Richelieu announces record net earnings for the second quarter of 2010
and the closing of an acquisition and three agreements in principle for acquisitions in Canada and United States
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- Consolidated sales amounted to $118.0 million for the second quarter,
up by 9.3%, and to $213.1 million for the first half, up by 6.7%
- Record net earnings of $11.5 million for the second quarter, up by
57.4%, and of $18.5 million for the first half, up by 58.8%
- Record earnings per share of $0.53, up by 60.6% for the second quarter,
and of $0.85, up by 60.4% for the first half
- Acquisition of Raybern Company, Inc. (Rocky Hill, Connecticut, U.S.)
- Total cash of $53.2 million - the Company is well positioned to pursue
its growth-by-acquisition strategy.
- SUBSEQUENT EVENTS - Agreements in principle to acquire three
distributors, two in Canada and one in the U.S, together representing
additional sales of about $50 million for Richelieu and a global
investment of approximately $15 million.
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TSX: RCH
MONTREAL, July 8 /CNW Telbec/ - Richelieu achieved record net earnings for the three-month period ended May 31, 2010. The second quarter brought a vigorous increase in the demand for Richelieu products in Canada, in its two major markets: manufacturers and retailers and renovation superstores. In the United States, where the context is currently less conducive to a rise in demand, its markets nevertheless showed some stability and the Company posted a slight increase in sales in U.S. dollars, driven by internal growth and acquisitions. During the quarter, Richelieu acquired Raybern Company, Inc., a distributor of decorative and architectural hardware, finishing products, high-pressure laminates and complementary products targeted primarily to kitchen cabinet makers and the residential and commercial woodworking industry. This latest acquisition provides Richelieu with more than US$4 million in annual sales and adds another centre to its network, which now consists of 20 distribution centres in the United States and 51 centres in North America.
"We are very satisfied with the growth achieved in the second quarter, driven by the contribution of our three Canadian geographic markets. Activity remained vigorous in our customer segments and raised our sales by 12.7% in Canada over the second quarter of 2009. Sales grew by some 19% in the second quarter of 2010 in the retailers and renovation superstore market, where we are reaping the benefits of the major investments made in 2008 and 2009 to increase our display floor space. For our North American markets as a whole, our sales increased by 9.3%, of which a 7.7% internal growth, whereas the second-quarter EBITDA margin improved to 15.9% from 11.7% in the corresponding quarter of 2009," indicated Richard Lord, President and Chief Executive Officer.
During the quarter, the Company repurchased common shares for cancellation under its normal course issuer bid for an amount of $8.9 million. As at May 31, 2010, total cash amounted to $53.2 million, compared with $12.7 million as at May 31, 2009. Working capital totalled $157.4 million for a current ratio of 4.4:1 and interest-bearing debt stood at $0.9 million.
NEXT DIVIDEND PAYMENT
At its meeting on July 8, 2010, the Board of Directors approved the payment of a quarterly dividend of $0.09 per share. This dividend is payable on August 5, 2010 to shareholders of record as at July 22, 2010.
ANALYSIS OF OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST HALF ENDED MAY 31, 2010 COMPARED WITH THOSE OF THE SECOND QUARTER AND OF THE FIRST HALF ENDED MAY 31, 2009
In the second quarter, Richelieu achieved consolidated sales of $118.0 million, up 9.3% over the second quarter of 2009, reflecting the sustained growth of its Canadian markets and an improvement in the performance of the Company's operations in the United States. This $10.0 million sales increase stemmed from a 7.7% internal growth and a 1.7% growth from the acquisition of Paint Direct Inc. ("Paint Direct") (Calgary, Alberta) and Woodland Specialties, Inc. ("Woodland") (Syracuse, New York), acquired on November 4 and December 1, 2009 respectively, as well as the five-week contribution of Raybern Company, Inc. ("Raybern") (Rocky Hill, Connecticut), acquired on April 26, 2010.
