Canada NewsWire
TORONTO , July 29, 2021 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today results for the quarter ended June 30, 2021 .
"Financial performance in the second quarter was similar to the first quarter with the exception that inventory rose an additional $15 million as Richards and our customers try to find a new normal in a supply disrupted world while compensating for shipment uncertainty. Half of this investment should unwind by year end. The other significant changes relate to the Clarion acquisition with the payment of $8 million of the holdback and the accrual of $13 million for a potential future payout.
Second quarter revenue was down 11% with 14% due to the unwind of 83% of the coronavirus impact and 10% due to a currency translation loss as the dollar strengthened to U.S./Cdn. 81¢, partially offset by 12% revenue growth from Clarion.
July revenue was down approximately $13 mil . due to the unwinding of 80% of the revenue associated with the coronavirus and the Canadian dollar strengthening by 5¢ to U.S./Cdn. 79¢." commented Gerry Glynn , Director and Trustee.
Details of the Fund's results are currently available on Richards Packaging's website at www.richardspackaging.com and on SEDAR at www.sedar.com .
About Richards Packaging Income Fund
The Fund owns Richards Packaging Inc. ("Richards Packaging"), the leading packaging distributor in Canada , and third largest in North America. Richards Packaging is a full-service packaging distributor targeting small- and medium-sized North American businesses. Richards Packaging has operated since 1912 and currently serves over 17,000 regional companies from 18 locations throughout North America .
SOURCE Richards Packaging Income Fund
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