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Richards Packaging Income Fund announces 2020 Results and Normal course issuer bid
Richards Packaging Income Fund announces 2020 Results and Normal course issuer bid ...
About this update from Richards Group Inc.
[{"type":"text","content":"\n \n \n \n Richards Packaging Income Fund announces 2020 Results and Normal course issuer bid\n \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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n March 5, 2021\n \n /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the \"Fund\") announced today results for the fourth quarter and the year ended\n \n December 31, 2020\n \n and a continuation of the normal course issuer bid.\n \n \n \n \n \"Three factors have had a profound effect on our 2020 results.  First the acquisition of Clarion on\n \n May 31\n \n \n st\n \n , second the dollar drop of U.S./Cdn. 1¢ on higher Richards US sales and third the increased sales due to healthcare related products associated with combatting the coronavirus.  Earnings also were higher due to a lack of fixed costs on higher volumes without any price increases.  The Clarion impact was additional revenue of\n \n $49 million\n \n .\n \n \n The 2020 year results reflect revenue growth, excluding Clarion, of 32% driven by organic growth of 25% and a 7% currency translation gain on a U.S./Cdn. 1¢ weakening of the dollar to U.S./Cdn. 74¢.  Clarion sales were up 18% from the 2019 monthly average.  Fourth quarter revenue performance decelerated with revenue, excluding Clarion, up 29%, down from 41% in the second quarter, on 25% organic growth and 4% currency translation as the dollar strengthened to U.S./Cdn. 77¢, up from 72¢ in the second quarter.\n \n \n As impacts of the coronavirus unwind, the burning question is what level of sales increase and earnings are sustainable in a coronavirus free environment?  A bridging table and a trend table have been provided to help investors come to their own conclusion in this regard.  Richards Packaging, excluding Clarion, is experiencing negative growth in January and February.\" commented\n \n Gerry Glynn\n \n , Director and Trustee.\n \n \n The Fund also announces that it intends to continue the normal course issuer bid to acquire up to 500,000 of its outstanding trust u...