Sign In Register SAINT-BASILE-LE-GRAND — A small seaplane crashed into the Richelieu River east of Montreal today leaving one of the two occupants stuck inside for an extended period The Richelieu Saint-Laurent police say officers received a call at about 11 a.m about an overturned plane in the river near St-Basile-le-Grand One of the two men inside the place managed to escape and swim to shore while the second remained trapped inside the plane Police reported later that the second occupant had eventually been extricated and taken to hospital but police say they haven’t seen anything to indicate it was criminal The Transportation Safety Board of Canada is also deploying a team to investigate the crash This report by The Canadian Press was first published May 2 7 acquisitions completed in North America for additional annual sales of $100 million Highlights of the fourth quarter ended November 30 Dividend : 2.2% increase in the quarterly dividend to $0.1533 per share for the first quarter of 2025 2025 /CNW/ - "Richelieu reports good results for its fourth quarter up 5.0% compared to the same period in 2023 This increase reflects the strong performance of the manufacturers' market in Canada and the United States while sales to retailer and renovation superstores market were down 9.7% We are very pleased with our sales of $1.8 billion for the 12 months of 2024 even though the renovation market was marked by a significant slowdown Despite this environment and circumstantial factors that continued to put pressure on the EBITDA margin we stayed on track to achieve our operating objectives and maintain a solid financial position as of November 30 ACQUISITIONS AND OUTLOOK – "We are also very pleased to have completed seven new acquisitions which will contribute to approximately $100 million in additional annual sales we will use our best strengths to take advantage of the growth opportunities presented by the current housing shortage in North America It is also expected that the renovation market will regain momentum in 2025 and commercial renovation sectors remain key to our growth Our network of 112 strategically located centres in Canada and the United States and our innovation and business acquisition momentum consistently reinforce our North American leadership" MANAGEMENT APPOINTMENT - "I am pleased to announce that following the Board of Directors' approval Chief Financial Officer of the Corporation since 2011 will now also assume the function of Chief Operating Officer in addition to his current responsibilities as Chief Financial Officer" ANALYSIS OF OPERATING RESULTS FOR THE YEAR ENDED NOVEMBER 30 The following table provides an overview of Richelieu's sales in its two main markets for the years ended November 30 (in millions of dollars except exchangerates) an increase of $44.4 million or 2.5% over last year of which 2.2% from acquisitions and 0.3% from internal growth In currency comparable to that of the 2023 financial year the growth in consolidated sales for the year ended November 30 plant and equipment and right-of-use assets Net earnings per share attributable to shareholders of the Corporation and amortization (EBITDA) totalled $201.4 million This decrease is mainly due to the reduction in gross margin caused by the cost of inventories purchased at higher prices than current levels as well as by the decline in the selling prices of certain products temporary effects related to the ongoing consolidation and expansion projects have contributed to this decline Amortization expenses amounted to $69.0 million stemming mainly from recent business acquisitions and expansion and modernization projects completed in 2023 and early this year down by $1.6 million due to the repayment of credit lines offset by the impact of higher interest expenses resulting from the increase in lease obligations Income taxes amounted to $31.3 million a decrease of $11.0 million over 2023 net earnings attributable to shareholders of the Corporation totalled $85.8 million Net earnings per share amounted to $1.54 basic and $1.53 diluted compared with $2.00 basic and $1.98 diluted for 2023 a decrease of 23.0% and 22.7% respectively The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended November 30 (in millions of dollars except exchange rates) Fourth-quarter consolidated sales amounted to $476.2 million compared with $453.7 million for the corresponding quarter of 2023 of which 2.3% resulted from internal growth and 2.7% from acquisitions At comparable exchange rates to the fourth quarter of 2023 the consolidated sales growth would have been 4.6% for the quarter ended November 30 and amortization (EBITDA) amounted to $54.3 million compared with $58.8 million in the fourth quarter of 2023 The gross margin is slightly lower than in 2023 compared to 13.0% in the fourth quarter of 2023 This decline was primarily due to lower sales prices for certain products higher cost of goods sold in specific categories as well as operational expenses related to the ongoing consolidation and expansion projects Amortization expenses amounted to $17.7 million compared with $16.4 million for the corresponding quarter of 2023 Income taxes amounted to $8.2 million compared with $10.8 million for the fourth quarter of 2023 down by 13.7% over the corresponding quarter of 2023 net earnings attributable to shareholders of the Corporation amounted to $24.4 million down by 14.6% over the fourth quarter of 2023 Net earnings per share were $0.44 basic and diluted compared with $0.51 basic and diluted for the fourth quarter of 2023 Cash flows from operating activities (before net change in non-cash working capital balances) amounted to $43.0 million or $0.77 per share compared with $49.3 million or $0.88 per share for the fourth quarter of 2023 a decrease of 12.8% resulting primarily from net earnings decrease The net change in non-cash working capital balances used cash flows of $15.8 million reflecting the change in inventory and accounts receivable of $7.7 million whereas the change in accounts payable and other items required cash flows of $8.1 million operating activities provided cash flows of $27.2 million compared with $72.7 million for the fourth quarter of 2023 Financing activities used cash flows of $41.8 million compared with $14.3 million for the fourth quarter of 2023 This change primarily resulted from common share repurchases of $20.1 million for the fourth quarter of 2024 while no share repurchases were made in the fourth quarter of 2023.  Investing activities totaled $7.9 million in the fourth quarter including $2.7 million for business acquisitions completed during the quarter and $5.1 million for the acquisition of various capital assets notably to increase production capacity at one centre and for leasehold improvements related to ongoing consolidation projects.  Effect of exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents (bank overdraft) Net cash and cash equivalents (net bank overdraft) Reconciliation of cash flow from operating activities to adjusted cash flow from operating activities : Net change in non-cash working capital balances (inflow) Adjusted cash flows from operating activities Cash flows from operating activities (before net change in non-cash working capital balances) reached $165.7 million or $2.95 diluted per share compared with $190.5 million or $3.39 diluted per share for 2023 a decrease of 13.0% mainly reflecting the net earnings decrease The net change in non-cash working capital balances used cash flows of $32.1 million mainly representing changes in inventory of $10.0 million whereas accounts receivable and other items used cash flows of $22.1 million operating activities generated a cash inflow of $133.6 million compared to a cash inflow of $270.7 million for 2023 Financing activities used cash flows of $117.9 million Richelieu repaid long-term debt of $3.2 million paid lease obligations of $41.1 million compared to a long-term debt repayment of $5.3 million lease obligations payments of $34.1 million and a $8.6 million share issue in 2023 Dividends paid to shareholders of the Corporation amounted to $33.5 million compared to the same amount in 2023 The Corporation also repurchased common shares for an amount of $38.7 million compared with $0.8 million in 2023 Investing activities used cash flows of $50.8 million including $20.3 million mainly for four business acquisitions completed in fiscal 2024 and $30.6 million primarily for the purchase of equipment aimed at maintaining and improving operational efficiency as well as for distribution centre expansion projects including investments related to the consolidation of the new Calgary centre Equity attributable to shareholders of the Corporation Exchange rates on translation of subsidiaries in the United States Total assets amounted to $1.4 billion as at November 30, 2024 Current assets increased by 4.9% or $42.3 million from November 30 mainly due to the addition of right-of-use assets and property plant and equipment related to lease renewals and expansion projects Equity attributable to shareholders of the Corporation totalled $926.5 million as at November 30, 2024 compared with $904.9 million as at November 30 This increase is mainly due to a rise of $6.9 million in retained earnings and of $5.0 million in share capital and contributed surplus while accumulated other comprehensive income increased by $9.7 million and the return on average shareholders' equity was 9.4% the Corporation's share capital consisted of 55,218,678 common shares (56,088,365 shares as at November 30 upon the exercise of stock options under the stock option plan Richelieu issued 138,025 common shares at an average price of $24.96 (323,575 in 2023 at an average price of $26.43) The Corporation granted 289,000 stock options in fiscal 2024 (306,500 in 2023) and cancelled 37,375 (41,000 in 2023) 1,734,525 stock options were outstanding (1,620,925 as at November 30 the Board of Directors approved the payment of a quarterly dividend of $0.1533 per share to shareholders of record as at January 30 The declared dividend is designated as an eligible dividend within the meaning of the Income Tax Act (Canada).  