Business
Richelieu pursues its growth and expansion - Increase of 12.8% in earnings per share for the first quarter of 2014
Consolidated sales totalled $136.1 million , an increase of 8.0%, of which 6.0% from...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\nConsolidated sales totalled $136.1 million, an increase of 8.0%, of which 6.0% from\n internal growth, and earnings per share diluted grew by 12.8% to $0.44.\n\n\n\n\nU.S. sales increased by 10.6% (in US$), of which 9.5% from internal growth.\n\n\n\n\nCommon share repurchase of 601,400 totalling $27.1 million.\n\n\n\n\nFinancial position remained healthy and solid with net cash of $13.2 million, almost no debt and working capital of $187.0 million for a current ratio of 4.4:1.\n\n\n\n\nSubsequent events: 2 agreements in principle signed for two new acquisitions, one in Canada and one in the United\n States.\n\n\n\nMONTREAL, April 3, 2014 /CNW Telbec/ - \"Richelieu (TSX: RCH) had a\n strong start to 2014, achieving solid growth, closing a further\n acquisition in Canada and realizing a significant share repurchase. Our\n key market segments all contributed to this sound performance. In\n Canada, where market conditions remained difficult in this first\n quarter, our sales grew by 3.8%, of which 1.5% from internal growth. We\n are most satisfied with our sustained growth in the United States where\n our sales increased by 10.6% in US$, of which strong internal growth of\n 9.5%. Our U.S. sales accounted for 27.6% of quarterly consolidated\n sales. During the first three months, we distributed approximately\n $30 million to shareholders, considering the share repurchase of\n $27.1 million and dividends paid of $2.8 million. In March, we entered\n into two agreements in principle, subject to certain conditions, to\n acquire two distributors of specialty hardware that could provide us\n with additional annual sales of some $14 million. We continue to focus\n on our innovation and acquisition strategies and the creation of sales\n and operational synergies,\" indicated Richard Lord, President and Chief\n Executive Officer of Richelieu.\n\n\nNEXT DIVIDEND PAYMENT\n\n\nAt its meeting on April 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 May 1, 2014 to shareholders of record as at April 17, 2014.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE FIRST QUARTER ENDED FEBRUARY 28,\n 2014 COMPARED WITH THE FIRST QUARTER ENDED FEBRUARY 28, 2013 \n\n\nConsolidated sales\n\n\nConsolidated sales totalled $136.1 million...