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Richards Packaging Income Fund announces 2022 Results and Special Dividend
Richards Packaging Income Fund announces 2022 Results and Special Dividend Canada NewsW...
About this update from Richards Group Inc.
[{"type":"text","content":"\n \n \n \n Richards Packaging Income Fund announces 2022 Results and Special Dividend\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 \n TORONTO\n \n \n ,\n \n \n March 7, 2023\n \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, 2022\n \n and a special dividend.\n \n \n \"First half 2022 results were on track with revenue up\n \n $7 million\n \n or 3% of sales while the second half results were down\n \n $11 million\n \n or 5% of sales. The decline was mainly due to a further drop in cosmetics as the impact of over supply in pumps and sprayers exceeded non-repeating coronavirus revenue and a slow down in Healthcare and Food & Beverage due to a slow down in the overall economy driven by higher interest rates. The oversupply situation is expected to reverse in the first half of 2023 with a recovery expected in the second half. The 2022 year results reflect revenue contraction of 1% driven by organic contraction. Net income was up\n \n $43 million\n \n , or\n \n $3.66\n \n per Unit, mainly due to\n \n $46 million\n \n lower contingent consideration relating to the Clarion acquisition.\n \n \n Fourth quarter revenue performance contracted 7% on organic contraction with no impact from currency translation with the dollar at U.S./Cdn. 74¢. However, the fourth quarter revenue was a carbon copy of the third quarter. Net income increased\n \n $27 million\n \n mainly due to the\n \n $28 million\n \n in contingent consideration not repeating.\" commented\n \n Gerry Glynn\n \n , Director and Trustee.\n \n \n The Fund also announces today a special cash distribution of Cdn\n \n $0.38\n \n per unit for the unitholders and exchangeable shareholders of record at the close of business on\n \n March 16, 2023\n \n , payable on\n \n March 24, 2023\n \n . Unitholders who are non-residents of\n \n Canada\n \n may be required to pay all withholding taxes payable in respect of any distributions of income by the Fund, whether...