Richelieu is a leading North American importer manufacturer and distributor of specialty hardware and complementary products Its products are targeted to an extensive customer base of kitchen and bathroom cabinet home furnishing and office furniture manufacturers and hardware retailers including renovation superstores Richelieu offers its customers a broad mix of high-end products sourced from manufacturers worldwide Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 112 centres in North America – 48 distribution centres in Canada 61 in the United States and 3 manufacturing plants in Canada Menuiserie des Pins Ltée and USIMM UNIGRAV Inc which manufacture a variety of veneer sheets and edge banding products a broad selection of decorative moldings and components for the window and door industry as well as custom products Notes to readers — Richelieu uses earnings before interest 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 EBITDA should not be considered by an investor as an alternative to operating income 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 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 adjusted cash flows from operating activities may not be comparable to those of other companies Certain statements outlined in this report (generally identified by terms such as "may" "estimate" or comparable variants) constitute forward-looking statements which remain subject to other risks and uncertainties as outlined 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 www.richelieu.com Financial analysts and investors interested in participating in the conference call on Richelieu's results to be held at 2:30 p.m may dial 1-800-990-4777 a few minutes before the start of the call a taped rebroadcast will be available as of 5:45 p.m Members of the media are invited to listen in Pictures are available on www.richelieu.com CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Accumulated other comprehensive income  CONSOLIDATED STATEMENTS OF EARNINGSYears ended November 30[In thousands of dollars CONSOLIDATED STATEMENTS OF CASH FLOWS Years ended November 30[In thousands of dollars] Items not affecting cash and cash equivalent Net change in non-cash working capital balances Dividends paid to shareholders of the Corporation Common shares repurchased for cancellation Net cash and cash equivalents and (net bank overdraft) President and Chief Executive Officer; Antoine Auclair Chief Financial Officer and Chief Operating Officer Do not sell or share my personal information: MontrealNewsOne dead, one injured after seaplane crashes into Richelieu River MontrealBy The Canadian PressPublished: May 02, 2025 at 9:39PM EDT Twitter feed ©2025 BellMedia All Rights Reserved HIGHLIGHTS OF THE FIRST QUARTER ENDED FEBRUARY 28 MONTREAL, April 10, 2025 /CNW/ - (TSX: RCH) "Richelieu has strongly started the 2025 fiscal year with five new acquisitions and an 8.6% increase in sales.  This result is all the more appreciable given that the first quarter is historically the weakest period of the year and the renovation market conditions remained relatively stagnant during the period.  Our market development initiatives combined with contributions from acquisitions the diversification of our market segments and our added value of our service offering We made significant progress in the manufacturers' market In the hardware retailers and renovation superstores market We are currently making significant investments to install new in-store displays and add new product lines in order to boost sales to retail customers We see these initiatives are starting to bear fruit with sales growth in this market in Canada." "I am also pleased with of our recent acquisitions completed since the beginning of the year: The acquisition of Mill Supply which operates two centres in the Maritime provinces—one in Dartmouth This acquisition strengthens our presence in this market and complements our two existing centres in Dartmouth The acquisition of Darant Distributing allows us to enter the strategic Colorado market Midwest Specialty Products reinforces our presence in the Minneapolis area while also adding product lines such as quartz and other decorative surfaces enables us to expand our presence in these product categories in the strategic markets of New Jersey and the Greater New York area the acquisition of Rhoads & O'Hara Architectural a specialist in exclusive architectural panels "Despite the headwinds expected from the tariffs imposed by the US government Richelieu is well-positioned to navigate these changes with less than 20% of its products imported from China to the U.S where alternative products are already sourced from other countries," mentioned Mr EXPANSION: ACQUISITIONS AND CONSOLIDATION OF CENTRES Richelieu completed the following acquisitions: These new acquisitions not only add approximately $50 million in annual sales but also enhance the Corporation's presence in strategic markets to meet the needs of future growth and continue to deliver top-tier customer service the Corporation completed its project to consolidate two distribution centres in the Vancouver area into a single 140,000 sq facility serving the manufacturers' market RESULTS FOR THE FIRST QUARTER ENDED FEBRUARY 28 compared to $406.9M for the first quarter of 2024 driven equally by internal growth and acquisitions In currency comparable to that of the first quarter of 2024 the increase in consolidated sales would have been 5.6% for the quarter ended February 28 The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended February 28 Quarters ended February 28 and February 29 interest and amortization (EBITDA)  for 2025 first quarter was $42.4M up $2.0M or 5.0% from the corresponding quarter of 2024 primarily driven by higher sales.  The EBITDA margin was 9.6% compared with 9.9% for the corresponding quarter of 2024 mainly due to lower margins from our recent business acquisitions and marketing costs for new product lines with our retailer customers Net earnings for the first quarter of 2025 were $14.7M This decrease is mainly due to the $2.0M increase in amortization expense as well as right-of-use assets in connection with the expansion projects and business acquisitions made during the previous fiscal year and the first quarter of 2025 primarily due to the rise in utilized credit lines.  Including non-controlling interests net earnings attributable to the Corporation's shareholders were $13.9M a decrease of 8.6% from first quarter of 2024 Net earnings per share were $0.25 basic and diluted compared to $0.27 basic and diluted for Q1 2024 Total assets were $1.48B as at February 28 Current assets increased by 4.8% or $43.5M from November 30 2024.  Non-current assets increased by 8.6% mainly due to the addition of right-of-use assets compared to net bank overdraft of $12.3M as at November 30 The Corporation had working capital of $613.2M with a ratio of 2.9:1 compared to $612.9M (ratio of 3.1:1) as at November 30 the Corporation's share capital consisted of 55,299,103 common shares [55,218,678 shares as at November 30 For the three-month period ended February 28 the weighted average number of diluted shares outstanding was 55,487,500 [56,530,470 in 2024] the Board of Directors approved the payment of a quarterly dividend of $0.1533 per share to shareholders of record as at April 24 The declared dividend is designated as an eligible dividend within the meaning of the Income Tax Act (Canada) Richelieu offers customers a broad mix of high-end products sourced from manufacturers worldwide Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 116 centres in North America – 49 distribution centres in Canada 64 in the United States and three manufacturing plants in Canada Menuiserie des Pins Ltée and USIMM UNIGRAV Inc. a broad selection of decorative mouldings and components for the window and door industry as well as custom products www.richelieu.com       Financial analysts and investors interested in participating in the Corporation's earnings conference call can dial 1-800-990-4777 a few minutes before the start of the call For those unable to participate in real-time a recording will be available starting April 10 Simply dial 1-888-660-6345 and enter the access code: 79241# to access the recording HIGHLIGHTS OF THE THIRD QUARTER ENDED AUGUST 31 Quarterly dividend of $0.15 per share payable on November 7 to shareholders registered as of October 24 MONTREAL, Oct. 10, 2024 /CNW/ - (TSX: RCH) "Richelieu continued to increase its sales in the third quarter and maintained a strong financial position The 1.9% rise in sales is all the more appreciable given the current market context and reflects the substantial increase of 7.5% ($US) to manufacturers in the United States and 0.5% in our market in Canada while our sales to retailers and renovation superstores decreased by 16.8%," said Richard Lord President and Chief Executive Officer.  PERSPECTIVES – " We believe that the housing shortage currently affecting North America will present promising opportunities for Richelieu although the renovation market is currently slowing down we expect it to regain momentum in the coming months leading to increased demand for our products and services and commercial renovations are particularly promising and will continue to be crucial for our future growth We are well positioned with our North American network of 112 strategically located centres a business model that is well adapted to the needs of our customers our offer which is unique due to its great diversity and innovative aspect and a distinctive value-added service that is effectively complemented by our trilingual website richelieu.com Our expert team is mobilized to seize the opportunities," added Mr CONTINUATION OF THE ACQUISITION STRATEGY AND OPTIMIZATION OF THE NORTH AMERICAN DISTRIBUTION CENTRE NETWORK Richelieu is continuing to integrate the three acquisitions made since the beginning of the financial year Ohio) and Rapid Start (Ohio) as well as Olympic Forest Products (Ontario) and expects to close four new acquisitions in Canada and the United States for which the agreements in principle were signed in the third quarter as part of its distribution network optimization the Corporation consolidated two of its distribution centres in the New York City area and on the West Coast of Florida during the quarter OPERATING RESULTS FOR THE THIRD QUARTER AND FIRST NINE MONTHS ENDED AUGUST 31 The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended August 31 compared to $459.0M for the third quarter of 2023 resulting from a positive contribution from the acquisitions of 3.2% and an internal decrease of 1.3% In currency comparable to that of the third quarter of 2023 the increase in consolidated sales would have been 0.8% for the quarter ended August 31 Operating expenses excluding amortization totalled $414.8M The increase in monetary terms and as a percentage of sales reflects the growth in sales and higher costs of goods sold in certain product categories along with operating expenses related to consolidation and expansion projects that are still in the start-up phase down $8.0M or 13.2% from the corresponding quarter of 2023 mainly as a result of lower gross margin caused by inventories at costs higher than current purchasing costs and the drop in selling prices of certain products plus the temporary increase in some operating expenses resulting from consolidation and expansion projects compared with 13.3% for the corresponding quarter of 2023 Amortization expense for the third quarter of 2024 amounted to $17.4M up $1.7M over the corresponding period of 2023 and right-of-use assets stemming from expansion and modernization projects completed in 2023 and early this year Net financial costs were $3.0M for this quarter of 2024 a decrease of 21.8% from the corresponding quarter of 2023 net earnings attributable to shareholders of the Corporation were $22.7M before net change in non-cash working capital balances was $42.7M or $0.76 per diluted share compared to $49.8M or $0.88 per diluted share for the third quarter of 2023 This 13.6% decrease mainly reflects the decrease in net earnings The net change in non-cash working capital items used cash flows of $7.5M reflecting the changes in accounts receivable and payable of $23.7M while inventories used cash flows of $16.2M operating activities provided a cash inflow of $50.2M compared to a cash