- For the second quarter ended May 31,
2022, sales reached $487.9
million, up 31.4%, of which 16.1% from internal growth and
15.3% from acquisitions. In Canada, sales increased by 17.3% to
$292.3 million. In the United States, sales rose by 54.8%
(US$) to US$154.0 million,
representing 40.1% of total sales.
- EBITDA increased by 27.7% to $77.9 million and the EBITDA margin was
16.0%.
- Net earnings attributable to shareholders rose by 25.5%
to $47.0 million, or $0.83 per diluted share, up 25.8%.
- For the first half-year, total sales amounted to
$872.4 million, up 30.4%, of which
16.2% from internal growth and 14.2% from acquisitions. Net
earnings attributable to shareholders reached $77.1 million, up 32.0%, or $1.37 per diluted share, up 33.0%.
- The financial position remains sound and solid with
a working capital of $481.5
million (ratio of 2.8:1) and an average return on
equity of 24.4% as at May 31,
2022.
MONTREAL, July 7, 2022
/CNW Telbec/ - "Richelieu
(TSX: RCH) achieved a great performance in the second quarter,
reflecting among others the positive impact of our acquisitions and
investments in recent years in new market segments. In the United States, we achieved a record 54.8%
(US$) increase in sales resulting from strong internal growth of
22.7% and the contribution of our most recent acquisitions. In
Canada, in the manufacturers'
market, our sales totalled $237.3
million, up 17.3%, and they reached $55.0 million in the retailers and renovation
superstores market, up 9.3%. The expansion of several of our
distribution centers in strategic U.S. markets is progressing
according to schedule. While integrating our most recent
acquisitions, we will continue to pursue our growth strategy based
on innovation, business acquisitions and our value-added
multi-access service in order to seize growth opportunities in the
short and long term", indicated Richard
Lord, President and Chief executive Officer.
ANALYSIS OF OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST
SIX MONTHS ENDED MAY 31, 2022, COMPARED WITH THE SECOND
QUARTER AND FIRST SIX MONTHS ENDED MAY 31, 2021
Second-quarter consolidated sales reached
$487.9 million, compared to
$371.4 million for the
corresponding quarter of 2021, an increase of $116.5 million or 31.4%, of which 16.1% from
internal growth and 15.3% from acquisitions. At comparable exchange
rates to the second quarter of 2021, the consolidated sales
increase would have been 30.1% for the quarter ended May 31, 2022.
Richelieu achieved sales of
$417.1 million in the
manufacturers market, compared to $310.0 million for the second quarter of
2021, an increase of $107.1 million or 34.5%, of which 18.7% from
internal growth and 15.8% from acquisitions. Sales to hardware
retailers and renovation superstores stood at $70.8 million, up $9.4 million or 15.3% over the second
quarter of 2021, of which 3.1% from internal growth and 12.2%
increase from acquisitions.
In Canada, Richelieu recorded sales of $292.3 million, an increase of $44.2 million or 17.8% over the second
quarter of 2021, of which 11.3% from internal growth and 6.5% from
acquisitions. Sales to manufacturers amounted to
$237.3 million, compared to
$202.3 million in the second
quarter of 2021, an increase of 17.3%, of which 12.9% from internal
growth and 4.4% from acquisitions. Sales to hardware
retailers and renovation superstores reached $55.0 million, up $9.3 million or 20.4% over the corresponding
quarter of 2021, of which 4.3% from internal growth and 16.1% from
acquisitions.
In the United
States, sales totalled US$154.0 million, compared to
US $99.5 million for the second quarter of 2021, up
US$54.5 million or 54.8%, of
which 22.7% from internal growth and 32.1% from acquisitions. Sales
to manufacturers amounted to US$141.5 million, compared to US$86.8 million, an increase of 63.0% over
the second quarter of 2021, of which 26.4% from internal growth and
36.6% from acquisitions. Sales in US$ to hardware retailers
and renovation superstores reached $12.5 million. Total U.S. sales in Canadian
dollars stood at $195.6 million,
compared to $123.3 million year
over year, an increase of 58.6%. These sales accounted for 40.1% of
consolidated sales for the second quarter of 2022, compared to
33.2% of consolidated sales for the second quarter of 2021.
First-half consolidated sales reached $872.4 million, an increase of $203.4 million or 30.4% over the first six
months of 2021, of which 16.2% from internal growth and 14.2% from
acquisitions. At comparable exchange rates to the first half of
2021, consolidated sales increase would have been 29.8%.
