Richelieu Hardware Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2011; Quarterly Dividend Payable on February 23, 2012
January 26, 2012 at 10:15 am
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Richelieu Hardware Ltd. reported consolidated earnings results for the fourth quarter and year ended November 30, 2011. For the fourth quarter, the company reported sales totaled $135,300,000, up by $17,400,000 over the corresponding quarter of 2010, an increase of 14.8%, of which 2.1% from internal growth and 12.7% from the contribution of PJ White (acquired on November 30, 2010), Outwater, Madico and Provincial Woodproducts (acquired during the first half of 2011). Earnings before income taxes, interest, amortization and non-controlling interest (EBITDA) grew to $18,900,000, up by 10.3% over $17,100,000 for the fourth quarter of 2010, due notably to the sales growth. Net earnings totaled $11,200,000, up by 7.7% over the fourth quarter of 2010. The net profit margin stood at 8.3% as it was affected by the aforementioned factors, compared with 8.8% for the fourth quarter of the previous year. Earnings per share amounted to $0.53 (basic and diluted), compared with $0.49 (basic) and $0.48 (diluted) for the fourth quarter of 2010, an increase of 8.2% and 10.4% respectively. Cash flows related to operating activities (before net change in non-cash working capital balances related to operations) were $14,700,000 or $0.70 per share, up from $11,000,000 or $0.51 per share for the fourth quarter of 2010, primarily reflecting the growth in net earnings and fluctuation in future income taxes.
For the year, the company reported net earnings were $39,492,000 or $1.88 per basic share and $1.86 per diluted share on sales of $523,786,000 against net earnings were $39,233,000 or $1.82 per basic share and $1.81 per diluted share on sales of $446,963,000 a year ago. Net earnings from continued operations was $39,492,000 or $1.88 per basic share and $1.86 per diluted share compared to net earnings from continued operations was $38,574,000 or $1.79 per basic share and $1.78 per diluted share a year ago. Earnings before income taxes, non-controlling interest and discontinued operations were $59,287,000 compared to $57,570,000 a year ago. Net cash provided by operating activities was $38,528,000 compared to $35,360,000 a year ago. Additions to capital assets were $10,720,000 compared to $3,422,000 a year ago.
Increase of 9.1% in the quarterly dividend which increased from $0.11 to $0.12 - a dividend of $0.12 per share has been declared and will be payable on February 23, 2012 to shareholders of record as at February 09, 2012.
Richelieu Hardware Ltd is an importer, manufacturer and distributor of specialty hardware and complementary products. The Companyâs products are targeted to an extensive customer base of kitchen and bathroom cabinet, storage and closet, home furnishing and office furniture manufacturers, residential and commercial woodworkers, door and window, and hardware retailers including renovation superstores. It offers customers a mix of high-end products sourced from manufacturers worldwide. Its product selection consists of over 130,000 different items targeted to a base of more than 110,000 customers who are served by 115 centers in North America -50 distribution centers in Canada, 62 in the United States and three manufacturing plants in Canada, specifically, Les Industries Cedan Inc., Menuiserie des Pins Ltee and USIMM/UNIGRAV, which manufacture a variety of veneer sheets and edge banding products, a broad selection of decorative moldings and components for the window and door industry.
Richelieu Hardware Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2011; Quarterly Dividend Payable on February 23, 2012