inflow of $104.8M in Q3 2023 up $21.9M or 1.6% over the first nine months of 2023 of which 2.4% from acquisitions and 0.8% from an internal decrease In currency comparable to that of the corresponding period of 2023 the increase in consolidated sales would have been 1.2% Operating expenses excluding amortization totalled $1.21B This variation in monetary terms and as a percentage of sales reflects the slight increase in sales as well as the costs associated with projects in the start-up phase down $24.4M or 14.2% from the corresponding nine-month period of 2023 and net earnings attributable to shareholders of the Corporation were $61.4M Net earnings per share were $1.10 basic and $1.09 diluted compared to $1.49 basic and $1.47 diluted for the same period of 2023 representing a decrease of 26.2% and 25.9% respectively was $122.7M or $2.18 per diluted share compared to $141.2M or $2.51 per diluted share for the first nine months of 2023 The net change in non-cash working capital items used cash flows of $16.3M mainly reflecting the change in accounts receivable and other items which used cash flows of $19.9M while accounts payable represented a cash inflow of $3.6M operating activities generated a cash inflow of $106.4M compared to a cash inflow of $198.0M in the first nine months of 2023 Current assets increased by 3.5% or $29.8M from November 30 Non-current assets increased by 6.5% mainly due to the addition of right-of-use assets the Corporation had a working capital of $632.0M compared to $621.8M (ratio of 3.6:1) as at November 30 and an average return on shareholders' equity of 10.0% the Corporation's share capital consisted of 55,722,695 common shares [56,088,365 common shares as at November 30 For the three and nine-month periods ended August 31 the weighted average number of diluted shares outstanding was 55,971,750 and 56,260,000 [56,346,260 and 56,225,410 in 2023] the Board of Directors approved the payment of a quarterly dividend of 0.15$ per share to shareholders of record as at October 24 The declared dividend is designated as an eligible dividend under the Income Tax Act of Canada and distributor of specialty hardware and complementary products Its products are targeted to an extensive customer base of kitchen and bathroom cabinets 61 in the United States and three manufacturing plants in Canada can dial 1-888-510-2154 a few minutes before the start of the call a recording will be available starting October 10 Simply dial 1-888-660-6345 and enter the access code: 60070# to access the recording Vice-President and Chief Financial Officer; For information: Tel: (514) 832-4010 / www.richelieu.com Richelieu Hardware reported Q1 sales of $441.7 million up $34.8 million or 8.6 percent from $406.9 million in the comparable period of 2024 Net earnings of $14.7 million were down 5.2 percent from a year earlier “Despite the headwinds expected from the tariffs imposed by the U.S Richelieu is well-positioned to navigate these changes,” CEO Richard Lord said in a statement “with less than 20 percent of its products imported from China to the U.S.” Our editors will review what you’ve submitted and determine whether to revise the article Richelieu recognized that vacillation would threaten domestic stability It was an action that gained for Richelieu an instant reputation for decision and ruthlessness It also disillusioned those who had seen in him a defender of Catholic interests and of a Franco-Spanish alliance Richelieu accepted the necessity of working with the traditional framework of administration and he confused his critics by unexpected compromise and moderation Richelieu laid siege in 1628 to La Rochelle, the Huguenot center, but it took a year to reduce the city, during which time Spain took advantage of the distraction to extend its hegemony in northern Italy at the expense of France’s allies While promising Richelieu help to combat the Protestants in order to keep the French government preoccupied and seized the strategic fortress of Casale in northern Italy she tried to influence her son to dismiss his minister perceived that the issue was his own independence or his mother’s domination and that there was no one but Richelieu who could relieve him of the responsibility of decisions at a moment of bewildering complications he supported the cardinal and thereafter did not waver in his support Richelieu initiated secret peace negotiations and renewed them repeatedly His justification for war was the same as that for rigorous domestic discipline: only the statesman furnished with all available information and equipped for judicious appraisal of events Richelieu was given to economic improvisation that was often unsound, but he eschewed doctrinaire views and retained flexibility of mind and he gained economic footholds in Morocco and Persia though he failed to have much influence on seapower he developed shipping connections with the Baltic although he may not have been its architect Quarterly dividend of $0.15 per share payable on August 8 to shareholders of record as at July 25 MONTREAL, July 11, 2024 /CNW/ - (TSX: RCH) "Richelieu continued its growth in the second quarter with sales up by 2% compared to the corresponding quarter of 2023 This increase resulted from our recent acquisitions our market penetration and value-added service strategies which is appreciable in the current market conditions Our sales grew by 4.5% in the manufacturers' market with increases of 0.9% in Canada and 8.7% (US$) in the U.S. sales to retailers and renovation superstores decreased by 14.6% Richelieu is well positioned to seize opportunities in the renovation market and to meet the expected increase in demand for specialized products in the context of the housing shortages in Canada and the United States We will remain focused on our winning strategies and our strengths the robustness of our network and our ability to make strategic acquisitions" said Mr DEVELOPMENT OF THE NORTH AMERICAN NETWORK: THREE NEW ACQUISITIONS IN THE FIRST HALF OF FISCAL 2024 AND CONSOLIDATION OF DISTRIBUTION ACTIVITIES FOR RETAILERS IN WESTERN CANADA Richelieu closed the acquisition of the main net assets of Allegheny Plywood a distributor specializing in panels and decorative surfaces operating distribution centres in Pittsburgh and Allentown This acquisition is in addition to those concluded in the first quarter a distributor of wood products and specialty panels based in Erin a distributor of specialty hardware serving manufacturers from its centre in Rittman these transactions represent sales of approximately $60M and strengthen the Corporation's presence in these markets the Calgary expansion project allows the Corporation to continue supporting the growth of its manufacturer customers by consolidating two centres into a single 250,000-square-foot warehouse and centralizing the distribution of all products intended for retail customers in Western Canada the Corporation began optimizing distribution activities for the retailers market in Ontario and Eastern Canada These projects are ongoing and have already involved the transfer of operations from two distribution centres OPERATING RESULTS FOR THE SECOND QUARTER AND FIRST SIX MONTHS ENDED MAY 31 The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended May 31,  2024 and 2023 : compared to $472.1M for the second quarter of 2023 resulting from a positive contribution from the acquisitions of 2.7% and an internal decrease of 0.7% In comparable currency to the second quarter of 2023 consolidated sales increase would have been 1.8% for the quarter ended May 31 Operating expenses excluding amortization totalled $427.6M The increase in monetary terms reflects higher costs of goods sold in certain product categories as well as operational expenses associated with expansion projects completed over the past year and early this year interest and amortization (EBITDA) was $53.8M down $7.7M or 12.6% from the corresponding quarter of 2023 plus the temporary increase in some operating expenses resulting from expansion projects.  As a result compared with 13.0% for the corresponding quarter of 2023 Amortization expense for the second quarter of 2024 amounted to $17.2M up $2.4M over the corresponding period of 2023 plant and equipment and right-of-use assets stemming from expansion and modernization projects completed in 2023 and early this year  Net financial costs were $3.1M for this quarter in 2024 a decrease of $0.9M mainly due to reduced lines of credit used primarily to finance acquisitions and the temporary increase in inventories in the previous fiscal year.  net earnings attributable to shareholders of the Corporation were $23.4M Net earnings per share were $0.42 basic and diluted compared to $0.55 basic and diluted for Q2 2023 was $45.1M or $0.80 per diluted share compared to $50.8M or $0.90 per diluted share for the second quarter of 2023 This 11.1% decrease mainly reflects the decrease in net earnings The net change in non-cash working capital items generated a cash inflow of $10.6M mainly reflecting decreases in inventories and accounts payable of $31.1M while accounts receivable and other items used cash flows of $20.5M operating activities provided a cash inflow of $55.7M compared to a cash inflow of $74.4M in Q2 2023 In the first six months of 2024, consolidated sales reached $888.3M up $13.2M or 1.5% over the first half of 2023 of which 2.0% from acquisitions and 0.5% from an internal decrease In comparable currency to the corresponding period of 2023 the increase in consolidated sales would have been 1.4% Operating expenses excluding amortization totalled $794.1M This variation is also explained by higher costs of goods expensed as well as costs specific to projects during the start-up phase down $16.4M or 14.8% from the corresponding period of 2023 and net earnings attributable to shareholders of the Corporation were $38.7M was $80.0M or $1.42 per diluted share compared to $91.4M or $1.63 per diluted share for the first six months of 2023 The net change in non-cash working capital items used cash flows of $23.8M mainly reflecting the decrease in inventories which generated a cash inflow of $10.6M operating activities generated a cash inflow of $56.2M compared to  a cash inflow of $93.2M in the first six months of 2023 Current assets increased by 3.3% or $28.2M from November 30 the Corporation had a working capital of $616.0M 2023 and an average return on shareholders' equity of 11.0% the Corporation's share capital consisted of 55,677,620 common shares [56,088,365 common shares as at November 30 For the three and six-month periods ended May 31 the weighted average number of diluted shares outstanding was 56,328,850 and 56,421,090 [56,227,220 and 56,176,050 in 2023] the Board of Directors approved the payment of a quarterly dividend of 0.15$ per share to shareholders of record as at July 25 Its product selection consists of over 145,000 different items targeted to a base of more than 120,000 customers who are served by 114 centres in North America – 48 distribution centres in Canada 63 in the United States and three manufacturing plants in Canada can dial 1-888-390-0620 a few minutes before the start of the call a recording will be available starting July 11 Simply dial 1-888-259-6562 and enter the access code: 524362# to access the recording Vice-President and Chief Financial Officer For information: Tel: (514) 832-4010 / www.richelieu.com Join us at the Akustika Fair at the Nuremberg Exhibition Centre from April 4-6 Meet The Strad team at stand F08 and pick up a free copy of the magazine The Strad Directory Jobs Sponsored by V.Richelieu2025-04-22T08:45:00+01:00 Richelieu’s violins and violas crafted from FSC-certified materials sourced sustainably from around the world V-Richelieu violins and violas made in the USA by Vermont Violins Richelieu line of instruments are the first violin and viola line to be officially recognised for its sustainability The Forest Stewardship Council offers the gold-standard of official recognition and the journey towards official recognition has been along a path few have travelled in the violin trade Inspired by the sylvan state of Vermont in which they are made Richelieu instruments are a celebration of wood and forestry the wood defines the instrument and it is sourced from carefully managed forests ’The goal of our lutherie is to make the most beautiful instruments both tonally and aesthetically,’ says owner ’But we want to do this in a way that recognises and supports excellent stewardship of the forests from which they come.’ FSC Certification centres on supply chain management meticulously tracking wood origins from forest to instrument with each participant holding the FSC seal Richelieu instruments are from traditional trees but not from traditional forests the tops come from FSC-certified forests in Switzerland These are traditional spruce forests and has all the characteristics of master-grade spruce used by great makers everywhere But the foresters follow strict FSC rules: no petrochemicals this forester only cuts trees during the winter new moons when the sap is in the roots and the wood is driest Such practices maximises the quality of the wood and minimises post-harvest energy-consuming drying and processing ’Our search for FSC certification has brought us to forests stretching from Switzerland to Oregon,’ says Reilly we have discovered some amazing woods to use in our instruments And while we love using traditional spruce and maple we have enjoyed “branching out” to less traditional woods as well.’ Richelieu Sycamore back viola with GaiaTone fingerboard Richelieu Da Salo viola with GaiaTone fingerboard inspired by bass makers at the International Society of Bassists Richelieu line experimented with Pacific Northwest American tonewood species for the Vermont-made violas Big Leaf Maple and Myrtle broadened the range of sound possible Our appreciation for these woods was confirmed when a 15” V Richelieu with a stunning Myrtle wood back became a popular favourite at a recent American Viola Society convention has similar tonal properties of European Norway Maple and New England red maple Both density and sound velocity readings compare favourably with the traditional woods creating a rich Big Leaf Maple is the North American maple most similar to European maple Giant specimens 200 to 300-years-old dominated the forested landscape of the Pacific Northwest from northern California up through British Columbia it shares similar properties to European maples and creates a dark tone with strong projection - perfect for larger and smaller violas alike Both Myrtle and Big Leaf Maple forests are outliers in the Pacific Northwest large-scale forestry woods like Douglas Fir which can be pulped or used in plywood they offer the foresters a strong return on their investment Richelieu instruments have partnered to develop a sustainably certified supply chain for Big Leaf Maple and Myrtle creating the first FSC sustainably certified violas for sale As demonstrated by its winning the SBA Vermont Exporter of the Year award V Richelieu and Vermont Violins is off to a great start finding homes for sustainable products around the world Richelieu instruments are played by professionals and students ’is making an instrument that can be enjoyed knowing that music making is kind to our planet Some of our woods come from the FSC Forests managed by the Coquille Nation From them we learnt of the ancient Mohawk law that tells us to “consider the effect of our actions and decision on the next seven generations we hope our instruments will be making their music in the shade of the forests from which they came!’ For more information visit: www.vrichelieu.com considered to be one of the world’s most respected violin experts The violinist takes up the role at the beginning of the 2025-26 season Here’s the rundown of the string soloists that will feature throughout this year’s edition of the world’s biggest classical music festival The violinist has been appointed artistic director of Clarion Concerts which provides chamber music concerts and experiences in New York’s Hudson Valley The Astatine Trio and Novo Quartet join the scheme from 2025–2027 Ten ensembles will compete for the chance to win the top prize package at this year’s competition from 25 to 31 August Site powered by Webvision Cloud Message Invalid character found in the request target [/leaders-tour/episode/yf-blanchet-speaks-with-business-leaders-in-vallee-du-richelieu?id\u003dbbc551f6-4d66-4688-91f5-2ddb4ec0e241 ] The valid characters are defined in RFC 7230 and RFC 3986 Description The server cannot or will not process the request due to something that is perceived to be a client error (e.g. Note The full stack trace of the root cause is available in the server logs The Cornwall Richelieu Club invites you to experience an exquisite culinary evening at its Mamma Mia benefit dinner a fundraiser for the well-being of local youth The delicious Italian-themed menu for the evening will be prepared by the highly skilled Chef Gabriel Asselin The gastronomic event will take place on Friday The buffet will feature Tuscan culinary classics accompanied by Caesar salad and garlic bread a delicious crème brûlée or panna cotta will be served the event will be accompanied by Italian melodies performed by professional violinist Min-Hi Choi as well as a live production of an artistic painting by the talented Pierre Giroux The Club Richelieu would like to express its gratitude to Clean All Don’t miss this unique opportunity to enjoy a delicious meal while making a meaningful difference in the lives of children in our community To purchase tickets, priced at $35 each, please contact Diane Pilon at dianepilon51@hotmail.com EZ Newsite platform by Textuel and TolléWeather information by OpenWeatherMap Multiple generations came together as members of Club Richelieu Les Patriotes their families and friends filled and distributed some 130 Christmas baskets to families in need in Greater Sudbury on Saturday We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentAmong those who participated were Mia MacDonald, Elle MacDonald, Jordan MacDonald, Kira MacDonald, Raymond Coutu and Anie Coutu. Food items included ham, tourtiere, vegetables, fruits, canned goods, coffee and other items. The Club Richelieu Les Patriotes has conducted the sharing activity for more than 35 years. Last year, some 140 families received Christmas baskets. It is estimated that more than 3,500 baskets have been distributed since the launch of the initiative. transmission or republication strictly prohibited This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy Countries & Areas Bureaus & Offices About Marco Rubio, Secretary of State I just have a couple points and then I’ll answer your questions Then I’m sure you’re dying to get home and she’s become a friend in the last few weeks as we’ve worked together I knew her a little bit before but have gotten to know her now I think we have a very strong statement from the G7; hopefully you’ve gotten that by now and have been able to see it Very strong statement on a number of issues of mutual concern and obviously there will be some follow-up And it sort of sets up for the leaders’ meeting later on this year and we hope that will be equally productive But we felt really good about the statement I think it reflects our points on a number of topics you’re going to ask me questions about things that are going on in different bilateral relationships and so forth but I think what’s important and something I said at the outset which everybody agreed with is that we’re not going to allow the things we disagree on – and we’ll disagree on things – to keep us from working closely on the things we agree on And hopefully the statement reflects that and our actions will reflect that The other announcement – and I think this is already reflected in the President’s statements – there was what we felt was a very positive and productive engagement yesterday with President Putin and Special Envoy Witkoff and hopefully we’ll convene this weekend We’ll examine the Russian position more closely and determine – the President will then determine what the next steps are I think there is reason to be cautiously optimistic but by the same token we continue to recognize this is a difficult and complex situation But we certainly feel like we’re at least some steps closer to ending this war and bringing peace we’ll see what Russia and others are willing to do obviously; it has to be things acceptable to Ukraine But it’s been a good week on that front but there’s a lot of work that remains to be done But there’s reason to be cautiously optimistic but we’ll know more once Special Envoy Witkoff returns and we have a chance to all convene and talk about it the President is the ultimate decider on the next steps for the United States SECRETARY RUBIO: I think it’s an irrelevant question I think in foreign policy you really – it’s not about trusting on something like this you can’t just say you want peace And that’s true for both sides in any conflict all these things – I would just encourage you guys if we’re going to be serious about foreign policy to sort of navigate away from some of the – this is not a reality show There are things you are doing and things you’re not doing and that’s what foreign policy is driven by and that’s how our decisions should be driven by oftentimes you will have to work with – I’m not talking about President Putin in particular I’m talking about generally – you will have to work with people you don’t like in foreign policy you will have disagreements with people you like Sometimes you will have to figure out how to work together with nations that are not aligned with you on most issues and in other cases you may find yourself unaligned on an issue with a nation that you work with very closely on a bunch of other things that has been true throughout the history of mankind and certainly the relations between nation states I get that there’s this temptation to cover foreign policy the way we cover domestic policy and the way we cover other things in our society but foreign policy is about nation states pursing what they have interpreted to be in their national interest and balancing that is what the art of diplomacy and the work of foreign policy is all about we need to be sort of be mature and open-eyed and realistic without losing our idealism without losing what we hope the world will look like and want to shape it and be a part of But by the same token we have to make pragmatic