Mr. Gerry Glynn reports

RICHARDS PACKAGING INCOME FUND ANNOUNCES 2024 FIRST QUARTER RESULTS

Richards Packaging Income Fund has released results for the quarter ended March 31, 2024.

"The first quarter financial performance was in line with the trend set in 2023. 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 $4-million, which was largely deployed to pay down debt.

"First quarter total revenue was down 8.4 per cent with an $8-million impact of oversupply in food, beverage and other packaging, and the $1-million currency translation loss with the dollar flat at U.S./Canadian 74 cents, on $5-million lower Richards U.S. offset by $1-million of growth in sales of pumps and sprayers. Net income decreased $1-million, or two cents per unit, mainly due to the lower mark-to-market gain on exchangeable shares. Richards faces a challenging future as the oversupply in the food and beverage market that depressed our sales continues," commented Gerry Glynn, director and trustee.

The fund paid monthly dividends of 11 cents per unit, which represented an annualized yield of 3.8 per cent on the March 31 closing price of $34.43 per unit along with a special dividend of 36 cents financed by its opening cash balance.

Details of the fund's results are currently available on Richards'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 over 17,000 regional food, beverage, cosmetics, health care and other enterprises.