Mr. Gerry Glynn reports

RICHARDS PACKAGING INCOME FUND ANNOUNCES 2023 THIRD QUARTER RESULTS

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

"The third quarter financial performance was consistent with the first and second 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 by a further $8-million, which was deployed to pay down debt.

"Third quarter total revenue was down 7 per cent due to organic contraction and the oversupply of food and beverage packaging offset by growth for health care and pumps and sprayers.

"October revenue was down approximately the same rate as the third quarter due to 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 composed of approximately 17,000 regional food, beverage, cosmetics, health care and other enterprises.