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Richards Packaging Income Fund announces 2021 Third Quarter Results
TORONTO , Oct. 28, 2021 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today results for the quarter ended September 30, 2021 .
"Financial performance in the third quarter was similar to the first two quarters with the exception that the inventory rise of $14 million as of June has been partially reduced by $4 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. While slowing purchasing activity resulted in a $6 million reduction in accounts payable, the other significant changes relate to the Clarion acquisition with the accrual of an additional $7 million for a potential future earnout payout.
Third quarter revenue was down 13% with 11% due to the unwind of the coronavirus impact and 6% due to a currency translation loss as the dollar strengthened to U.S./Cdn. 79¢, partially offset by 4% organic revenue growth.
October revenue was down approximately $12 mil . similar to April and July due to the unwinding of the revenue associated with the coronavirus and the Canadian dollar strengthening by 5¢ to U.S./Cdn. 81¢." commented Gerry Glynn , Director and Trustee.
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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