Sales to manufacturers reached $743.8 million, compared to $551.6 million for the first six months of
2021, an increase of $192.2 million or 34.8%, of which 20.1% from
internal growth and 14.7% from acquisitions. Sales to hardware
retailers and renovation superstores grew by 9.5% or
$11.2 million to total
$128.6 million.
In Canada, Richelieu recorded sales of $521.6 million, compared to $441.3 million for the first six months of
2021, up $80.3 million or 18.2%,
of which 11.9% from internal growth and 6.3% from acquisitions.
Sales to manufacturers reached $422.8 million, up $67.3 million or 18.9%, of which 14.6% from
internal growth and 4.3% from acquisitions. Sales to hardware
retailers and renovation superstores reached $98.8 million, compared to $85.8 million, up $13.0 million or 15.2% over the first half
of 2021.
In the United
States, the Corporation recorded sales of
US$276.1 million, compared to
US$181.3 million for the first
six months of 2021, an increase of US$94.8 million or 52.3%, of which
23.1% from internal growth and 29.2% from acquisitions. Sales to
manufacturers totalled US$252.6 million, compared to US$156.1 million, an increase of
US$96.5 million or 61.8% over
the first half of 2021, of which 28.3% from internal growth and
33.5% from acquisitions. Sales to hardware retailers and
renovation superstores were down 6.7% from the corresponding period
of 2021. Total U.S. sales in Canadian dollars amounted to
$350.8 million, compared to
$227.7 million for the
corresponding six months of 2021, an increase of 54.1%. They
accounted for 40.2% of consolidated sales for the first half of
2022, compared to 34.0% of consolidated sales for the first six
months of 2021.
Second quarter earnings before income taxes, interest and
amortization ("EBITDA") reached $77.9 million and were up $16.9 million or 27.7% over the second
quarter of 2021, resulting mainly from increased sales. Gross
margin decreased slightly from the second quarter of 2021 and
EBITDA margin stood at 16.0%, compared to 16.4% for the
corresponding quarter of 2021.
Amortization expense for the second quarter of 2022
amounted to $11.9 million, up
$3.3 million compared to the
corresponding quarter of 2021, resulting from the increase in
amortizable intangibles as well as in right-of-use assets relating
mainly to recent business acquisitions as well as to renewals and
expansions carried out during the previous periods. Income tax
expense amounted to $17.7 million, up $3.4 million from the second quarter of
2021. Net financial costs and other amounted to $1.1 million and includes a gain of
$0.6 million on the disposal of a
building in Quebec.
First-half EBITDA totalled $131.6 million, up $32.5 million or 32.8% over the first six
months of 2021. Gross margin declined slightly over
the corresponding six-month period of 2021. As for EBITDA
margin, it stood at 15.1%, compared to 14.8% for the first six
months of 2021 resulting from increased sales and cost control.
Amortization expense for the first half of 2022
amounted to $22.9 million, up
$5.9 million compared to the
same period of 2021, resulting from business acquisitions and
expansions. Income tax expense amounted to
$29.0 million, up $6.8 million from the first half of 2021.
Net financial costs and other amounted to $2.2 million for the first half of 2022.
Second quarter net earnings grew 25.7%. Considering
non-controlling interests, net earnings attributable to
shareholders of the Corporation amounted to $47.0 million, up 25.5% over the second
quarter of 2021. Net earnings per share rose to $0.84 basic and $0.83 diluted, compared to $0.67 basic and $0.66 diluted for the second quarter of 2021,
increases of 25.4% and 25.8%, respectively.
Second quarter comprehensive income amounted to
$46.2 million, considering a
negative adjustment of $1.0 million on translation of the financial
statements of the subsidiary in the
United States, compared to $30.5 million for the second quarter of
2021, considering a negative adjustment of $7.1 million on translation of the financial
statements of the subsidiary in the
United States.
First-half net earnings increased 32.3%. Considering
non-controlling interests, net earnings attributable to
shareholders of the Corporation totalled $77.1 million, up 32.0% over the
corresponding six months of 2021. Net earnings per share
amounted to $1.38 basic and
$1.37 diluted, compared to
$1.04 basic and $1.03 diluted for the first half of 2021, up
32.7% and 33.0%, respectively.
