TORONTO, May 5, 2022 /CNW/ – Richards Packaging Income Fund (TSX: RPI.UN) (the “Fund”) today announced its results for the quarter ended March, 31st2022.
“Mars has fully recovered from the 5% losses in January and February, mainly due to sales of healthcare equipment and strong sales of food and beverage packaging. additional inventory was taken and higher freight costs were recovered without any additional margin, which reduced the margin percentage.
Total first quarter revenue was stable, with organic growth of 7% offsetting a $7 million outcome of the impact of the coronavirus and the $1 million currency translation loss with a stable dollar at US/Cdn. 79¢ on $6 million lower sales of Richards in the United States. ” commented Gerry Glynadministrator and trustee.
April revenue was down about 3%, due to the unwinding of revenue associated with the coronavirus.
Leverage at 1.0x is up 0.7x from the level of December 31, 2021 reflecting the $53 million Draw down revolving debt to fund the payment of Clarion’s contingent consideration and special dividend. The Fund paid monthly dividends of 11¢ per unit, which represents an annualized return of 2.6% on the March, 31stst closing price of $50.82 per unit as well as a special dividend of 69¢ funded by its opening cash balance.
About Richards Packaging Income Fund
The Fund owns Richards Packaging Inc. (“Richards Packaging”) which, since 1912, has served a broad customer base through North America made up of approximately 18,000 regional food, beverage, cosmetics, healthcare and other companies.
SOURCE Richards Packaging Income Fund
For further information: Gerry Glynn, Director and Trustee, Richards Packaging Inc., [email protected]; Enzio Di Gennaro, Chief Financial Officer, Richards Packaging Inc., [email protected]