Business
Richelieu pursues its growth and expansion in the second quarter of 2014 - Increase of 13.8% in net earnings per share - Two new acquisitions
Consolidated sales for the second quarter ended May 31, 2014 increased by 5.7%. ...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nConsolidated sales for the second quarter ended May 31, 2014 increased by 5.7%.\n\n\n\n\nStrategic acquisition of two specialty hardware distributors, one in Saskatchewan closed on\n May 5, 2014, and the other in Florida in June 2014. These acquisitions\n will add seven points of sale to Richelieu's network (three in Western\n Canada and four in Florida).\n\n\n\n\nExcellent financial position with net cash of $21 million, almost no debt and working capital of $196.4 million as at May 31, 2014.\n\n\n\nMONTREAL, July 3, 2014 /CNW Telbec/ - (TSX: RCH) - \"The second quarter\n ended May 31st yielded good growth, driven by our strategy rooted in innovation,\n market development and the acquisitions we efficiently integrate by\n creating sales and operational synergies. Since the beginning of 2014,\n we have closed three acquisitions in growth markets - two in Canada and\n one in the U.S. These acquisitions represent additional annual sales of\n approximately $18 million. Our two latest acquisitions will add three\n distribution centres in Western Canada and four in Florida. Our solid\n financial health positions us to remain focused on growth,\" indicated\n Mr. Richard Lord, President and Chief Executive Officer of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting on July 3, 2014, the Board of Directors approved the\n payment of a quarterly dividend of $0.14 per share. This dividend is\n payable on July 31, 2014 to shareholders of record as at July 17, 2014.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST SIX\n MONTHS ENDED MAY 31, 2014 COMPARED WITH THE SECOND QUARTER AND FIRST\n SIX MONTHS ENDED MAY 31, 2013\n\n\nConsolidated sales\n\n\nSecond-quarter consolidated sales amounted to $165.2 million, compared with $156.2 million for the\n corresponding quarter of 2013, an increase of $9.0 million or 5.7%, of\n which 3.7% from internal growth and 2.0% from acquisitions. It is to be\n noted that this quarter included one less business day than the\n corresponding quarter of 2013.\n\n\nRichelieu recorded sales to manufacturers of $141.0 million, compared with $132.4 million for the corresponding\n period of 2013, an increase of $8.6 million or 6.5%, of which 4.2%\n internal growth with the contribution of all market segments and 2.3%\n from acquisi...