and amortization | 256,487 |  | 244,216 |
Wages and employee benefits | 3,397,690 |  | 3,368,495 |
Total operating expenses | 5,157,403 |  | 5,076,261 |
Income from operations | 4,673,690 |  | 3,563,140 |
OTHER ITEMS |  |  |  |
Gain on sale of property, plant and equipment | 353,852 |  |  |
Interest and other income | 37,383 |  | 13,225 |
Litigation income |  | [1] | 1,443,629 | [1]
Total other items | 391,235 |  | 1,456,854 |
Income before income taxes | 5,064,925 |  | 5,019,994 |
Income taxes |  |  |  |
Current | 1,780,940 | [2] | 1,903,774 | [2]
Deferred | 151,966 | [2] | 56,289 | [2]
Net income for the year | $ 3,132,019 |  | $ 3,059,931 |
Basic and diluted earnings per common share | $ 1.00 |  | $ 0.89 |
Weighted average number of common shares outstanding:Basic and diluted | 3,135,509 |  | 3,444,212 |
[1] | Note 13(a)
[2] | Note 6

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