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Richards Packaging Income Fund announces 2021 Third Quarter Results

Canada Newswire - Thu Oct 28, 2021

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.

Details of the Fund's results are currently available on Richards Packaging's website at www.richardspackaging.com and on SEDAR at www.sedar.com .

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

Cision View original content: http://www.newswire.ca/en/releases/archive/October2021/28/c0588.html