First-half comprehensive income totalled
$75.0 million, considering a
negative adjustment of $2.5 million on translation of the financial
statements of the subsidiary in the
United States, compared to $48.4 million for the first half of 2021,
considering a negative adjustment of $10.1 million on translation of the
financial statements of the subsidiary in the United States.
FINANCIAL POSITION
Analysis of principal cash flows for the second quarter and
first six months ended May 31,
2022
Operating activities
Second quarter cash flows from operating
activities (before net change in non-cash working capital
balances) amounted to $60.7 million or $1.07 diluted per share, an increase of 28.5%,
compared to $47.2 million, or
$0.84 diluted per share for the
corresponding quarter of 2021, stemming primarily from the net
earnings growth. Net change in non-cash working capital
balances used cash flows of $63.7 million, reflecting change in
inventories of $44.1 million,
whereas change in accounts receivable and other items used cash
flows of $19.6 million.
Consequently, operating activities used cash flows of $3.0 million, compared to a cash inflow of
$48.2 million in the second
quarter of 2021.
First-half cash flows from operating
activities (before net change in non-cash working capital
balances) reached $103.2 million
or $1.83 diluted per share, compared
to $78.0 million or $1.38 diluted per share for the first six months
of 2021, an increase of 32.4%. Net change in non-cash working
capital balances used cash flows of $143.8 million, primarily representing
changes in inventories that used cash flows of $117.3 million whereas accounts receivable
and other items used cash flows of $26.5
million. Consequently, operating activities used cash flows
of $40.5 million, compared
to a cash inflow of $55.9 million for the first six months of
2021.
Financing activities
Second quarter cash flows from financing
activities used cash flows of $21.5 million, compared to $7.4 million for the second quarter of 2021.
The Corporation paid lease obligations of $6.2 million and dividends to shareholders of
$7.3 million compared to lease
obligation payments of $4.7 million, dividends payments of
$3.9 million, a share issuance
for $3.1 million and a long-term
debt repayment of $1.8 million in the
second quarter of 2021. The Corporation also repurchased
common shares for an amount of $7.9 million in the second quarter of 2022,
while it did not make any share repurchases in 2021.
First-half cash flows from financing activities used cash
flows of $29.8 million, compared
to $23.9 million in the first
half of 2021. The Corporation repaid long-term debt of $1.3 million, paid lease obligations of
$12.0 million and issued shares
for $5.9 million, compared to a
long-term debt repayment of $3.2 million, lease obligations payments of
$9.3 million and a $3.9 million share issue in the first half
of 2021. Dividends paid to shareholders of the Corporation amounted
to $14.6 million compared to
$11.6 million in the same period
of 2021 and common shares repurchased amounted to
$7.9 million in the first half
of 2022, compared to $3.3 million in
2021.
Investing activities
Second quarter cash flows from investing
activities represented a cash outflow of $6.3 million primarily for the purchase of
new equipment to maintain and improve operational efficiency, as
well as further investments in IT infrastructure.
First-half cash flows from investing
activities represented a total cash outflow of
$52.4 million, including
$42.4 million for the three
business acquisitions made during the first quarter and
$10.0 million primarily for the
purchase of new equipment to maintain and improve operational
efficiency.
Sources of financing
As at May 31, 2022, the bank
overdraft amounted to $64.2 million, compared with cash of
$58.7 million as at
November 30, 2021. The Corporation posted a working
capital of $481.5 million
for a current ratio of 2.8:1, compared with $456.4 million (current ratio of 3.3:1) as
at November 30, 2021.
Richelieu believes it has the
capital resources to fulfill its ongoing commitments and
obligations and to assume the funding requirements needed for its
growth and the expected financing and investing activities between
now and the end of 2022. The Corporation continues to benefit from
an authorized line of credit of $100 million [$65 million
as at November 30, 2021] as well as a
line of credit of US$36 million [$6 million as at
November 30, 2021] renewable annually
and bearing interest at prime and base rates, respectively. In
addition, Richelieu considers it
could obtain additional external financing if necessary.
