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Richards Packaging Income Fund announces Monthly Distribution Increase, 2015 Performance and Normal Course Issuer Bid
Richards Packaging Income Fund announces Monthly Distribution Increase, 2015 Performance a...
About this update from Richards Group Inc.
[{"type":"text","content":"\n\n\n\nRichards Packaging Income Fund announces Monthly Distribution Increase, 2015 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\n\n\n\n\n\nRichards Packaging Income Fund announces Monthly Distribution Increase, 2015 Performance and Normal Course Issuer Bid\nCanada NewsWire\nTORONTO, March 3, 2016\n\n\n\nTORONTO, March 3, 2016 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the \"Fund\") announced today a monthly distribution increase, results for the quarter and year ended December 31, 2015 and a continuation of the normal course issuer bid.      \n\nThe trustees approved a 27% increase to the monthly distribution by 2¢ to 9.35¢ per Unit beginning with the distribution to unitholders of record at the close of business on March 31, 2016 payable on April 14, 2016.  \n\nFourth quarter results reflect the first full quarter of Healthmark, organic growth of 2.5% and an EBITDA1 at 12% of sales.  The dollar depreciation of $13.2¢ to U.S./Cdn. $0.75 added an additional $5.4 million of revenue and $0.9 million of EBITDA.  Net income was down $1.5 million as the higher EBITDA was more than offset by the $2.7 million loss on mark-to-market of exchangeable shares and $0.6 million in higher taxes.\n\nThe sling shot effect of the foreign currency devaluation, back to our initial public offering levels of 2004, drove explosive revenue and earnings growth in 2015.  Overall performance exceeded our expectations with organic revenue growth of 5%.  The dollar depreciation of 12.4¢ to U.S./Cdn. $0.78 added an additional 9% to revenue. The Healthmark acquisition beginning Oct. 1st contributed an additional $6.9 million.  EBITDA as a percentage of sales rose 0.8% to 12% or by $6.1 million.  Net income was $10.5 million, or $0.97 per Unit, up $2.5 million from 2014 which mainly reflects higher EBITDA offset by the mark-to-market loss on exchangeable shares due to a $5.89/Unit appreciation.  \n\nThe Fund also announces that it intends to continue the ...