Business
Richelieu announces its results for the first quarter of 2009
------------------------------------------------------------------------- - Net earnings totalled...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n-------------------------------------------------------------------------\n- Net earnings totalled $4.3 million or $0.20 per share on consolidated\n sales of $94.2 million, while cash flows from operating activities(x)\n amounted to $6.3 million or $0.29 per share for the quarter ended\n February 28, 2009.\n\n- Richelieu ended the period with a positive cash balance and a working\n capital of $135.0 million for a ratio of 4.9:1: an excellent financial\n position to easily pursue its business strategy.\n\n- Next dividend payment - a dividend of $0.08 per share is payable on\n April 23, 2009 to shareholders of record as at April 9, 2009.\n-------------------------------------------------------------------------\n(x) Before net change in non-cash working capital balances related to\n operations\n\n\nTSX: RCH\n\n\nMONTREAL, March 26 /CNW Telbec/ - At its Annual General Meeting of\nShareholders held today, Richelieu announced sales of $94.2 million, EBITDA of\n$8.0 million and net earnings of $4.3 million or $0.20 per share for the\nquarter ended February 28, 2009. The Company remains in a most healthy and\nsolid financial position. As at February 28, Richelieu had no significant\ndebt, a positive cash balance and a working capital of $135.0 million.\n\n\nAlthough they are positive, these results are lower than the first\nquarter of the previous fiscal year. It is important to remember that the\nfirst three months from the beginning of December to the end of February are\ngenerally the year's weakest due to the winter season. This year, the first\nquarter witnessed a slowdown in activity in three geographic markets, namely\nCentral and Western Canada and the United States, which were further affected\nby the economic crisis. Thus, the growth Richelieu achieved in Eastern Canada\nin its two major markets - manufacturers and retailers including renovation\nsuperstores - did not offset the internal decrease in its other geographic\nmarkets; consequently, sales decreased from the corresponding period of 2008.\nBesides this factor are the additional expenses incurred by Richelieu to\nincrease its product offering and presence in the retailers and renovation\nsuperstores market, thereby reducing net earnings from the same quarter of\n2008. Nevertheless, the expenses incurred to further develop the retailers\nmarket should be consid...