Analysis of financial position as at May
31, 2022
(in thousands of $,
except exchange rates)
|
As at
|
May
31,
|
November 30,
|
|
2022
|
2021
|
|
$
|
$
|
Current
assets
|
744,120
|
659,179
|
Non-current
assets
|
355,281
|
305,001
|
Total
|
1,099,401
|
964,180
|
Current
liabilities
|
262,659
|
202,803
|
Non-current
liabilities
|
108,191
|
92,440
|
Equity attributable
to
shareholders of the Corporation
|
725,791
|
666,442
|
Non-controlling
interests
|
2,760
|
2,495
|
Total
|
1,099,401
|
964,180
|
Exchange rates on
translation of a
subsidiary in the United States
|
1.265
|
1.279
|
Assets
Total assets amounted to $1.1 billion as at May 31, 2022, compared with $964.2 million as at November 30, 2021,
an increase of 14.0%. Current assets grew by 12.9% or
$84.9 million over
November 30, 2021. This increase stems from the addition of
current assets following the business acquisitions made during the
period and from the rise in inventories resulting from the increase
in demand and in the products cost. Non-current assets
increased 16.5% mainly due to the addition of intangible assets and
goodwill related to the business acquisitions.
Cash
position
|
(in thousands of
$)
|
As at
|
May
31
|
November 30
|
|
2022
|
2021
|
|
$
|
$
|
Current portion of
long-term debt
|
8,331
|
5,339
|
Long-term
debt
|
130
|
1,100
|
Total debt
|
8,461
|
6,439
|
Cash and cash
equivalents (bank
overdraft)
|
(64,226)
|
58,707
|
The Corporation continues to benefit from a healthy and solid
financial position. As at May 31,
2022, total debt was $8.5 million, mainly representing balances
payable on acquisitions.
Equity attributable to shareholders of the Corporation
totalled $725.8 million as at
May 31, 2022, compared with
$666.4 million as at
November 30, 2021, an increase of $59.3 million stemming primarily from a
growth of $54.9 million in
retained earnings which amounted to $645.4 million, and of $7.0 million in share capital and
contributed surplus, whereas accumulated other comprehensive income
was down by $2.5 million. As at
May 31, 2022, the book value per
share was $12.99, up by 3.7% over
November 30, 2021.
As at May 31, 2022, at the close
of markets, the Corporation's share capital consisted of
55,891,940 common shares [55,841,119 shares as at November 30,
2021]. Weighted average of diluted outstanding shares for the three
and six-month periods ended May 31,
2022, were 56,445,300 and 56,457,660 [2021 - 56,539,960 and
56,442,680]. During the first half of 2022, the Corporation issued
258,150 common shares at an average exercise price of $22.97 [263,925 in fiscal 2021 at an average
exercise price of $19.54] upon the
exercise of stock options under its stock option plan. In addition,
the Corporation repurchased for cancellation 207,329 common shares
in the normal course of operations for a cash consideration of
$7.9 million (316,374 common
shares for a cash consideration of $13.1
million in fiscal 2021).
During the first half ended May 31,
2022, the Corporation granted 276,000 stock options [289,000
in fiscal 2021] and cancelled 7,375 stock options. As at
May 31, 2022, 1,701,600 stock options
were outstanding [1,691,125 as at November 30, 2021].
Dividends
On July 7, 2022, the Board of Directors approved the
payment of a quarterly dividend of 0.13$ per share to shareholders
of record as at July 21, 2022, payable on August 4, 2022.
Of this declared dividend $0.0918 per
share is designated as an eligible dividend and $0.0382 per share is not designated as an
eligible dividend.
PROFILE AS AT MAY 31,
2022
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, storage
and closet, home furnishing and office furniture manufacturers,
residential and commercial woodworkers, door and window, and
hardware retailers including renovation superstores. Richelieu offers customers a broad 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 100,000 customers who are served by 106 centers
in North America – 47 distribution
centers in Canada, 57 in
the United States and two
manufacturing plants in Canada,
specifically Cedan Industries Inc. which specializes in the
manufacturing 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 interest,
income taxes and amortization ("EBITDA") because this measure
enables management to assess the Corporation's operational
performance. This measure is a financial indicator of a
corporation's ability to service its debt. However, EBITDA should
not be considered by an investor as an alternative to operating
income, net earnings, cash flows or as a measure of liquidity.
Because EBITDA is not a standardized measurement as prescribed by
IFRS, it may not be comparable to the EBITDA of other companies.
