Richelieu Hardware Ltd. announced consolidated earnings results for the fourth quarter and year ended November 30, 2013. For the fourth quarter, the company's consolidated sales grew by 6.5% and net earnings attributable to shareholders per share diluted amounted to $0.64 diluted, up by 6.7%. During the fourth quarter, the company achieved good growth in consolidated sales which totalled $155,300,000, an increase of $9.5 million or 6.5% over the corresponding quarter of 2012, including 5.1% from internal growth and 1.4% from acquisitions. Earnings before interest, income taxes and amortization (EBITDA) totalled $20,200,000, up by 3.0% over the corresponding quarter of 2012 due primarily to the sales growth. Fourth-quarter net earnings rose 4.4%. Considering non-controlling interests, net earnings attributable to shareholders of the corporation grew to $13,300,000, up by 5.1% over the corresponding quarter of 2012. Earnings per share amounted to $0.65 basic and $0.64 diluted, compared with $0.61 basic and $0.60 diluted for the fourth quarter of 2012, an increase of 6.6% and 6.7% respectively. Cash flows from operating activities (before net change in non-cash working capital balances) grew to $15,200,000 or $0.73 diluted per share, up by 3.0% and 4.3% over the fourth quarter of 2012. Net change in non-cash working capital balances provided cash flows of $4,300,000, compared with $2,800,000 in the fourth quarter of 2012. Consequently, operating activities provided cash flows of $19,500,000, compared with $17,600,000 for the fourth quarter of 2012. Investing activities represented a cash outflow of $5,400,000 for the fourth quarter, of which $4,200,000 for the acquisition de Hi-Tech and $1,200,000 for equipment needed for operations, whereas the Corporation had invested $2,300,000 in property, plant and equipment during the same quarter of 2012. As at November 30, 2013, the book value per share was $14.41, compared with $13.65 as at November 30, 2012.

For the year, the company reported sales of $586,775,000 against $565,798,000 a year ago. Earnings before amortization, financial costs and income taxes were $70,373,000 against $71,163,000 a year ago. Earnings before income taxes were $63,559,000 against $63,848,000 a year ago. Net earnings attributable to shareholders of the company were $46,403,000 or $2.22 per diluted share against $45,404,000 or $2.15 per diluted share a year ago. Additions to property, plant and equipment and intangible assets were $3,451,000 against $4,797,000 a year ago. Earnings before interest, income taxes and amortization (EBITDA) amounted to $70,400,000, down by 1.1% from 2012. Cash flows from operating activities (before net change in non-cash working capital balances) totalled $55,000,000 or $2.63 diluted per share, compared with $54,400,000 or $2.57 diluted per share for 2012, primarily reflecting the increase in net earnings. Net change in non-cash working capital balances used cash flows of $6,600,000, reflecting changes in accounts receivable, inventories, accounts payable and other items, compared with $8,800,000 for 2012. Consequently, operating activities provided cash flows of $48,400,000, compared with $45,600,000 for 2012. Return on average equity stood at 16.2% as at November 30, 2013, compared with 16.9% a year earlier.