TORONTO, July 29, 2021 /CNW/ - Richards Packaging Income
Fund (TSX: RPI.UN) (the "Fund") announced today results
for the quarter ended June 30,
2021.
"Financial performance in the second quarter was similar to the
first quarter with the exception that inventory rose an additional
$15 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. The other significant changes
relate to the Clarion acquisition with the payment of $8 million of the holdback and the accrual of
$13 million for a potential future
payout.
Second quarter revenue was down 11% with 14% due to the unwind
of 83% of the coronavirus impact and 10% due to a currency
translation loss as the dollar strengthened to U.S./Cdn. 81¢,
partially offset by 12% revenue growth from
Clarion.
July revenue was down approximately $13
mil. due to the unwinding of 80% of the revenue associated
with the coronavirus and the Canadian dollar strengthening by 5¢ to
U.S./Cdn. 79¢." 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