Business
Leon's 2008 first quarter
TORONTO, May 12 /CNW/ - For the three months ended March 31, 2008, total Leon's sales (including ...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, May 12 /CNW/ - For the three months ended March 31, 2008, total\nLeon's sales (including Appliance Canada) were $196,441,000 including\n$41,864,000 of franchise sales ($179,797,000 including $41,054,000 of\nfranchise sales in 2007), an increase of 9.3%. Net income was $11,068,000,\n16 cents per common share ($10,793,000, 15 cents per common share in 2007), an\nincrease of 6.7% per common share. Included in the first quarter 2008 was a\n$1,125,000, 1.6 cents per common share ($288,000, .4 cents per common share in\n2007) after tax gain on sale of land.\n\n\nWe are pleased that our overall financial results in the first quarter of\n2008 did improve compared to the first quarter 2007. Going forward we need to\nrenew our emphasis on reducing expenses and improving store efficiencies.\nRenovations were completed at our existing stores in Calgary, Alberta and\nKitchener, Ontario in the first quarter 2008 with successful grand re-openings\noccurring late in the quarter. Renovations have also commenced at our Nepean\nand London, Ontario stores and are scheduled to be completed by this fall. A\nmajor renovation to our Laval, Quebec showroom and warehouse store has just\ncommenced and is scheduled to be complete by the spring of 2009. Progress is\ncontinuing with a new downtown Toronto, Ontario store known as the\n"Roundhouse" and we anticipate a grand opening in the late fall. We are\npleased with the initial performance of Appliance Canada which was acquired\neffective January 1, 2008.\n\n\nAs previously announced, we paid a quarterly 7cents dividend on April 7,\n2008 and a special 10 cents dividend on May 7, 2008. Today we are happy to\nannounce that the Directors have declared a quarterly dividend of 7 cents per\ncommon share payable on the 7th day of July 2008 to shareholders of record at\nthe close of business on the 6th day of June 2008.\n\n\nEARNINGS PER SHARE FOR EACH QUARTER\n-----------------------------------\n\n MARCH 31 JUNE 30 SEPT. 30 DEC. 31 YEAR TOTAL\n -------- ------- -------- ------- ---------\n2008\n - Basic 16 cents $0.16\n - Fully Diluted 15 cents $0.15\n\n2007\n - Basic 15 cents 14 cents 23 cents 31 cents $0.83\n - Fully Diluted 15 cents 13 cents 22 cents 30 cents $0.80\n\n2006\n - Basic 14 cents 12 cents 21 cents 29 cents $0.76\n - Fully Diluted 14 cents 11 cents 20 cents 28 cents $0.73...