Richelieu Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2017
January 25, 2018 at 11:19 am
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Richelieu reported consolidated earnings results for the fourth quarter and year ended November 30, 2017. For the quarter, Fourth-quarter consolidated sales amounted to $250.2 million, compared with $218.0 million for the corresponding quarter of 2016, an increase of $32.2 million or 14.8%, of which 6.8% from internal growth and 8.0% from acquisitions. Earnings before income taxes, interest and amortization (EBITDA) amounted to $30.1 million, an increase of $1.4 million or 4.8% over the fourth quarter of 2016. The EBITDA margin stood at 12.0%, compared with 13.2% for the fourth quarter of 2016. Net earnings grew by 4.0%. Considering non-controlling interests, net earnings attributable to shareholders of the Corporation amounted to $20.0 million, up by 4.0% over the fourth quarter of 2016. Net earnings per share rose to $0.34 basic and diluted, compared with $0.33 basic and diluted for the fourth quarter of 2016, an increase of 3.0%. Comprehensive income amounted to $22.8 million, considering a positive adjustment of $2.8 million on translation of the financial statements of the subsidiary in the United States, compared with $21.8 million for the fourth quarter of 2016, considering a positive adjustment of $2.6 million on translation of the financial statements of the subsidiary in the United States. Cash flows from operating activities (before net change in non-cash working capital balances) amounted to $22.2 million or $0.38 per share, compared with $21.6 million or $0.37 per share for the fourth quarter of 2016. Investing activities represented a cash outflow of $3.7 million for equipment to improve operational efficiency, for IT equipment, and for the design and manufacturing of new displays for the retailers market.
For the year, sales were $942,545,000 against $844,473,000 a year ago. Earnings before amortization, financial costs and income taxes were $102,974,000 against $94,422,000 a year ago. Earnings before income taxes were $91,713,000 against $84,790,000 a year ago. Net earnings were $67,932,000 against $63,013,000 a year ago. Net earnings attributable to shareholders of the corporation were $67,704,000 against $62,814,000 a year ago. Net earnings per share attributable to shareholders of corporation on diluted basis were $1.15 against $1.07 a year ago. Cash provided by operating activities was $55,956,000 against $66,529,000 a year ago. Additions to property, plant and equipment and intangible assets was $13,121,000 against $10,455,000 a year ago. As at November 30, 2017, the Corporation continues to benefit from a healthy and solid financial position. Total debt was $4.3 million representing balances payable on acquisitions and financing contracts for equipment.
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.