Business
Richelieu achieved further growth in the first quarter of 2013
  MONTREAL, March 28, 2013 /CNW Telbec/ - (TSX: RCH) "Our results and financia...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n \n\n\n\nConsolidated sales grew by 1.6% and net earnings rose 1.9%.\n\n\nU.S. sales increased by 20.1% (in US$), of which 8.7% from internal growth.\n\n\nExcellent financial position with net cash of $41.5 million, almost no debt and a working capital of $209.3 million as at February 28, 2013.\n\n\nNew acquisition in United States: CourterCo Savannah, Georgia, closed on March 21, 2013.\n\n\n\n \n\n\nMONTREAL, March 28, 2013 /CNW Telbec/ - (TSX: RCH) \"Our results and\n financial position for this first quarter show that we continued to\n increase our total sales and net earnings and maintained a healthy\n financial position with excellent liquidity. Historically, the first\n quarter is the weakest period of the year as it includes fewer business\n days due to the holidays and renovation and construction work is slower\n during the winter months. In addition, this quarter included one less\n business day than the period ended February 29, 2012. Our results are\n all the more appreciable as we also witnessed an overall market\n slowdown during the period. In the U.S., our penetration initiatives in\n the manufacturers and retailers markets yielded further benefits,\n leading to a 20.1% sales growth in U.S. dollars. On the strength of our\n sales team's solid market knowledge, our innovation strategy and our\n ongoing penetration in Canada and the United States with a diversified\n offering, we are confident we will meet any challenges in the coming\n periods and maintain healthy profitability,\" indicated Richard Lord,\n President and Chief Executive Officer of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting on March 28, 2013, our Board of Directors approved the\n payment of a quarterly dividend of $0.13 per share. This dividend is\n payable on April 25, 2013 to shareholders of record as at April 11,\n 2013.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE FIRST QUARTER ENDED FEBRUARY 28,\n 2013 COMPARED WITH THE FIRST QUARTER ENDED FEBRUARY 29, 2012\n\n\nConsolidated sales\n\n\nConsolidated sales grew by 1.6% to $126.1 million, compared with $124.1 million for the\n same quarter of 2012. The sales growth from the latest acquisition\n reached 2.4%, whereas the internal decrease was 0.8% for the quarter.\n It should be noted that the first quart...