TORONTO, May 4, 2020 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announced today results for the quarter ended March 31, 2020.
"First quarter performance exceeded our 2019 outlook as total revenue was up 33% on 25% organic revenue growth and 8% currency translation as the dollar weakened to U.S./Cdn. 74¢.
Two factors have had a profound effect on our first quarter results. First the dollar dropped by U.S./Cdn. 1.4¢ on higher Richards US sales and second the increased sales due to healthcare related products associated with combatting the coronavirus. Earnings also were higher due to a favorable product mix and the lack of fixed cost on higher volumes without any price increases. As a result, net income was up $10 million, or 61¢ per Unit." commented Gerry Glynn, Chief Executive Officer.
The Fund paid monthly capital dividends of 11¢ per Unit, which represented an annualized yield of 3.4% on the March 31st closing price of $38.85 per Unit.
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 14,300 regional companies from 18 locations throughout North America.
SOURCE Richards Packaging Income Fund
For further information: Gerry Glynn, Chief Executive Officer, Richards Packaging Inc., (905) 670-7760, [email protected]; Enzio Di Gennaro, Chief Financial Officer, Richards Packaging Inc., (905) 670-7760, [email protected]