Richelieu Reports Consolidated Earnings Results for the Fourth Quarter and Year Ended November 30, 2016
January 19, 2017 at 10:51 am EST
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Richelieu reported consolidated earnings results for the fourth quarter and year ended November 30, 2016. For the quarter, the company’s sales amounted to $218.0 million, compared with $200.1 million for the corresponding quarter of 2015, an increase of $17.9 million or 9.0%, of which 6.5% from internal growth and 2.5% from acquisitions. At comparable exchange rates to the fourth quarter of 2015, the consolidated sales growth would have been 8.8% for the quarter ended November 30, 2016. EBITDA amounted to $28.7 million, up by $3.0 million or 11.6% over the fourth quarter of 2015. Net earnings grew by 9.4%. Considering non-controlling interests, net earnings attributable to shareholders of the corporation amounted to $19.2 million, up by 9.6% over the fourth quarter of 2015. Net earnings per share rose to $0.33 basic and diluted, compared with $0.30 basic and diluted for the fourth quarter of 2015, an increase of 10.0%. Cash flows from operating activities (before net change in non-cash working capital balances) amounted to $21.6 million or $0.37 per share, compared with $19.7 million or $0.33 per share for the fourth quarter of 2015, an increase of 10.0% stemming primarily from the net earnings growth.
For the year, the company reported sales of $844,473,000 compared to $749,646,000 a year ago. Earnings before income taxes were $84,790,000 compared to $79,381,000 a year ago. Net earnings attributable to shareholders of the corporation were $62,814,000 or 1.07 per diluted share compared to $58,739,000 or 0.99 per diluted share a year ago. Additions to property, plant and equipment and intangible assets were $10,455,000 compared to $10,986,000 a year ago. Cash flows from operating activities (before net change in non-cash working capital balances) reached $73.3 million or $1.25 diluted per share, compared with $68.1 million or $1.15 diluted per share for 2015, an increase of 7.7% stemming primarily from the net earnings growth.
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.