Sales to manufacturers totalled $96.8 million, up by $6.8 million or 7.5% over from $90.0 million for the corresponding period of 2009. The strongest growth was achieved in the Canadian kitchen and bathroom cabinet makers, residential and commercial woodworking and furniture manufacturers markets. In the hardware retailers and renovation superstore markets, Richelieu continued to reap the benefits of the investments made in 2008 and 2009 to increase its presence and product offering in this important Canadian market. Thus, the Company recorded an 18.5% or $3.3 million growth in the second quarter, raising its sales to $21.2 million from $17.9 million for the corresponding quarter of 2009.
In Canada, sales totalled $101.3 million, compared with $89.9 million for the second quarter of 2009, an increase of $11.4 million or 12.7%, of which 12.0% from internal growth and 0.7% from the contribution of Paint Direct. The Eastern Canadian market kept up its momentum, whereas Ontario and Western Canada continued to benefit from the renewed activity seen in the first quarter of the year; thus, these three markets remained robust all quarter long.
In the United States, sales amounted to US$16.3 million, an increase of US$1.4 million or 9.8%, of which 2.3% from internal growth and 7.5% from the contribution of Woodland and Raybern for five weeks. The Canadian dollar has strengthened in relation to the U.S. dollar during recent months; as a result, U.S. sales decreased by 7.7% upon conversion into Canadian dollars; they stood at $16.7 million, compared with $18.0 million for the corresponding quarter of 2009, thereby accounting for 14.1% of second-quarter consolidated sales.
First-half consolidated sales grew by $13.3 million to $213.1 million, an increase of 6.7%, of which 5.2% from internal growth and 1.5% from the contribution of Paint Direct and Woodland as well as Raybern for five weeks.
Sales to manufacturers totalled $174.7 million, up by $7.7 million or 4.6% over the first six months of the previous year. Sales to hardware retailers and renovation superstores amounted to $38.4 million, up by $5.7 million or 17.3% over the corresponding period of 2009.
In Canada, Richelieu recorded sales of $182.4 million, an increase of $18.7 million or 11.5%, of which 10.8% from internal growth and 0.7% from the contribution of Paint Direct. Canadian sales accounted for 85.6% of first-half consolidated sales.
In the United States, sales amounted to US$29.6 million, up 0.4% - whereas the growth from the acquisition of Woodland and Raybern was 6.0%, the internal decrease was 5.5% for the first six months of the year. The Canadian dollar has strengthened in relation to the U.S. dollar during recent months; as a result, U.S. sales decreased by 15.1% upon conversion into Canadian dollars; they stood at $30.7 million, compared with $36.1 million for the corresponding six months of 2009, thereby accounting for 14.4% of first-half consolidated sales.
Second quarter earnings before income taxes, interest, amortization and non-controlling interest (EBITDA) amounted to $18.8 million, up 49.0% over the corresponding quarter of 2009. The gross margin was positively affected by the strength of the Canadian dollar in 2010 (whereas in 2009 the sudden fluctuations in the U.S. dollar had had a negative impact) and by the fact that the costs incurred to penetrate the retailers market were lower than last year and the Company is now reaping the benefits of this investment. Combined with these positive factors, the increase in consolidated sales and maintenance of tight expense control measures brought the EBITDA profit margin to 15.9%, up from 11.7% in the second quarter of 2009.
Income taxes increased by $2.1 million to $5.6 million, due to the period's earnings growth.
First-half earnings before income taxes, interest, amortization and non-controlling interest (EBITDA) totalled $29.6 million, up 43.4% over the corresponding six months of 2009. The gross margin was positively affected by the strength of the Canadian dollar in 2010 (whereas in 2009 the sudden fluctuations in the U.S. dollar had had a negative impact) and by the fact that the costs incurred to penetrate the retailers market were lower than last year and the Company is now reaping the benefits of this investment. Combined with these positive factors, the increase in consolidated sales and maintenance of tight expense control measures brought the EBITDA profit margin to 13.9%, up from 10.3% in first half of the previous year.
Income taxes increased by $3.0 million to $8.6 million, due to the earnings growth for the first six months of the year.
Second-quarter net earnings grew by 57.4% to $11.5 million. The net profit margin from continuing operations improved significantly to 9.8% of consolidated sales, up from 6.9% for the second quarter of the previous year. Earnings per share amounted to $0.53 (basic and diluted), an increase of 60.6%.