decisions every single day and that’s not true today: that’s always been true And then when you do examine the Russian position that the comments by President Putin were quite convoluted and tough to decipher I wonder if you think that he’s playing for time I think you’re not going to – this is not something that’s going to play out in press conferences when you want – if you think about the most recent example of ceasefire negotiations which was what happened in Gaza and with Israel and so forth there were newspaper and there were articles and there were news stories about it but ultimately you found out what the results were after the fact you saw public statements from different sides in regards to with what they were going to do we’re not going to make our foreign policy decisions on the basis of what a leader says – simply says at a press conference or somebody puts up on social media posts because there’s some blogger close to the Kremlin or something like that I don’t think that they’re going to do that either I would just say that this is going to play out the way things of this nature and caliber have traditionally and normally played out and that is with the leaders of individual – of the countries involved speaking – not in front of the cameras not in front of the media – but in these negotiations that happen and in these talks that happen I don’t want to – I’m not going to comment on what President Putin said other than he said he agreed with it in concept and I’ll go back to the phrase I used earlier I think there is reason for cautious optimism that something good could come of this we’re going to wait for Ambassador Witkoff to return and he spoke to the President well before that He may have spoken to other members of our team we’re going to get – we’re going to reconvene and the President will have options available to him But I don’t want to speculate or characterize anything beyond what I just said until we have had a chance to sit down with Ambassador Witkoff because on the way here you said you were seeking unconditional acceptance Putin is adding a whole series of conditions how do you know he’s adding conditions QUESTION: From what he said publicly yesterday — And then let’s figure out what – let me at least talk to – let’s let the team get together on the State side of this and talk to Ambassador Witkoff and go through some of this we’re not going to be involved in this process where I’m being asked to stake a position of U.S policy on the basis of what someone said at a press conference yesterday let’s – we’re going to work through this thing in a normal Based on what I know at this moment with my conversation with Ambassador Witkoff – he’s not here yet – is we’re going to – I feel like there’s reason for cautious optimism I think the President shared that today in his Truth Social post I have never told anybody that this is going to be easy I believe – we have reason to believe – than we were a week ago It could come together pretty quickly if everyone aligns That’s what we’re going to – about to find out cautious optimism is about the best phraseology I can use at this moment based on what we know QUESTION: It’s just the President – the fundamental element of the President’s proposal was it should be an immediate ceasefire QUESTION: How long does – because there are those who say he’s playing for time this war has been going on for three years so I think the question – and with no end in sight at this point without this intervention by President Trump I think the question is – is – the fundamental question really is not how long I think the question is: Are we actually moving towards a ceasefire or is this a delay tactic I’m not going to answer that because I can’t characterize that for you right now I think we’ll know sooner rather than later and a lot of that will be based on the conversation Ambassador Witkoff had yesterday and other factors that are in play but we’re certainly at least talking about peace for the first time in three years Now we’ll have to figure out how close we truly are the joint statement says that there is a need for robust and credible security arrangements for Ukraine How would you define that based on your conversations here at the G7 What are robust and credible security arrangements that’s to be determined by the negotiations that – here’s what I want to encourage everybody to do: Bifurcate two things The ceasefire and the conditions for everybody to stop shooting at each other What will it take to get everybody to stop shooting at each other and then moving to a negotiating table on settling the war with finality Process number one is: What do we need from both sides in order to stop the shooting and the fighting so that you can get to a negotiating table there will obviously – every country in the world has a right to security That will have to be part of that conversation and it will have to be something that involves not simply the views of the United States And I repeated this over and over again: The European Union has imposed significant sanctions on the Russian Federation and on individuals inside of Russia they will have to be consulted and they’ll have to be engaged in this process and so forth let’s not predetermine or start putting everything ahead of itself here The process of what long-term security means for Ukraine that will be something that Ukraine will obviously have to agree with and that will have to be worked through as part of that second phase But let’s – we can’t get to the second phase until we get through the first phase very difficult to negotiate lasting peace and security in the midst of an all-out war we have to try to lower that so that it makes it possible to move to phase two of this the statement that you issued a little while ago also notes that the G7 discussed ways to impose costs on Russia Was there – but it said you discussed them But is there any agreement within the G7 on these particular measures And why did you discuss them if you’re so cautiously optimistic because the Europeans have their own set of sanctions and new ones they would like to impose the United States is not a member of the EU but they – that’s not what’s happening right now the President has made clear – the President on two occasions in the past week has reminded everybody that the U.S but he doesn’t want to do that right now because he’s in the hopes of attracting people There really is nothing to add to that at this point the joint statement reaffirms unwavering support for Ukrainians’ territorial integrity which has been largely absent in various U.S What led you to subscribe to this this time SECRETARY RUBIO: But I don’t – that’s not a change in public policy The United States has never said that Russia – I’ve never heard President Trump say that Russia has a right to take all of Ukraine and do whatever they want there So that’s not inconsistent with that statement That is separate from the issue we face today there is a war going on that has no military solution to it Neither Russia nor Ukraine can achieve its maximalist military aims The only way to end this war is through a process of negotiations or in geopolitics – involves both sides giving something I’m not saying – I don’t think that should be sort of a news-making statement That’s the reality of any conversations that exist in order to end wars is that there has to be some level of concessions What those concessions are remains to be seen That’ll have to be part of the negotiation But it’s not going to be helpful to enter into those negotiations making blanket statements that may give an excuse for one side or the other not to participate in it So we’ll have to get to that stage where these things are discussed and that’s true of any negotiation when you’re trying to end a war I understand your point about this not being a reality show or personalities Ukraine – or anything else for that matter – your boss has in light of that and his repeated comments about Canada becoming – or should be the 51st state the whole tariff situation which intensified as we were on our way here after your – the big announcement in Jeddah; did that complicate your discussions at all SECRETARY RUBIO: It never came up once in our – I mean obviously with the foreign minister of Canada it has This is important for everybody to understand This keeps being characterized as a hostile move against our allies assuming that the study comes back and so forth But what they’ve discussed is a global reciprocal tariff That means basically whatever some country charges us The goal the President has made very clear is he wants to reset the baseline of international trade which he believes – and I agree – is unfair to the United States This is not meant as a hostile move against Japan or Germany or anybody else This is not about – this is about balancing and fairness in trade then you can enter into bilateral negotiations with individual countries about changes that can be made to our trade What he was disturbed by in hindsight is the fact that they included a bunch of exemptions that basically made them meaningless what he wants to get back to is basically fairness in trade SECRETARY RUBIO: And we want to charge other countries what they charge us once the baseline is reset – and then in addition to that there are industries that are critical to the United States and to our domestic security and our future These are things that we believe are in our interest to have a domestic capacity and we have to protect these industries from what we feel is subsidization and unfair competition from abroad This is not meant to be hostile towards anybody It is meant to be friendly and supportive of our foreign – of our national interest as a country Once the baseline of trade is reset in a way that’s fair and equitable then we can engage in the process of bilateral negotiations with individual countries to set up a more sustainable and fair long-term trade arrangement between our respective countries this is about Canada and your meeting with Foreign Minister Joly: Do you understand why the Canadians are taking such umbrage at these comments coming from the President SECRETARY RUBIO: She’s – the Canadian Government has made their position The President has made his argument as to why he thinks Canada would be better off joining the United States from a – for economic purposes There’s a disagreement between the President’s position and the position of the Canadian Government because that’s not what this summit was about you said that the tariff policy was not hostile President Trump yesterday in his social media post said that the EU previously had been hostile and abusive towards the United States is he serious when he’s talking about the 51st state being Canada I’m – I’ve already answered the question about Canada SECRETARY RUBIO: We’re not discussing that here today because that’s not what the purpose of this meeting is about As far as the question that you’re asking me about hostility The EU has a GDP basically comparable to that of the United States Their composition of their economy is similar to ours These are not developing countries; these are developed countries And yet they have a significant trade surplus with the United States even though our