Business
Richelieu pursues its growth in Canada and the United States and increases its earnings per share by 15.2% in the first quarter of 2012
Consolidated sales up 9.6% to $124.1 million and net earnings up 15.1% to $8.0 milli...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\n\nConsolidated sales up 9.6% to $124.1 million and net earnings up 15.1% to $8.0 million or $0.38 per share.\n\n\nSales in the United States up 25.8% (in US$) and sales in Canada up 5.6%.\n\n\nExcellent financial position - almost no debt - net cash of $23.2 million - working capital of $172.7 million (4.2:1 ratio) as at February 29, 2012.\n\n\nTSX: RCH\n\n\nMONTREAL, March 29, 2012 /CNW Telbec/ - \"We are very pleased with our\n performance for the first quarter, which is historically the weakest\n period of the year. This performance was achieved thanks to good\n internal growth in Canada, a strong increase in the United States, the\n positive impact of our acquisitions and operational efficiency as a\n priority. Our market development initiatives, supported by our\n innovation strategy and the selling synergies we create with our\n acquisitions, generated a 5.9% sales internal growth, to which was\n added a 3.7% growth from the 2011 acquisitions. In the United States,\n even though economic conditions remained challenging during the\n quarter, our sales grew by 25.8% in U.S. dollars, of which 17.9% from\n internal growth. In 2012, we intend to pursue our growth and are ready\n to take advantage of further acquisition opportunities that might arise\n between now and year-end,\" indicated Richard Lord, President and Chief\n Executive Officer of Richelieu.\n\n\nNext dividend payment\n\n\nAt its meeting on March 29, 2012, the Board of Directors approved the\n payment of a quarterly dividend of $0.12 per share. This dividend is\n payable on April 26, 2012 to shareholders of record as at April 12,\n 2012.\n\n\nANALYSIS OF OPERATING RESULTS FOR THE FIRST QUARTER ENDED FEBRURY 29,\n 2012 COMPARED WITH THE FIRST QUARTER ENDED FEBRUARY 28, 2011 \n\n\nConsolidated sales totalled $124.1 million, compared with $113.2 million for the same\n quarter of 2011, an increase of 9.6%, of which 5.9% from internal\n growth and 3.7% from the three acquisitions closed in 2011. For\n information, these were Outwater Hardware (New Jersey) (\"Outwater\") and Madico Inc. (Quebec) (\"Madico\") acquired in January 2011 and Provincial Woodproducts Ltd\n (Newfoundland) (\"Provincial Woodproducts\") closed in March 2011.\n\n\nSales to manufacturers amounted to $103.3 million, an increase of $9.1 ...