Richelieu also uses adjusted cash
flows from operating activities, which are based on net earnings
plus the amortization of property, plant and equipment, intangible
assets and right-of-use asset, deferred tax expense (or recovery),
share-based compensation expense and financial costs. These
additional measures do not account for net change in non-cash
working capital items to exclude seasonality effects and are used
by management in its assessments of cash flows from long-term
operations. Therefore, adjusted cash flows from operating
activities may not be comparable to those of other companies.
Certain statements set forth in this report (generally identified
by terms such as "may", "could", "might", "intend", "expect",
"believe", "estimate" or comparable variants) constitute
forward-looking statements which, by their very nature, remain
subject to other risks and uncertainties as set forth in the
Corporation's annual and quarterly reports. Although management
considers these assumptions and expectations reasonable based on
the information available at the time they are provided, such
assumptions and expectations could prove inaccurate and actual
results could differ materially. Richelieu is under no obligation to update or
revise any forward-looking statements made herein to account for
future events or circumstances, except as required by applicable
legislation.
JULY 7, 2022,
CONFERENCE CALL AT 2:30 P.M. (EASTERN TIME)
|
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 7, 2022, may dial 1-888-390-0620 a few minutes
before the start of the call. For those unable to participate, a
taped rebroadcast will be available as of 5:45 p.m. on July 7, 2022, until midnight on
July 14, 2022, by dialling
1-888-390-0541, access code: 384293 #. Members of the media
are invited to listen in.
Photos are available
under "About Richelieu" – "Media" section at
www.richelieu.com
|
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
[In thousands of
dollars]
[Unaudited]
|
As at
May 31,
2022
|
As at
November 30,
2021
|
|
$
|
$
|
ASSETS
|
|
|
Current
assets
|
|
|
Cash and cash
equivalents
|
—
|
58,707
|
Accounts
receivable
|
231,799
|
199,585
|
Inventories
|
504,926
|
395,464
|
Prepaid
expenses
|
7,395
|
5,423
|
|
744,120
|
659,179
|
Non-current
assets
|
|
|
Property, plant and
equipment
|
48,697
|
46,239
|
Intangible
assets
|
68,588
|
53,910
|
Right-of-use
assets
|
106,626
|
87,013
|
Goodwill
|
124,060
|
110,776
|
Deferred
taxes
|
7,310
|
7,063
|
|
1,099,401
|
964,180
|
LIABILITIES AND
EQUITY
|
|
|
Current
liabilities
|
|
|
Bank
overdraft
|
64,226
|
—
|
Accounts payable and
accrued liabilities
|
156,453
|
155,009
|
Income taxes
payable
|
8,423
|
21,281
|
Current portion of
long-term debt
|
8,331
|
5,339
|
Current portion of
lease obligation
|
25,226
|
21,174
|
|
262,659
|
202,803
|
Non-current
liabilities
|
|
|
Long-term
debt
|
130
|
1,100
|
Lease
obligation
|
88,538
|
71,880
|
Deferred
taxes
|
9,768
|
9,868
|
Other
liabilities
|
9,755
|
9,592
|
|
370,850
|
295,243
|
Equity
|
|
|
Share
capital
|
61,524
|
54,610
|
Contributed
surplus
|
7,119
|
7,046
|
Retained
earnings
|
645,375
|
590,522
|
Accumulated other
comprehensive income
|
11,773
|
14,264
|
Equity attributable to
shareholders of the
Corporation
|
725,791
|
666,442
|
Non-controlling
interests
|
2,760
|
2,495
|
|
728,551
|
668,937
|
|
1,099,401
|
964,180
|
CONSOLIDATED STATEMENTS OF
EARNINGS
[In thousands of
dollars, except earnings per share]
[Unaudited]
|
For the three months
ended May 31,
|
For the six months
ended May 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
$
|
$
|
$
|
$
|
Sales
|
487,935
|
371,384
|
872,401
|
668,965
|
Operating expenses
excluding amortization
|
410,080
|
310,430
|
740,818
|
569,849
