Business
Richelieu pursued its growth and expansion in 2013 - Good financial performance in the fourth quarter
Fourth-quarter consolidated sales grew by 6.5% and net earnings attributable to shar...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nFourth-quarter consolidated sales grew by 6.5% and net earnings attributable to shareholders per share diluted amounted to $0.64 diluted, up by 6.7%.\n\n\n\n\nFor 2013, consolidated sales grew by 3.7% to $586.8 million and net earnings attributable to shareholders per share diluted amounted to $2.22, up 3.3%.\n\n\n\n\nU.S. sales increased by 19.0% (in US$) for 2013, of which 13.8% from internal\n growth.\n\n\n\n\nExcellent financial position with net cash of $44.8 million, practically no debt and working capital of $204.1 million for a current ratio of 4.5:1 as at November 30, 2013.\n\n\n\n\nShare repurchase during 2013: 873,000 shares ($36.6 million) for a net reduction of 748,423 in\n outstanding shares (issue of 124,577 shares).\n\n\n\n\nSubsequent event: acquisition in Eastern Canada on December 2, 2013, for additional sales\n of approximately $4 million.\n\n\n\n\nIncrease of 7.7% in the quarterly dividend which was raised from $0.13 to $0.14 - a dividend of $0.14 per share has been declared and will be payable on February\n 20, 2014 to shareholders of record as at February 6, 2014.\n\n\n\n\n\nMONTREAL, Jan. 23, 2014 /CNW Telbec/ - \"Richelieu (TSX: RCH) pursued its\n growth and expansion and ended 2013 with an impeccable financial\n position. We remain well positioned to carry on our North American\n business strategy in 2014. During 2013, we repurchased common shares\n for $36.6 million and paid dividends of $10.8 million, thereby we\n distributed a total of $47.4 million to shareholders and closed the\n year with excellent liquidities. Our sales and net earnings were up\n over 2012 despite the slowdown in Canada. We continued to reinforce our\n positioning in the U.S. where growth was excellent all year-long. Also,\n our market penetration initiatives and sustained innovation strategy\n enabled us to further benefit from better economic conditions. Having\n closed two acquisitions in 2013, in December we acquired Procraft\n Industrial Ltd, a finishing products distributor with three\n distribution centres in the Maritime Provinces, thereby allowing us to\n consolidate our positioning in this market where we were already\n present,\" indicated Richard Lord, President and Chief Executive Officer\n of Richelieu.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE YEAR ENDED NOVEMBER 30, 2013\n COMPARE...