economies are pretty much the same All the President is saying is we need to equalize treatment in addition to pointing to certain sectors that we have to protect Who can argue against the idea that if some country charges us X to export our products If you’re a country or the EU that’s benefiting from the status quo you feel it is hostile to change the status quo because it’s to your benefit The problem is the President of the United States is looking out for the United States – both the national security and in economic relations We will reset the basis of our trade relationship and then we can enter into negotiations for something that’s enduring and fair to both sides That’s what the President seeks to do and that’s what – it begins by resetting the amount of tariffs we charge one another in our trade relations I know that we’re not speaking about Canada becoming the 51st state at this meeting but I’m asking you now: Do you consider what the President has said about Canada becoming the 51st state – is he serious SECRETARY RUBIO: I’ll tell you how that came about and Trudeau basically says that if the U.S the President has made an argument for why – he says he loves Canada He says – he made an argument for why Canada would be better off joining the United States from an economic perspective and the like QUESTION: The Trump Administration is expected to invoke the Alien Enemies Act of 1798 Have to dust that off; a lot of people not familiar with it Can you help us understand how the Trump Administration plans to use these powers is that we will continue to look for people that we would never have allowed into this country on student visas had we known they were going to do what they’ve done you should expect more visas will be revoked as we identify people that we should never have allowed in because they lied to us When they said they were coming here to be students they didn’t say they were coming here to occupy university buildings and vandalize them and tear them apart we would never have given them a student visa every time we have a chance to revoke them because it’s not in the national interest of the United States for them to be here QUESTION: The G7 joint statement has some very strong language on China Could you please describe the sentiment of the discussion behind closed door do you have anything on a potential meeting between President Trump and CCP Secretary General Xi Jinping Will that be in China or in the United States I have no – I know – I think the President at some point will meet – they will meet I don’t know if there are – I don’t believe there are any plans currently for that to happen The President engaged with him in his first term and the leaders of powerful countries – whether they agree on things or not – should communicate for the safety and well-being of the world I think it reflects a growing acknowledgment that the Chinese Communist Party has pursued both economic and foreign policies that allow them to benefit from all the good things about the global order but ignore all of its responsibilities in ways that leave us in danger of being – not just us but the broader world – of being overly dependent on China for critical supply chains you’ll continue to hear a lot of frustration on their part that over – Chinese overproduction of electric vehicles are dumped into their economies They have imposed tariffs on China as well Because that’s what countries do when they feel like they’re being treated unfairly in trade We think that was the right choice in that regard and we have imposed tariffs on China as well be open to an agreement with Hamas to get American hostages released separate from the Israeli hostages Government is always – we care about all the hostages you see the condition these people are being released in This is a – think about what we’re talking about here we’re sitting around as the world is sort of accepting that it’s normal and okay for you to go into a place kidnap people that have nothing to do with any wars and taking them and putting them in tunnels for almost a year and a half And we’re acting like this is a normal exchange I’m not going to comment on what we’re going to accept or not accept other than all of us should continue to say that what Hamas has done is outrageous QUESTION: Is there an offramp for this trade war there was a report that was required at the State Department as one of the first executive orders asking for countries to be identified that had insufficient vetting Has that report gone over to the White House yet SECRETARY RUBIO: I’m not – I’m sure if it – you mean we had a deadline to meet that We can get you an answer for that specifically QUESTION: Is there an offramp for the trade war QUESTION: Can I ask a follow-up about territorial integrity QUESTION: Territorial integrity for Ukraine so you said that Ukraine would have to make concessions QUESTION: What is your description of territorial integrity when it comes to Ukraine that’s what – we’re going to have – let’s please – I get it but let me – let me just put it to you this way Process number one is: How can we get shooting to stop Because we think it’s very difficult to negotiate peace while there’s still shooting going on how can we get as much hostility as possible to stop so we can get to phase two of this process which is negotiating these things that you’re asking me about When people sit down and negotiate an end to wars What that give and take is depends on the parties that are at the table But that’s what it’s going to take to end the war If there’s an offramp on the – it’s not about an offramp on the – there’s not a trade war This is the United States is resetting its trade relations globally and resetting relations globally to a level of equilibrium we can then engage in the process of bilateral talks with Japan how do we reset our trade relations so that it’s fair And so these are the steps that it takes to get us to that point which is let’s renegotiate our – why would they renegotiate their trade relationship with the United States if the status quo is beneficial to them Why would they – why would someone give up something that’s good for them and then you can negotiate out how do we get to a place that’s mutually beneficial because the current piece of it is just not sustainable QUESTION: (Inaudible) relationship – how is your relationship with Elon Musk We use cookies to make our website work better and improve your experience Club Richelieu of Cornwall hosted its first-ever Italian-themed benefit dinner on Friday raising funds to support local youth initiatives The Mamma Mia dinner treated nearly 150 guests to a gourmet buffet prepared by ChefGabriel Asselin featuring classic Italian dishes such as tortellini in rose sauce Attendees were also captivated by a mesmerizing performance from professional violinist Min-Hi Choi and a live painting demonstration by renowned local artist Pierre Giroux whose finished masterpiece will be auctioned off to benefit the club’s charitable efforts “This is the first edition of our Italian night and we’re here to raise funds so that we can better serve the community particularly the kids,” said event organizer Pierre Morin “Club Richelieu has been in existence for 75 years and we raise funds in the community to give back to organizations that work with underprivileged children.” The evening’s turnout showed excellent community support for Club Richelieu’s mission “We weren’t sure if people would have an appetite for this type of activity “It’s great foreshadowing for our upcoming Surf and Turf benefit dinner in June.” will take place on June 6 at the Centre Charles-Émile-Claude Sign in Join now, it's FREE! A small-but-mighty service club in Blind River is looking to expand its membership “Club Richelieu is an international service organization that promotes French language and culture,” explained club member Diane Bray “We are also committed to supporting youth in our community.” “Our membership fell off dramatically,” explained Bray “We are now in the process of trying to rebuild our club and increase the membership from its current 12 members.” The club in Blind River was founded in 1980 every second and fourth Wednesday of the month where club members have a meal together and then convene for a meeting and what we can support with the money raised,” said Bray Currently the club is running a 50/50 draw which is ending on December 15 Money from the draw will go back in the community supporting school bursaries and Christmas baskets for those in need “When we had more members and were able to do more fundraising we donated to so many groups in town,” said Bray We haven’t had as many demands in the last few years Club Richelieu Blind River meets regularly with other Club Richelieu chapters in Northern Ontario as well Members learn from each other about new rules “We stay up-to-date with the other clubs If you are passionate about promoting French language and culture, as well as helping youth and others in need in the Blind River area, reach out to Club Richelieu Blind River by calling or emailing Diane Bray or any other club member. Bray can be reached at 705-356-1089, or [email protected] if you would like to purchase 50/50 tickets to support Club Richelieu Blind River’s efforts recipient of the highest award offered by Richelieu International Jacques Carrier has earned the Cercle Horace-Viau medal in recognition of a lifetime of volunteering Emotions got the better of Jacques Carrier as the Welland resident’s numerous accomplishments were listed during an event in his honour last month recalling the affair held at Auberge Richelieu on River Road That’s the day he was awarded the Cercle Horace-Viau medal from Richelieu International — the top honour the club can bestow on a member — in recognition of a lifetime he has dedicated to helping his community He grew up as the adopted son of Leonard and Jeanne d’Arc Carrier watching his parents dedicating their time to volunteering at their church and my family — my three kids and my wife — we did that as a family,” he said who will celebrate his 75th birthday this month said much of the volunteer work he and his family did was focused on Help A Child Smile an organization he helped establish in 1987 to grant wishes to children struggling with life-threatening illness The organization typically provides all-expenses-paid vacations to Walt Disney World Resort in Florida for a child and family members as well as any assistance the child may need to make the trip a reality Carrier said he was inspired by the courage and strength of the children the organization helped He said the highlight of his more than 20 years with the organization was granting wishes to the children and their families especially from the parents and grandparents,” he said He said a growing number of those children survived the disease that threatened their lives Carrier’s volunteer work continued as a member of Club Richelieu Beyond the satisfaction of knowing he’s making a difference in the community He likened receiving the Cercle Horace-Viau medal to being named MVP That’s the top thing you can get,” he said Carrier said accolades were never a motivation for the work he was doing “If I wanted medals I would have joined the army,” he quipped “I’ve always given without expecting anything back Because if you think you’re going to get something in return He was awarded the Fire Services Exemplary Service Medal by Canada’s Governor General in 2020 honoured for more than 25 years as a volunteer Welland firefighter Club Richelieu’s president Ryan St-Aubin said the organization made a $1,500 donation to Richelieu International in Carrier’s honour to be used to help improve the lives of children all over the world Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: Account processing issue - the email address may already exist Invalid password or account does not exist Submitting this form below will send a message to your email with a link to change your password An email message containing instructions on how to reset your password has been sent to the email address listed on your account the Civic Complex Ed Lumley Arena hosted Club Richelieu’s charity hockey tournament Funds raised during the annual sporting event support initiatives geared towards the needs of local youth The amicable benefit face-off was made possible thanks to the gracious support of area powerhouses RayJans Doors and Windows the highly coveted Coupe Richelieu was awarded to the Dubé Law firm Honorary prizes were also presented to the participating patrons in appreciation of their commitment to the community “I would like to salute the generosity of the tournament’s benefactors which once again this year powerfully underscores the importance of community leadership in empowering the younger generation,” said Dr The members of the Club Richelieu celebrated the historic contribution of Mr designed in memory of this public-spirited legendary entrepreneur was unveiled to highlight his role in the creation of the service club in 1948 the first meetings were held at the former Hotel Royal on Montreal Road This marked the beginning of a gathering of French-speaking businessmen as well as the arrival of Cornwall’s first entirely French-language club thanks to the generosity of its benefactors Club Richelieu has invested over a million dollars into the community himself a former owner of the Parkway Hotel took the opportunity to share several amusing anecdotes about his illustrious grandfather The trophy was presented to one of the sponsoring teams in recognition of its community spirit during the Coupe Richelieu charity hockey tournament which took place at the Lumley Arena on Saturday EZ Newsite platform by Textuel and TolléWeather information by OpenWeatherMap. Read on for the main highlights of the call Richelieu Hardware’s recent earnings call paints a mixed picture highlighting both achievements and challenges The company reported solid sales growth and successful acquisitions which are positive indicators of strategic investments and market expansion the call also revealed challenges in retail sales Richelieu Hardware reported an impressive 8.6% increase in total sales during the first quarter of 2025 This growth was driven by both internal advancements and strategic acquisitions with the manufacturers market experiencing a notable 10% increase in sales These acquisitions have expanded Richelieu’s presence in key markets with the manufacturers market showing a 5% rise This growth underscores the company’s strong performance in the Canadian market which remains a vital component of its overall strategy Richelieu made significant investments in infrastructure across North America including new and expanded centers in Calgary These investments are aimed at supporting future growth and operational efficiency the retail and renovation superstores market remained stable compared to the previous year This indicates challenges in achieving growth within this segment which the company may need to address moving forward Net earnings attributable to shareholders decreased by 8.6% from the first quarter of 2024 primarily due to increased amortization expenses This decline in net earnings is a concern that the company will need to manage The first quarter EBITDA margin decreased slightly from 9.9% to 9.6% This was due to lower margins from recent acquisitions and increased marketing costs The company expressed concerns about tariffs imposed by the US administration These tariffs could impact future operations and necessitate mitigation strategies to manage potential risks Richelieu Hardware’s forward-looking guidance highlights an 8.6% increase in total sales driven by internal growth and acquisitions The company maintains a solid financial position with $613.2 million in working capital and minimal debt the decrease in net earnings and EBITDA margin suggests areas for improvement In summary, Richelieu Hardware’s earnings call reflects a balanced view of progress and challenges. While the company has achieved significant sales growth and successful acquisitions, it faces hurdles in retail sales and net earnings. Tariff concerns and a slight decrease in EBITDA margin also pose challenges Richelieu’s strategic investments and market expansions are positive but financial pressures and market uncertainties remain key considerations for the future Disclaimer & DisclosureReport an Issue Richelieu Hardware ((TSE:RCH)) has held its Q1 earnings call In summary, Richelieu Hardware’s earnings call reflects a balanced view of progress and challenges. While the company has achieved significant sales growth and successful acquisitions, it faces hurdles in retail sales and net earnings. Tariff concerns and a slight decrease in EBITDA margin also pose challenges Disclaimer & DisclosureReport an Issue Richelieu Hardware Ltd: The market was right Monday - Friday 9am-12pm / 2pm-6pm GMT + 1 All financial news and data tailored to specific country editions The Club Richelieu visited the community of St Joseph’s Catholic Secondary School on Tuesday to support students venturing into educational pathways leading to skilled trades Driven by the desire to build self-confidence and promote career choices among our youth the service club contributed $500 to cooperative education and apprenticeship training programs The Club Richelieu would like to thank the teaching staff as well as all the local employers that earnestly support and train COOP students – our specialized workforce of tomorrow It is with pleasure that members of Club Richelieu visited St Matthew Catholic Secondary School after the winter break to present a cheque for $500 to deserving students The financial support provided by the service club is an investment in youth pursuing training in skilled trades Mathieu Morin has just completed an agricultural training placement while Cale Peyton is focusing on industrial design Club Richelieu warmly thanks all the generous benefactors who support young people passionate about a future in the field of technology The Club Richelieu was pleased to visit Holy Trinity Catholic Secondary School on Tuesday October 1st to present a check for $500 to students and staff The funds were provided to support students seeking to gain experience in skilled trades such as plumbing Grateful beneficiary of the generosity of many benefactors the Club Richelieu is a French-language service club which strives to make a positive impact on the lives and futures of youth in the community FAQ Support the BnF Some fifty of the Museum’s works indicated by pictograms in the display cases are accompanied by in-depth commentaries and complementary iconographic or sound resources Visual impairment – A special itinerary in the form of a geolocated guided tour has been designed for visually impaired and blind visitors Please note: the geolocation function only works on the “BnF Richelieu” app available at the iOS and Android stores Hearing impairment – For hearing-impaired visitors Contents in French Sign Language are identified by pictograms: This new 15-stage game itinerary invites young and old alike to set off in search of the mysterious animals that inhabit the site Who touched the tiger in the Valuables Cabinet Who will win all the game’s animals…so as to better set them free Check out the game itinerary Exhibitions in the Mansart Gallery are accompanied by an audioguide in which artists and/or exhibition curators commentate on a selection of works At the moment, you can visit the Damien Deroubaix. On So Dark a Day (page In French) exhibition which runs from 15 October 2024 to 16 February 2025 and listen to the artist and its curator Cécile Pocheau-Lesteven Free tool accessible in online version  (4G or Wi-Fi required) The application version is available at the iOS and Android  stores Visually impaired visitors: for a geolocated guided tour, download the “BnF Richelieu” app available at the iOS and Android stores (active Bluetooth) enrich and communicate the national documentary heritage The BnF ensures that as many people as possible have access to its collections and develops national and international cooperation More information Support the BnF the Club Richelieu is touring the local high schools in order to promote trades education Lawrence Secondary School on Wednesday October 16th to present a 500$ cheque to support educational strategies that lead to work experiences in the skilled labor sector A document key must be provided in the url to view document You don't have permission to access the page you requested. What is this page?The website you are visiting is protected.For security reasons this page cannot be displayed. The brand eventually sold to Unilever in 2017 for an estimated $1.6 billion with a $50 million investment from Unilever and the goal of scaling the fund to $100 million to empower entrepreneurs named for the early 20th century cosmetics pioneer who became the first female self-made millionaire Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information the founder and Chair of The Sundial Group of Companies says though consumers are scaling back they are looking "for inexpensive indulgences." Speaking with Romaine Bostick on "Bloomberg The Close," he also comments on how AI is changing the media landscape ESSENCE Ventures CEO, Richelieu Dennis, and legendary rapper and businesswoman Queen Latifah told the crowd about an exciting new partnership at this year’s ESSENCE Festival The Shea Moisture founder announced the Essence Fund which will invest $20 million in capital in Black makers and creators The fund’s first partner will be Queen Latifah’s production company it will ensure Black creators “can own our content and not just be work for hire.” 5806530654001 which featured The Lip Bar founder Melissa Butler and The Honey Pot Company founder Beatrice Feliu Espada Queen Latifah spoke about the difficulty of securing funding for new ventures “One of the most difficult things is struggling to find the capital to continue your ideas,” Latifah said you are going to keep this engine running in a way you aren’t even going to imagine.” The Essence Fund for Makers and Creators is just another way Dennis is reinvesting in Black entrepreneurs and creatives. Recently, he announced the official launch of the New Voices Fund which will invest $100 million in businesses led by women of color we have already either invested in or committed to over $30 million in Black women entrepreneurs,” Dennis said during the opening press conference for this year’s festival Dennis said helping Black business owners succeed is a form of empowerment.  “This journey is rooted in the fundamental belief that economic inclusion is our human right We have to invest in each other to make sure that’s a reality,” he said “What many of you may not have known all these years is that when you were buying Shea Moisture products you weren’t just investing in that business,” Dennis added “We need you to continue buying Shea Moisture so we can continue putting that money back in the community.” a francophone community leader for over 75 years pledged once again their commitment to local youth as part of a recent strategic planning session Members unanimously agreed to uphold the mission to create a positive impact on the lives and the future of the children of our community especially those who struggle with food insecurity “Our kids are our most precious resource and deserve our confidence dedication and generosity – that is why we strive to invest in their potential their education and their dreams” explained Dr “the club promotes our linguistic heritage and focuses on partnerships with local agencies who are dedicated to the health well-being and success of the children and teenagers of Cornwall and area” 6 acquisitions completed during financial year and 2 subsequently 2024 /CNW/ - "Richelieu posted solid results in the fourth quarter with sales of $453.6 million substantially comparable to those of the corresponding quarter of 2022 which posted a 15% increase in a market favorably impacted by the pandemic Our performance attests to the strength and expertise of our team our ability to differentiate ourselves through outstanding customer service and to make growth-enhancing acquisitions while pursuing innovation for our customers we are satisfied with our sales of $1.8 billion Despite the return to pre-pandemic levels of certain operating expenses and charges related to major expansion projects in our network we achieved good net earnings and our financial position remains solid The six acquisitions closed in 2023 added to the four completed in 2022 represent additional annual sales of $152 million Richelieu is solidly positioned to pursue its strategies and create further value by building on its solid financial position," mentioned Richard Lord ACQUISITIONSRichelieu is currently integrating the acquisitions closed in 2023 Maverick Hardware (OR) and Westlund Distributing (MN) two new acquisitions were completed: Olympic Forest a distributor of specialized lumber and panel products operating a distribution centre in Erin a specialty hardware distributor with a distribution centre in Rittman These two recent transactions will add approximately $18 million in annual sales EXPANSION AND CONSOLIDATION PROJECTSIn order to continue to seize market growth opportunities and optimize our operations and customer service Richelieu has undertaken several expansion projects over the past two years Expansion and modernization projects for centres in the Atlanta Pompano and Seattle regions have been completed The brand-new Chicago centre serving the retail market is fully operational as are the two new centres in the Minneapolis and Carlstadt regions the Calgary expansion project was implemented with the refitting of two centres into a single 250,000 sq a decrease of $15.0 million or 0.8% over last year of which 1.8% from acquisitions and 2.6% from internal decrease In comparable currency to the corresponding period of 2022 the decrease in consolidated sales for the year ended November 30 plant and equipment andright-of-use assets income taxes and amortization (EBITDA) totalled $230.4 million down by $57.0 million or 19.8% over 2022 This can be explained by the increase in operating costs including external warehousing resulting from the temporary increase in inventories in expenses specific to major expansion projects undertaken during the 2023 financial year and by the effect of the increase in the US foreign exchange rate compared to the CA$ currency on the translation of the operating expenses in US currency Amortization expenses amounted to $60.9 million compared with $48.6 million for 2022 plant and equipment and right-of-use assets stemming mainly from recent business acquisitions and expansion and modernization projects Net financial costs were $13.3 million compared to $7.1 million an increase of $6.1 million resulting mainly from the use of lines of credit and the increase in lease obligations Income taxes amounted to $42.4 million a decrease of $19.3 million over 2022 net earnings attributable to shareholders of the Corporation totalled $111.5 million Net earnings per share amounted to $2.00 basic and $1.98 diluted compared with $3.01 basic and $2.99 diluted for 2022 a decrease of 33.6% and 33.8% respectively Fourth-quarter consolidated sales amounted to $453.6 million compared with $457.5 million for the corresponding quarter of 2022 of which 2.2% resulting from internal decrease and partially offset by 1.4% growth from acquisitions At comparable exchange rates to the fourth quarter of 2022 the consolidated sales decrease would have been 1.3% for the quarter ended November 30, 2023 income taxes and amortization (EBITDA) amounted to $58.8 million compared with $76.7 million in the fourth quarter of 2022 The gross margin reduced compared to the previous year and EBITDA margin stood at 13.0% compared with 16.8% for the fourth quarter of 2022 influenced by the return to pre-pandemic levels of certain operating expenses as well as to expenses specific to major expansion projects undertaken during the quarter Amortization expenses amounted to $16.4 million compared with $13.1 million for the corresponding quarter of 2022 Net financial costs are down $0.6 million mainly due to the significant reduction in line of credit balances Income taxes amounted to $10.8 million compared with $15.0 million for the fourth quarter of 2022 down by 35.7% over the corresponding quarter of 2022 net earnings attributable to shareholders of the Corporation amounted to $28.5 million down by 36.5% over the fourth quarter of 2022 Net earnings per share were $0.51 basic and diluted compared with $0.80 basic and diluted for the fourth quarter of 2022 Cash flows from operating activities (before net change in non-cash working capital balances) amounted to $49.3 million or $0.88 per share compared with $62.2 million or $1.11 per share for the fourth quarter of 2022 a decrease of 20.7% resulting primarily from net earnings decrease Net change in non-cash working capital balances represented a cash inflow of $23.3 million reflecting the change in inventory and accounts receivable of $25.3 million whereas the change in accounts payable and other items used cash flows of $1.9 million operating activities provided cash flows of $72.7 million compared with $3.6 million for the fourth quarter of 2022 Financing activities used cash flows of $14.3 million compared with $21.6 million for the fourth quarter of 2022 This change primarily resulted from $4.7 million of issued shares in the fourth quarter compared to $0.2 million in the corresponding quarter and common shares repurchases of $4.4 million for the fourth quarter of 2022 while no share repurchases were made in the fourth quarter of 2023.  Investing activities used cash flows of $19.2 million in the fourth quarter mainly for the purchase of a building housing USIMM/UNIGRAV operations in addition to adding storage space as well as for the acquisition of various tangible assets related to expansion and construction projects as well as for the purchase of equipment to maintain and improve operational efficiency Cash flows from operating activities (before net change in non-cash working capital balances) reached $190.5 million or $3.39 diluted per share compared with $227.8 million or $4.04 diluted per share for 2022 a decrease of 16.4% mainly reflecting the net earnings decrease Net change in non-cash working capital balances represented a cash inflow of $80.2 million mainly representing changes in inventory of $97.1 million whereas accounts receivable payable and other items used cash flows of $16.9 million operating activities generated a cash inflow of $270.7 million compared to a cash outflow of $32.9 million for 2022 Financing activities used cash flows of $72.4 million Richelieu repaid long-term debt of $5.3 million paid lease obligations of $34.1 million and issued shares for $8.6 million compared to a long-term debt repayment of $5.2 million lease obligations payments of $25.9 million and a $6.3 million share issue in 2022 Dividends paid to shareholders of the Corporation amounted to $33.5 million compared to $29.1 million up 15.3% over 2022 The Corporation also repurchased common shares for an amount of $0.8 million compared with $12.3 million in 2022 Investing activities used cash flows of $61.8 million of which $19.7 million for the six business acquisitions completed in fiscal 2023 and $42.1 million mainly for equipment to maintain and improve operational efficiency including additions resulting from expansion projects and for the purchase of a building in Drummondville Total assets amounted to $1.3 billion as at November 30 Current assets were down by 5.6% or $51.3 million from November 30 mainly resulting from the decrease in inventories Non-current assets increased by 22.1% mainly due to the addition of right-of-use assets and property Equity attributable to shareholders of the Corporation totalled $904.9 million as at November 30, 2023 compared with $817.2 million as at November 30 This increase is mainly due to a rise of $75.8 million in retained earnings and of $11.1 million in share capital and contributed surplus while accumulated other comprehensive income increased by $0.9 million and the return on average shareholders' equity was 12.9% the Corporation's share capital consisted of 56,088,365 common shares (55,784,790 shares as at November 30 Richelieu issued 323,575 common shares at an average price of $26.43 (271,000 in 2022 at an average price of $23.19) The Corporation granted 306,500 stock options in fiscal 2023 (276,000 in 2022) and cancelled 41,000 (17,125 in 2022) 1,620,925 stock options were outstanding (1,679,000 as at November 30 the Board of Directors approved the payment of a quarterly dividend of $0.15 per share to shareholders of record as at February 1 Its product selection consists of over 130,000 different items targeted to a base of more than 110,000 customers who are served by 112 centres in North America – 50 distribution centres in Canada 59 in the United States and 3 manufacturing plants in Canada Menuiserie des Pins Ltée and USIMM/UNIGRAV income taxes and amortization ("EBITDA") because this measure enables management to assess the Corporation's operational performance share-based compensation expense and net financial costs Certain statements set forth in this report (generally identified by terms such as "may" remain subject to other risks and uncertainties as set forth in the Corporation's annual and quarterly reports such assumptions and expectations could prove inaccurate and actual results could differ materially may dial 1-888-390-0620 a few minutes before the start of the call access code: 153396 #. Members of the media are invited to listen in