Comprehensive income amounted to $11.1 million, on account of a negative adjustment of $0.4 million on translation of the financial statements of the self-sustaining subsidiary in the United States, whereas during the second quarter of the previous year, a negative adjustment of $7.8 million on translation of this same subsidiary's financial statements had resulted in a comprehensive loss of $0.5 million.
First-half net earnings increased to $18.5 million, up 58.8% over the corresponding period of 2009. This growth reflects the various aforementioned factors for the EBITDA and includes an after-tax non-recurring gain of $0.7 million on the disposal of the ceramics activities. The net profit margin improved significantly to 8.7% of consolidated sales, up from 5.8% for the first half of the previous year. Earnings per share amounted to $0.85 (basic and diluted), up 60.4%, on account of the contribution of the discontinued operations of $0.03 per share for 2010, compared with a negative contribution of $0.01 for 2009.
On account of a negative adjustment of $0.5 million on translation of the financial statements of the self-sustaining subsidiary in the United States, comprehensive income amounted to $18.0 million for the first half, whereas comprehensive income for the corresponding period of 2009 stood at $5.4 million, on account of a negative adjustment of $6.3 million on translation of this same subsidiary's financial statements.
Operating activities
Second quarter cash flows provided by operating activities (before net change in non-cash working capital balances related to operations) totalled $13.4 million or $0.61 per share, up from $9.4 million or $0.43 per share for the second quarter of 2009, mainly reflecting the $4.0 million growth in net earnings for the quarter. Net change in non-cash working capital balances related to operations represented a cash outflow of $1.5 million, compared with a cash inflow of $1.9 million for the second quarter of 2009. Consequently, operating activities provided cash flows of $11.9 million, compared with $11.3 million for the second quarter of 2009.
First-half operating activities provided cash flows (before net change in non-cash working capital balances related to operations) of $21.2 million or $0.97 per share, up from $15.7 million or $0.72 per share for the first half of 2009, mainly reflecting the $6.0 million growth in net earnings. Net change in non-cash working capital balances related to operations represented a cash outflow of $2.6 million, compared with $3.3 million for the corresponding period of 2009. This variation is primarily attributable to an increase in accounts receivable, inventories and prepaid expenses totalling $7.8 million, whereas accounts payable and income taxes payable represented a variance of $4.4 million. Consequently, operating activities provided cash flows of $18.6 million, compared with $12.5 million for the first half of 2009.
Financing activities
Second-quarter financing activities represented a cash outflow of $10.8 million, compared with $1.8 million for the second quarter of 2009. The Company paid $2.0 million in dividends, up by $0.2 million over the second quarter of the previous year considering the 12.5% increase in the quarterly dividend announced on January 28, 2010. In addition, a total of 364,100 common shares were repurchased for cancellation for a consideration of $8.9 million under Richelieu's normal course issuer bid, whereas no shares were repurchased in the second quarter of the previous year.
First-half financing activities represented a cash outflow of $12.6 million, compared with $3.6 million for the corresponding period of 2009. The Company paid $3.9 million in dividends, up by $0.4 million considering the 12.5% increase in the quarterly dividend announced on January 28, 2010. In addition, a total of 364,100 common shares were repurchased for cancellation for a consideration of $8.9 million under Richelieu's normal course issuer bid, compared with a repurchase of 4,000 common shares for a consideration of approximately $0.1 million during the first half of the previous year.
Investing activities
In the second quarter, the Company made investments of $2.1 million, of which $1.1 million in the acquisition of the principal net assets of Raybern on April 26, 2010, and the balance in equipment to improve the distribution centres' productivity and in showrooms.
In the first half, the Company invested $3.4 million, of which $1.8 million in the acquisition of Woodland and Raybern, and the balance in equipment to improve the distribution centres' productivity and in showrooms.
