Richards Packaging Income Fund announces 2021 Third Quarter Results

About this update from Richards Group Inc.

[{"type":"text","content":"\n \n \n \n Richards Packaging Income Fund announces 2021 Third Quarter Results\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 Oct. 28, 2021\n \n /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the \"Fund\") announced today results for the quarter ended\n \n September 30, 2021\n \n .\n \n \n \n \n \"Financial performance in the third quarter was similar to the first two quarters with the exception that the inventory rise of\n \n $14 million\n \n as of June has been partially reduced by\n \n $4 million\n \n as Richards and our customers try to find a new normal in a supply-disrupted world while compensating for shipment uncertainty.  Half of this investment should unwind by year end.  While slowing purchasing activity resulted in a\n \n $6 million\n \n reduction in accounts payable, the other significant changes relate to the Clarion acquisition with the accrual of an additional\n \n $7 million\n \n for a potential future earnout payout.\n \n \n Third quarter revenue was down 13% with 11% due to the unwind of the coronavirus impact and 6% due to a currency translation loss as the dollar strengthened to U.S./Cdn. 79¢, partially offset by 4% organic revenue growth.\n \n \n October revenue was down approximately\n \n $12 mil\n \n . similar to April and July due to the unwinding of the revenue associated with the coronavirus and the Canadian dollar strengthening by 5¢ to U.S./Cdn. 81¢.\" commented\n \n Gerry Glynn\n \n , Director and Trustee.\n \n \n Details of the Fund's results are currently available on Richards Packaging's website at\n \n www.richardspackaging.com\n \n and on SEDAR at\n \n www.sedar.com\n \n .\n \n \n \n About Richards Packaging Income Fund\n \n \n \n The Fund owns Richards Packaging Inc. (\"Richards Packaging\"), the leading packaging distributor in\n \n Canada\n \n , and third largest in North America.  Richards Packaging is a full-service packaging distributor targeting small- and medium-sized North American businesses.  Richards Packagi...

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