Mr. Enzio Di Gennaro reports

RICHARDS PACKAGING INCOME FUND ANNOUNCES 2023 SECOND QUARTER RESULTS

Richards Packaging Income Fund has released its results for the quarter ended June 30, 2023.

"The second-quarter financial performance was in line with the first quarter, and the trend set in the back half of 2022 driven mainly by weak food and beverage packaging sales as the oversupply of inventory continued with both customers and suppliers. Working capital was reduced $9-million, which was deployed to pay down debt.

"Second-quarter total revenue was down 9 per cent with a $4-million impact for organic contraction, $4-million for oversupply in food and beverage packaging, and $1-million impact for pumps and sprayers.

"July revenue was down approximately 11 per cent due to a reduction in health care capital sales, and continued pressure on food and beverage revenue," commented Gerry Glynn, director and trustee.

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 comprising approximately 17,000 regional food, beverage, cosmetics, health care and other enterprises.