Richelieu Hardware posts higher Q1 sales, profit rises to $8.8 million

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MONTREAL - Richelieu Hardware Ltd. (TSX:RCH), a North American manufacturing and distribution company based in Quebec, says it had $8.8 million of net earnings in the three months ended Feb. 28, up 8.2 per cent from a year earlier.

The Montreal-based company makes hinges, fasteners and other hardware for the manufacturing, home renovation and retail sectors as well as other products.

Its first-quarter profit amounted to 44 cents per share, up 12 per cent from 39 cents per share in a year earlier.

Richelieu's sales rose to $136.1 million in the quarter, up from $126.1 million a year before. Internal growth accounted for most of the increased revenue, bolstered by acquisitions.

The financial results were issued as Richelieu held its annual shareholders meeting in Montreal.

Richelieu said Canada accounted for $98.5 million of its total sales in the quarter, up 3.8 per cent from a year before. The United States' share of income grew to US$34.6 million, up 10.6 per cent from a year earlier.

The company's Canadian sales included contributions from Procraft Industrial Ltd, a finishing products distributer with three distribution centres in the Maritime provinces that Richelieu acquired in December.

The U.S. sales included CourterCo, a distributer of specialty and decorative hardware with three locations in Indiana, Kentucky and North Carolina.

Organizations: Richelieu Hardware Ltd., TSX, North American Procraft Industrial

Geographic location: MONTREAL, Quebec, United States Canada Maritime Indiana Kentucky North Carolina

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