Sources of financing
As at May 31, 2010, cash and cash equivalents totalled $53.2 million, up from $12.7 million for the same period of 2009. The Company posted an excellent working capital of $157.4 million for a current ratio of 4.4:1, compared with $150.5 million and a 4.7:1 ratio as at November 30, 2009. Richelieu believes it has the capital resources needed to fulfill its ongoing commitments and obligations during the second half of 2010 and to assume the funding requirements needed for its growth and the financing and investing activities planned for the rest of the year. Furthermore, the Company has an authorized line of credit of $26.0 million, renewable annually and bearing interest at the bank's prime rate, as well as a line of credit of US$5 million bearing interest at prime rate plus 2%. In addition, the Company could obtain access to other outside financing if necessary.
Assets
As at May 31, 2010, total assets amounted to $297.7 million, compared with $269.5 million a year earlier, an increase of 10.5%. Current assets grew by 18.5% or $32.0 million over May 31, 2009; this growth notably reflects the $40.6 million increase in cash and cash equivalents, a nil amount of income taxes receivable, compared with a $4.1 million receivable as at May 31, 2009, and a $4.6 million reduction in inventories subsequent to the optimization of the supply chain management.
Net cash
As at May 31 2010 2009
(in thousands of $)
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Current portion of long-term debt 539 222
Long-term debt 313 328
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Total 852 550
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Cash and cash equivalents 53,249 12,653
Total net cash 52,397 12,103
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After deducting total interest-bearing debt of $0.9 million, the Company posted total net cash of $52.4 million as at May 31, 2010, showing that it continues to benefit from a healthy and solid financial position that enables it to pursue its business strategy.
Shareholders' equity totalled $246.3 million as at May 31, 2010, up from $230.5 million a year earlier; this 6.9% growth mainly reflects the $17.3 million increase in retained earnings which amounted to $229.9 million as at May 31, 2010, and an increase of approximately $0.5 million in contributed surplus, less the $2.0 million reduction in accumulated comprehensive income. At the close of the first half, the book value per share stood at $11.49, compared with $10.40 as at May 31, 2009.
SUBSEQUENT EVENTS
In recognition of 23 years of service, the Board of Directors approved a retirement allowance for the Company's President and Chief Executive Officer in the amount of $1.7 million, which will be increased to a maximum of $2.3 million as at December 1, 2016.
Since May 31, 2010, Richelieu has signed three agreements in principle to acquire a distributor of hardware products, laminates and panels targeted to manufacturers in Western Canada; a distributor of specialty panels operating in Eastern Canada; and a distributor of hardware products for kitchen manufacturers and residential and commercial woodworkers in New Jersey (U.S.). Together, these three acquisitions represent additional sales of about $50 million for Richelieu and a global investment of approximately $15 million for the Company. The closing of each transaction is subject to due diligence and negociation of the acquisition agreement to the parties'satisfaction and could take place by the end of September 2010.
OUTLOOK
Richelieu is confident it will achieve satisfactory results for the year ending November 30, 2010 - the Company will pursue its innovation and expansion strategy and continue to develop its North American markets with a focus on the cross-selling and synergies created with its acquisitions and new distribution centres.
Profile as at July 8, 2010
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Richelieu is a leading North American distributor, importer and manufacturer of specialty hardware and complementary products. Its products are targeted to an extensive customer base of kitchen and bathroom cabinet, furniture, and window and door manufacturers plus the residential and commercial woodworking industry, as well as a large customer base of hardware retailers, including renovation superstores. Richelieu offers customers a broad mix of high-end products sourced from manufacturers around the world. Its product selection consists of more than 65,000 different items targeted to a base of over 40,000 customers who are served by 51 centres in North America - 29 distribution centres across Canada, 20 in the United States and two manufacturing plants in Canada, specifically Cedan Industries Inc. which specializes in the manufacture of a wide variety of veneer sheets and edgebanding products, and Menuiserie des Pins Ltée which manufactures components for the window and door industry and a broad selection of decorative mouldings.
