Business
Richelieu announces an increase in results and an excellent financial position for 2008
The fourth quarter represents its 52nd consecutive quarter of net earnings growth over the compar...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n The fourth quarter represents its 52nd consecutive quarter of net\n earnings growth over the comparable periods of previous years\n\n-------------------------------------------------------------------------\n- Sales amounted to $441.4 million in 2008 and net earnings to\n $35.6 million ($1.56 per share), up 4.9% over 2007.\n\n- Cash flows from operating activities reached a record high of\n $42.9.million.\n\n- Excellent financial position - almost no debt, total interest-bearing\n debt was lowered to $0.6 million. The interest-bearing debt/equity\n ratio improved to 0.3% and working capital to $130.9 million for a\n current ratio of 4.3:1.\n\n- This solid financial position enabled Richelieu to return a total of\n $27.4 million to its shareholders in 2008 (dividends paid of\n $7.3 million and share purchase under the normal course issuer bid of\n $20.1 million).\n\n- Two acquisitions in 2008: a distributor of decorative and functional\n hardware in North Carolina and a distributor of wood finishing products\n in British Columbia.\n-------------------------------------------------------------------------\n\n\nTSX: RCH\n\n\nMONTREAL, Jan. 22 /CNW Telbec/ - "In 2008, which marked Richelieu's 40th\nanniversary, we continued to improve our sales in our Canadian markets and\nachieved a good performance overall while further increasing our financial\nresources for our future growth and posting an excellent balance sheet. Our\nsolid financial health is due to profitable growth, rigorous control of\nexpenses and prudent financial management. Our 2008 results are all the more\nsatisfactory considering that we were faced with difficult economic conditions\nin the United States," said Richard Lord, President and Chief Executive\nOfficer of Richelieu.\n\n\nConsolidated sales totalled $441.4 million, compared with $436.2 million\nfor 2007, an increase of $5.3 million or 1.2% from 0.2% internal growth and\n1.0% growth-by-acquisition reflecting the contribution of the acquisitions\nclosed in 2007 and of the distributors Top Supplies (North Carolina) and\nAcroma (B.C.) acquired on April 7 and July 28, 2008 respectively. The average\nannual growth in consolidated sales was 9.1% for the last five years.\n\n\nSales to manufacturers amounted to $363.2 million in 2008, compared with\napproximately $364.0 million in 2007. This sligh...