Three acquisitions since the beginning of the fiscal year HIGHLIGHTS OF Q1 ENDED FEBRUARY 29, 2024 Sales of $406.9 million, up by 1.0%, including growth of 0.5% in Canada for sales of $232.1 million and 1.7% in the United States for sales of $129.9 million, representing 43.0% of total sales. EBITDA of $40.4 million - EBITDA margin of 9.9%. Net earnings attributable to shareholders of $15.2 million or $0.27 per diluted share Strong financial position as of February 29, 2024, with working capital of $623.4 million, a ratio of 3.7:1. Expansion: two new acquisitions, one in Ontario and one in Ohio, followed by another acquisition in the United States on March 27, 2024, totalling additional annual sales of approximately $60 million. Quarterly dividend of $0.15 per share payable on May 9, 2024, to shareholders of record on April 25, 2024. MONTREAL, April 11, 2024 /CNW/ - (TSX:RCH) "We began fiscal 2024 with sales equivalent to those of the first quarter of 2023 - a good result since sales in the comparable period of 2023 continued to benefit from favorable market conditions. It should also be noted that the first quarter is historically the weakest period of the year. We have seen the benefits of our recent acquisitions and market development initiatives supported by our strategies of value-added service, innovation, and diversification of customer segments. Despite the significant reduction in our inventories in 2023, we still have some inventories purchased at higher than current cost.  Selling these inventories at market prices has had a negative impact on gross margin.  This situation will gradually be resolved as those products are reordered. We completed several expansion and modernization projects over the past year and also launched our brand-new Calgary centre last December. The start-up and development of these centres, in addition to being impacted by current market conditions, also affected the EBITDA margin downwards. In terms of acquisitions, we are very pleased with the three companies acquired since the beginning of the fiscal year, which are expected to contribute approximately $60 million in annual sales," said Mr. Richard Lord, President and CEO. EXPANSION: THREE NEW ACQUISITIONS SINCE THE BEGINNING OF THE FISCAL YEAR During the first quarter, Richelieu concluded the acquisition of Olympic Forest, a distributor of specialized lumber and panel products operating a distribution centre located in Erin, Ontario. This was followed by the acquisition of Rapid Start, a distributor of a specialty hardware serving a customer base of manufacturers from its distribution centre located in Rittman, Ohio. On March 27, 2024, the Corporation closed the acquisition of the main net assets of Allegheny Plywood, a distributor of specialty panels and decorative surfaces, which operates distribution centres in Pittsburgh and Allentown, Pennsylvania, as well as in Cleveland, Ohio. These three transactions, along with the $60 million in additional annual sales, add complementary products and expertise and strengthen the Corporation's position in these different markets. ANALYSIS OF OPERATING RESULTS FOR THE FIRST QUARTER ENDED FEBRUARY 29, 2024 For the first quarter ended February 29, 2024, consolidated sales amounted to $406.9M, compared to $403.0M for the first quarter of 2023, an increase of $3.9M, or 1.0%, including a 0.4% internal decrease offset by 1.4% growth through acquisitions. In comparable currency to the first quarter of 2023, the increase in consolidated sales for the quarter would have been very similar. The following table provides an overview of Richelieu's sales in its two main markets for the quarters ended February 29, 2024 and February 28 2023 : Quarters ended  February 29 and February 28 2024 2023 ∆ % (in millions of dollars, except exchange rates) Total Internal Acquisitions Consolidated