Business
Richelieu pursues its growth and expansion
3.3% increase of diluted earnings per share to $0.62 for the third quarter. ...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\n3.3% increase of diluted earnings per share to $0.62 for the third quarter.\n\n\n\nConsolidated sales for the quarter increased by 0.3% to $149.2 million.\n\n\n\nSales in the United States for the quarter increased by 8.6% ($US), of which 7.6% from internal\n growth.\n\n\n\nExcellent financial position with net cash of $55.8 million, practically no debt and working capital of $217.3 million.\n\n\n\nSubsequent event: acquisition in Vancouver, representing additional sales of approximately\n $5 million.\n\n\n\nMONTREAL, Oct. 3, 2013 /CNW Telbec/ - (TSX: RCH) -  \"Our sales were up\n slightly, notwithstanding the marked slowdown in the Canadian market\n that we continued to see in the third quarter, notably in the hardware\n retailers market, along with the negative effect of the June's strike\n in the Quebec construction industry. For the first nine months, they\n increased by 2.7% to $431.5 million, despite the negative effect of two\n fewer business days in the first and third quarters of 2013, compared\n with 2012. In the United States, our sales for the quarter increased by\n 8.6% ($US), of which 7.6% from internal growth, and for the first nine\n months, they increased by 18.7% ($US), of which 12.1% from internal\n growth and 6.6% from acquisitions. Our market development strategy\n continues to fuel growth in the United States, specifically in the\n current context of improving economic conditions. We are pursuing our\n intensive market development, and we will seize new acquisition\n opportunities to the extent they will enable us to solidify and\n increase the value of the Company. On September 3, 2013, we acquired\n Hi-Tech Glazing Supplies, a Vancouver-based distributor of door and\n window hardware, which serves the British Columbia market. In addition\n to adding annual sales of approximately $5 million and a distribution\n centre, Hi‑Tech Glazing Supplies will enable us to reinforce our\n position in a specialized client base, in addition to broadening our\n product offering that is aligned with our short-and long-term\n strategy,\" stated Richard Lord, President and CEO of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting on October 3, 2013, our Board of Directors approved the\n payment of a quarterly dividend of $0.13 per share. This dividend is\n payable on Oct...