Mr. Gerry Glynn reports

RICHARDS PACKAGING INCOME FUND ANNOUNCES 2023 FIRST QUARTER RESULTS

Richards Packaging Income Fund has released results for the quarter ended March 31, 2023.

"The first quarter financial performance was in line with the trend set in the back half of 2022. March revenue was very soft driven mainly by weak food and beverage packaging sales as the oversupply of inventory continued with both customers and suppliers. Inventory was reduced $8-million, which was largely deployed to pay down debt.

First quarter total revenue was down 2.9 per cent with a $3-million impact of oversupply in each of food, beverage, and other packaging and pumps and sprayers offset by organic growth of $2-million and the $1-million currency translation gain with the dollar down five cents at 74 U.S./Canadian cents, on $6-million lower Richards U.S. sales," commented Gerry Glynn, director and trustee.

April revenue was down approximately 9 per cent due to a reduction in health care capital sales and continued pressure on food, beverage and other revenue.

The leverage at 0.8 times is down 0.1 times from the level at Dec. 31, 2022, and reflected the $7-million paydown on the term debt. The fund paid monthly dividends of 11 cents per unit, which represented an annualized yield of 3.3 per cent on the March 31 closing price of $39.74 per unit, along with a special dividend of 38 cents financed by its opening cash balance.

Details of the fund's results are currently available on Richards Packaging's website and on SEDAR.

About Richards Packaging Income Fund

The fund owns Richards Packaging Inc., which since 1912 has served a wide customer base throughout North America composed of approximately 17,000 regional food, beverage, cosmetics, health care and other enterprises.