Richelieu Hardware Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2012
January 24, 2013 at 11:08 am EST
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Richelieu Hardware Ltd. reported consolidated earnings results for the fourth quarter and year ended November 30, 2012. The company achieved consolidated sales of $145.8 million, an increase of $10,5 million or 7.8% over the corresponding quarter of 2011, of which 5.5% from internal growth and 2.3% from the acquisition of CourterCo Inc. Earnings before income taxes, interest and amortization were $19.6 million, an increase of 3.8% over the corresponding quarter of 2011, primarily reflecting the sales growth. Fourth-quarter net earnings grew by 12.1%. Considering non-controlling interests, net earnings attributable to shareholders of the company were $12.6 million, an increase of 11.8% over the corresponding quarter of 2011. The net margin attributable to shareholders improved to 8.7%. Earnings per share amounted to $0.61 basic and $0.60 diluted, up from $0.54 basic and diluted for the fourth quarter of 2011, an increase of 13.0% and 11.1% respectively. Operating activities provided cash flows of $17.6 million, compared with $18.4 million for the fourth quarter of 2011. Investing activities represented a cash outflow of $2.3 million, primarily for equipment needed for operations, whereas the company had invested $0.7 million in various property, plant and equipment during the corresponding quarter of 2011.
For the year, the company reported sales of $565,798,000 against $523,786,000 for the same period last year. Earnings before income taxes were $63,848,000 against $59,478,000 for the same period last year. Net earnings attributable to shareholders of the company were $45,404,000 or $2.15 per basic and diluted share against $39,726,000 or $1.87 per basic and diluted share for the same period last year. Net cash from operating activities was $45,622,000 against $38,313,000 for the same period last year. Additions to property, plant and equipment and intangible assets were $4,797,000 against $10,720,000 for the same period last year. Earnings before income taxes, interest and amortization were $71.2 million, up 6.0% over 2011.
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. 
