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Richards Packaging Income Fund announces 2023 First Quarter Results
Richards Packaging Income Fund announces 2023 First Quarter Results Canada NewsWire ...
About this update from Richards Group Inc.
[{"type":"text","content":"\n \n \n \n Richards Packaging Income Fund announces 2023 First 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 \n TORONTO\n \n \n ,\n \n \n May 4, 2023\n \n \n /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the \"Fund\") announced today results for the quarter ended\n \n March 31\n \n , 2023.\n \n \n \"The first quarter financial performance was in line with the trend set in the back half of 2022.  March revenue was very soft driven mainly by weak food and beverage packaging sales as the oversupply of inventory continued with both customers and suppliers.  Inventory was reduced\n \n $8 million\n \n which was largely deployed to pay down debt.\n \n \n First quarter total revenue was down 2.9% with a\n \n $3 million\n \n impact of oversupply in each of food, beverage & other packaging and pumps and sprayers offset by organic growth of\n \n $2 million\n \n and the\n \n $1 million\n \n currency translation gain with the dollar down 5¢ at US/Cdn. 74¢, on\n \n $6 million\n \n lower Richards US sales.\" commented\n \n Gerry Glynn\n \n , Director and Trustee.\n \n \n April revenue was down approximately 9% due to a reduction in healthcare capital sales and continued pressure on Food, beverage & other revenue.\n \n \n The leverage at 0.8x is down 0.1x from the level at\n \n December 31, 2022\n \n reflected the\n \n $7 million\n \n paydown on the term debt.  The Fund paid monthly dividends of 11¢ per Unit, which represented an annualized yield of 3.3% on the\n \n March 31st\n \n closing price of\n \n $39.74\n \n per Unit along with a special dividend of 38¢ funded by its opening cash balance.\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\") which since 1912 has served a wide customer base throughout\n \n North America\n \n comp...