Business
Richelieu announces its results for the second quarter of 2009
------------------------------------------------------------------------- - Net earnings amounted...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n-------------------------------------------------------------------------\n- Net earnings amounted to $7.3 million or $0.33 per share on\n consolidated sales of $110.1 million. For the first half, net earnings\n amounted to $11.7 million or $0.53 per share on sales of\n $204.2 million.\n\n- Cash flows from operations(x) stood at $9.2 million or $0.42 per share\n for the quarter ended May 31, 2009, and at $15.6 million or $0.71 per\n share for the first six months of the year.\n\n- Richelieu remains in an excellent financial position with a positive\n cash balance, working capital of $138.9 million for a current ratio of\n 5.2:1 and almost no debt.\n\n- Opening of two new distribution centres in the United States:\n Louiseville (Kentucky) and Cincinnati (Ohio).\n\n- A dividend of $0.08 per share is payable on August 6, 2009 to\n shareholders of record as at July 23, 2009.\n-------------------------------------------------------------------------\n(x) Before net change in non-cash working capital items related to\n operations\n\nTSX: RCH\n\n\nMONTREAL, July 9 /CNW Telbec/ - For the second quarter ended May 31,\n2009, Richelieu achieved net earnings of $7.3 million or $0.33 per share on\nsales of $110.1 million, and first-half net earnings totalled $11.7 million or\n$0.53 per share on sales of $204.2 million. While relatively satisfactory,\nthese results are lower than in the corresponding periods of 2008 due to the\nimpact of the economic slowdown on the residential and commercial renovation\nmarket in the United States, as well as in Canada, in particular Western and\nCentral Canada. Thus, since the beginning of the year, the Company's earnings\nhave sustained a downward pressure due to more difficult conditions,\nespecially in the manufacturers market.\n\n\n"Pursuant to the action plan we implemented early in the year, we are\nfocusing on market development with a diversified offering, including\ninnovations tailored to customers' current needs, efficient distribution\nlogistics and an optimal quality of service. Our sales at www.richelieu.com\nare growing, and 13.7% of our second-quarter sales to cabinet makers were\nrecorded on our website. We are also further improving our distribution\ncentres and pursuing our network development. While maintaining the excellent\nquality of our teams, we are continuing to rigoro...