|
Earnings before
amortization, financial
costs and income taxes
|
77,855
|
60,954
|
131,583
|
99,116
|
Amortization of
property, plant and equipment
and right-of-use assets
|
9,182
|
6,948
|
17,717
|
13,876
|
Amortization of
intangible assets
|
2,688
|
1,577
|
5,205
|
3,170
|
Net financial costs and
other
|
1,098
|
630
|
2,180
|
1,287
|
|
12,968
|
9,155
|
25,102
|
18,333
|
Earnings before
income taxes
|
64,887
|
51,799
|
106,481
|
80,783
|
Income taxes
|
17,677
|
14,248
|
28,971
|
22,190
|
Net
earnings
|
47,210
|
37,551
|
77,510
|
58,593
|
Net earnings
attributable to:
|
|
|
|
|
Shareholders of the
Corporation
|
46,984
|
37,425
|
77,082
|
58,409
|
Non-controlling
interests
|
226
|
126
|
428
|
184
|
|
47,210
|
37,551
|
77,510
|
58,593
|
Net earnings per
share attributable to shareholders of the
Corporation
|
|
|
|
|
Basic
|
0.84
|
0.67
|
1.38
|
1.04
|
Diluted
|
0.83
|
0.66
|
1.37
|
1.03
|
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
[In thousands of
dollars]
[Unaudited]
|
For the three months
ended May 31,
|
For the six months
ended May 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
$
|
$
|
$
|
$
|
Net
earnings
|
47,210
|
37,551
|
77,510
|
58,593
|
|
|
|
|
|
Other comprehensive
income that will be reclassified to net earnings
|
|
|
|
|
Exchange differences on
translation of foreign operations
|
(971)
|
(7,057)
|
(2,491)
|
(10,149)
|
Comprehensive
income
|
46,239
|
30,494
|
75,019
|
48,444
|
Comprehensive income
attributable to:
|
|
|
|
|
Shareholders of the
Corporation
|
46,013
|
30,368
|
74,591
|
48,260
|
Non-controlling
interests
|
226
|
126
|
428
|
184
|
|
46,239
|
30,494
|
75,019
|
48,444
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
[In thousands of
dollars]
[Unaudited]
|
For the three
months
ended May 31,
|
For the six
months
ended May 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
$
|
$
|
$
|
$
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net earnings
|
47,210
|
37,551
|
77,510
|
58,593
|
Items not affecting
cash
|
|
|
|
|
Amortization of
property, plant and equipment and right-of-use assets
|
9,182
|
6,948
|
17,717
|
13,876
|
Amortization of
intangible assets
|
2,688
|
1,577
|
5,205
|
3,170
|
Deferred
taxes
|
(177)
|
(131)
|
(303)
|
(131)
|
Share-based
compensation expense
|
840
|
555
|
1,290
|
976
|
Financial
costs
|
933
|
721
|
1,807
|
1,469
|
|
|
|
|
|
|
60,676
|
47,221
|
103,226
|
77,953
|
Net change in non-cash
working capital balances
|
(63,695)
|
930
|
(143,772)
|
(22,049)
|
|
(3,019)
|
48,151
|
(40,546)
|
55,904
|
FINANCING
ACTIVITIES
|
|
|
|
|
Repayment of long-term
debt
|
(179)
|
(1,833)
|
(1,258)
|
(3,161)
|
Dividends paid to
Shareholders of the Corporation
|
(7,278)
|
(3,917)
|
(14,556)
|
(11,551)
|
Payment of principal
portion of lease obligations
|
(6,229)
|
(4,718)
|
(11,971)
|
(9,301)
|
Other dividends
paid
|
—
|
—
|
—
|
(511)
|
Common shares
issued
|
120
|
3,077
|
5,926
|
3,925
|
Common shares
repurchased for cancellation
|
(7,902)
|
—
|
(7,902)
|
(3,257)
|
|
(21,468)
|
(7,391)
|
(29,761)
|
(23,856)
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Business
acquisitions
|
—
|
(9,842)
|
(42,432)
|
(9,842)
|
Additions to property,
plant and equipment
and intangible assets
|
(6,292)
|
(4,034)
|
(10,011)
|
(6,886)
|
|
(6,292)
|
(13,876)
|
(52,443)
|
(16,728)
|
Effect of exchange rate
changes on cash and cash equivalents
|
88
|
306
|
(183)
|
338
|
|
|
|
|
|
Net change in cash
and cash equivalents (bank overdraft)
|
(30,691)
|
27,190
|
(122,933)
|
15,658
|
Cash and cash
equivalents (bank overdraft), beginning of period
|
(33,535)
|
62,396
|
58,707
|
73,928
|
Cash and cash
equivalents (bank
overdraft) end of period
|
(64,226)
|
89,586
|
(64,226)
|
89,586
|
|
|
|
|
|
SOURCE Richelieu Hardware Ltd.