Business
Richelieu continues its growth and expansion - Increase of 17.7% in third-quarter net earnings per share - An acquisition in Canada and an agreement in principle in the United-States
Sales for the third quarter ended August 31, 2014 were up 12.5%. In Canada and t...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nSales for the third quarter ended August 31, 2014 were up 12.5%. In Canada\n and the United States, sales increased by 10.7% (CA$) and 12.4% (US$)\n respectively.\n\n\n\n\nExcellent financial position with a net cash of $25.4 million, a working capital of $203.8 million and a return on average equity of 16.8% as at August 31, 2014.\n\n\n\n\nIn addition to the acquisition in Florida at the beginning of the third\n quarter, Richelieu closed an acquisition in Canada on September 22, 2014 and signed an agreement in principle for another acquisition in the United States.\n\n\n\n\n\nMONTREAL, Oct. 2, 2014 /CNW Telbec/ - (TSX: RCH) - \"We are most\n satisfied with our third-quarter results. All our market segments\n contributed to strong internal growth of 6.7% in Canada (CA$) and 8.1%\n in the United States (US$), to which was added a growth of 4.0% (CA$)\n and 4.3% (US$), respectively, from our acquisitions. We recently closed\n one new acquisition, specifically XM Export - Import Canada Inc., a\n distributor of specialty hardware in Canada, and signed an agreement in\n principle to acquire a distributor of specialty panels and hardware\n operating in the United States. Since the beginning of the year, we\n have thus closed four acquisitions and signed a new agreement in\n principle. Together, these five transactions could represent additional\n sales of approximately $27 million on an annualized basis. We have also\n paid dividends of $8.3 million and repurchased common shares for\n $30.2 million, thereby distributing a total of $38.5 million to our\n shareholders. We expect to close the year with a solid financial\n position, so as to pursue our strategy of internal growth and\n acquisitions,\" indicated Mr. Richard Lord, President and Chief\n Executive Officer of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting held on October 2, 2014, the Board of Directors approved\n the payment of a quarterly dividend of $0.14 per share. This dividend\n is payable on October 30, 2014 to shareholders of record as at October\n 16, 2014.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE THIRD QUARTER AND FIRST NINE\n MONTHS ENDED AUGUST 31, 2014 COMPARED WITH THE THIRD QUARTER AND FIRST\n NINE MONTHS ENDED AUGUST 31, 2013\n\n\nConsolidated sales\n\n\nThird-quarter consolidated sales amounted to $16...