Notes to readers - Richelieu uses earnings before income taxes, interest, amortization and non-controlling interest ("EBITDA") because this measure enables management to assess the Company's operational performance. This measure is a widely accepted financial indicator of a company's ability to service and incur debt. However, EBITDA should not be considered by an investor as an alternative to operating income or net earnings, an indicator of operating performance or cash flows, or as a measure of liquidity. Because EBITDA is not a standardized measurement as prescribed by GAAP, it may not be comparable to the EBITDA of other companies. Certain statements set forth in this press release, such as statements about the growth outlook, constitute forward-looking statements. In some cases, these statements are identified by the use of terms such as "may", "could", "might", "intend", "should", "expect", "project", "plan", "believe", "estimate" or the negative form of these expressions or other comparable variants. These statements are based on the information available at the time they are written, on assumptions made by management and on the expectations of management, acting in good faith, regarding future events, including those relating to economic conditions, fluctuations in exchange rates and operating expenses, and the absence of unusual events entailing supplementary expenditures. Although management considers these assumptions and expectations reasonable based on the information available at the time they are written, they could prove inaccurate. Forward-looking statements are also subject, by their very nature, to known and unknown risks and uncertainties such as those related to the industry, acquisitions, labour relations, credit, key officers, supply, product liability, and other factors set forth in the Management's Report included in the Company's 2008 Annual Report as well as its Annual Information Form, which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com. Richelieu's actual results could differ materially from those indicated or underlying these forward-looking statements. The reader is therefore recommended not to unduly rely on these forward-looking statements. Forward-looking statements do not reflect the potential impact of special items, any business combination or any other transaction that may be announced or occur subsequent to the date hereof. Richelieu undertakes no obligation to update or revise the forward-looking statements to account for new events or new circumstances, except where provided for by applicable legislation.
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CONFERENCE CALL - JULY 8, 2010 AT 2:30 P.M. (EASTERN TIME)
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Financial analysts and investors interested in participating in the conference call on Richelieu's results to be held at 2:30 p.m. on July 8, 2010 can dial 1-866-865-3087 a few minutes before the start of the call. For those unable to participate, a taped rebroadcast will be available as of 5:30 p.m. on July 8, 2010 until midnight on July 15, 2010, by dialing 1-800-642-1687, access code: 83670910. Members of the media are invited to listen in.
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Photos are available under "About Richelieu" - "Media" section at
www.richelieu.com
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CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(In thousands of dollars, except earnings per share)
For the three-month For the six-month
period ended period ended
May 31, 2010 May 31, 2010
2010 2009 2010 2009
Adjusted(1) Adjusted(1)
$ $ $ $
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Sales 117,960 107,900 213,143 199,824
Cost of sales and
warehouse, selling and
administrative expenses 99,196 95,307 183,499 179,154
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Earnings before the
following 18,764 12,593 29,644 20,670
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Amortization of capital
assets 1,295 1,255 2,556 2,516
Amortization of intangible
assets 327 348 652 704
Financial costs, net (38) (49) (60) (47)
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1,584 1,554 3,148 3,173
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Earnings before income
taxes, non-controlling
interest and discontinued
operations 17,180 11,039 26,496 17,497
Income taxes 5,604 3,506 8,565 5,582
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Earnings before
non-controlling interest
and discontinued
operations 11,576 7,533 17,931 11,915
Non-controlling interest 74 52 86 66
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Net earnings from
continued operations 11,502 7,481 17,845 11,849
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Net profit (net loss)
from discontinued
operations - (175) 659 (195)
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Net earnings 11,502 7,306 18,504 11,654
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Earnings per share
Basic
From continued operations 0.53 0.34 0.82 0.54
From discontinued
operations - (0.01) 0.03 (0.01)
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0.53 0.33 0.85 0.53
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Diluted
From continued operations 0.53 0.34 0.82 0.54
From discontinued
operations - (0.01) 0.03 (0.01)
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0.53 0.33 0.85 0.53
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(1) The comparative figures included in the consolidated statements of
earnings and cash flows have been adjusted subsequent to the
classification of the ceramic sales activities' results as
discontinued operations.
