Business
Richelieu pursued its growth in the second quarter of 2013
Consolidated sales grew by 6.2% and net earnings rose 1.2%. U.S. sales i...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nConsolidated sales grew by 6.2% and net earnings rose 1.2%.\n\n\n\nU.S. sales increased by 30.0% in U.S. dollars, of which 21.2% from internal growth\n and 8.8% from acquisitions.\n\n\n\nShare repurchase: 376,900 common shares (RCH) for $14.6 million.\n\n\n\nExcellent financial position with net cash of $33.9 million, almost no debt and a working capital of $205.8 million as at May 31, 2013.\n\n\n\nSubsequent event: Signature of an agreement in principle in view of an acquisition in\n Canada for additional sales of approximately $5 million.\n\n\n\n\n\nMONTREAL, July 4, 2013 /CNW Telbec/ - (TSX: RCH) - \"Our second-quarter\n results attest that our growth strategy continues to pay off. We are\n very satisfied with our performance in Canada, where our sales remained\n relatively stable compared with 2012 in a market where we have\n witnessed a general slowdown. In the U.S., our sustained market\n development and new product launch strategy has fuelled our growth and\n enabled us to benefit from the improving economic conditions. During\n the second quarter, we closed our seventh U.S. acquisition since 2010\n when we acquired CourterCo Savannah, LLC. Our U.S. sales posted a 30.0%\n growth in U.S. dollars, of which 21.2% from internal growth and 8.8%\n from our recent acquisitions. Our financial position remains excellent,\n with almost no debt, net cash of $33.9 million and a working capital of\n $205.8 million. We are proud to highlight that Richelieu is ranked\n among the \"Top 10 Canadian Stocks in a Buffet-inspired Portfolio\", as reported in a May 2013 Globe and Mail publication. We are pursuing\n our innovation strategy, operational efficiency and market development\n initiatives, while seeking acquisitions consistent with our short and\n long-term growth criteria,\" indicated Mr. Richard Lord, President and\n Chief Executive Officer of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting on July 4, 2013, the Company's Board of Directors\n approved the payment of a quarterly dividend of $0.13 per share. This\n dividend is payable on August 1, 2013 to shareholders of record as at\n July 18, 2013.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST SIX\n MONTHS ENDED MAY 31, 2013 COMPARED WITH THE SECOND QUARTER AND FIRST\n SIX MONTHS ENDED MAY 31, 2012\n...