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Richards Packaging Income Fund announces 2017 Performance and Normal Course Issuer Bid
Richards Packaging Income Fund announces 2017 Performance and Normal Course Issuer Bid ...
About this update from Richards Group Inc.
[{"type":"text","content":"\n\n\n\nRichards Packaging Income Fund announces 2017 Performance and Normal Course Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prngen3{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 1, 2018\n\n\n\nTORONTO, March 1, 2018 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the \"Fund\") announced today results for the quarter and year ended December 31, 2017 and a continuation of the normal course issuer bid.\n\nFourth quarter results reflected growth of $1.7 million, or 2.4%, with organic growth of $2.5 million, or 3.5%, slightly ahead of GDP growth offset by a -$0.8 million impact due to the dollar appreciating 4¢ to U.S./Cdn. $0.79.  EBITDA1 was up $1.0 million on higher revenues at 14.3% of sales and a $0.3 million foreign currency gain due to a higher U.S. denominated net liability position.  Net income was up $2.6 million as the higher EBITDA, the cessation of amortization of patent costs and the absence of the contingent consideration for the Healthmark acquisition of $2.9 million were offset by a $1.1 million loss on mark-to-market of exchangeable shares and the absence of $0.8 million in exceptional gains.\n\nOverall the 2017 performance exceeded our expectations with revenue growth of 3.4%.  Organic growth added 3.5% but was impacted with the dollar appreciation of 2¢ to U.S./Cdn. $0.77 reducing revenue by 0.1%.  EBITDA as a percentage of sales rose 0.5% to 13.7%, or by $2.8 million on an improving mix of business.  Net income was $16.6 million, or $1.53 per Unit, up $8.7 million from 2016 which ...