CONSOLIDATED STATEMENTS RETAINED EARNINGS
(unaudited)
(In thousands of dollars)
For the three-month For the six-month
period ended period ended
May 31, 2010 May 31, 2010
2010 2009 2010 2009
$ $ $ $
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Net earnings 11,502 7,306 18,504 11,654
Retained earnings,
beginning of period 229,027 207,124 223,986 204,591
Dividends (1,962) (1,758) (3,923) (3,516)
Premium on redemption
of common shares for
cancellation (8,629) - (8,629) (57)
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Retained earnings, end
of period 229,938 212,672 229,938 212,672
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(In thousands of dollars)
For the three-month For the six-month
period ended period ended
May 31, 2010 May 31, 2010
2010 2009 2010 2009
$ $ $ $
-----------------------------------------------
Net earnings 11,502 7,306 18,504 11,654
Other comprehensive income
Translation adjustment of
the net investment in
self-sustaining foreign
operations (356) (7,823) (489) (6,287)
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Comprehensive income 11,146 (517) 18,015 5,367
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(In thousands of dollars)
For the three-month For the six-month
period ended period ended
May 31, 2010 May 31, 2010
2010 2009 2010 2009
Adjusted(1) Adjusted(1)
$ $ $ $
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OPERATING ACTIVITIES
Net earnings from
continued operations 11,502 7,481 17,845 11,849
Non-cash items
Amortization of capital
assets 1,295 1,255 2,556 2,516
Amortization of
intangible assets 327 348 652 704
Future income taxes 1 75 (290) 150
Non-controlling
interest 74 52 86 66
Stock-based
compensation expense 187 213 385 460
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13,386 9,424 21,234 15,745
Net change in non-cash
working capital
balances related to
operations (1,511) 1,850 (2,615) (3,277)
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11,875 11,274 18,619 12,468
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FINANCING ACTIVITIES
Reimbursement of long
term debt - (36) - (36)
Dividends paid (1,962) (1,758) (3,923) (3,516)
Issue of common shares 130 - 244 -
Redemption of common
shares for cancellation (8,919) - (8,919) (60)
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(10,751) (1,794) 12,598 (3,612)
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INVESTING ACTIVITIES
Business acquisition (1,145) - (1,767) -
Additions to capital
assets (918) (835) (1,651) (1,772)
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(2,063) (835) (3,418) (1,772)
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Effect of exchange rate
fluctuations on cash and
cash equivalents (206) 136 (51) (23)
Net change in cash and
cash equivalents from
continued operations (1,145) 8,781 2,552 7,061
Cash flows from
discontinued operations - 686 2,255 (534)
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Cash and cash equivalents,
beginning of period 54,394 3,186 48,442 6,126
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Cash and cash equivalents,
end of period 53,249 12,653 53,249 12,653
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Supplemental information
Income taxes paid 3,061 3,610 7,796 9,713
Interest paid (received),
net (26) (102) (51) (87)
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(1) The comparative figures included in the consolidated statements of
earnings and cash flows have been adjusted subsequent to the
classification of the ceramic sales activities' results as
discontinued operations.
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
As at
As at May As at May November
31, 2010 31, 2009 30, 2009
$ $ $
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ASSETS
Current assets
Cash and cash equivalents 53,249 12,653 48,442
Accounts receivable 57,223 57,172 55,793
Income tax receivable - 4,118 -
Inventories 92,622 97,205 87,058
Prepaid expenses 1,097 1,146 327
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204,191 172,294 191,620
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Capital assets 18,821 20,965 19,569
Intangible assets 12,313 13,320 12,853
Goodwill 62,384 62,914 62,449
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297,709 269,493 286,491
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities 44,467 33,153 40,108
Income taxes payable 1,750 - 676
Current portion of long-term debt 539 222 351
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46,756 33,375 41,135
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Long-term debt 313 328 317
Future income taxes 1,121 2,402 1,407
Non-controlling interest 3,217 2,903 3,132
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51,407 39,008 45,991
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Shareholders' equity
Capital stock 17,173 17,102 16,916
Contributed surplus 4,004 3,497 3,922
Retained earnings 229,938 212,672 223,986
Accumulated other comprehensive
income (4,813) (2,786) (4,324)
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246,302 230,485 240,500
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297,709 269,493 286,491
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For further information: Richard Lord, President and Chief Executive Officer; Alain Giasson, Vice-President and Chief Financial Officer, Tel: (514) 336-4144; www.richelieu.com
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