Business
Leon's Furniture Limited - 2005 fourth quarter
Leon's Furniture Limited - 2005 fourth quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\nTORONTO, Feb. 21 /CNW/ - For the three months ended December 31, 2005,\ntotal Leon's sales were $224,776,000 including $54,532,000 of franchise sales\n($207,544,000 including $54,464,000 of franchise sales in 2004), an increase\nof 8.3% and net income was $19,660,000, $1.11 per common share ($17,090,000,\n93 cents per common share in 2004), an increase of 19.4% per share.\nIn our fourth quarter 2005, we saw stronger sales and growth in profits\nover the prior year. We had a very successful grand opening of a new warehouse\nand showroom in Hamilton, Ontario and same store corporate sales were up 8.1%\nfor the quarter.\nFor the year ended December 31, 2005, total Leon's sales were\n$720,787,000 including $173,043,000 franchise sales ($669,843,000 including\n$165,252,000 franchise sales in 2004), an increase of 7.6%. Net income was\n$48,964,000, $2.73 per common share ($46,104,000, $2.49 per common share in\n2004), an increase of 9.6% per share. Same store corporate sales were up 4.0%\nover the prior year.\nOverall, we are proud to report that Leon's Furniture Limited achieved\nstronger sales and growth in profits in 2005. We want to congratulate all our\nAssociates across Canada for their strong efforts, hard work, and dedication\nin helping achieve these goals.\nFor 2006, renovations will be started in our Kitchener, Ontario; Halifax,\nNova Scotia; Winnipeg, Manitoba and Calgary, Alberta stores. In the meantime,\na new warehouse and showroom was opened in Vaughan, Ontario in January, 2006.\nAs well, construction has commenced for two new warehouse and showroom stores\nlocated in Newmarket, Ontario and Saskatoon, Saskatchewan. We are scheduling\nto open these new stores in the latter half of 2006.\nGiven the company's strong performance and cash position, the Director's\nare pleased to declare an increase in the quarterly dividend from 20 cents to\n25 cents per common share, payable on April 6, 2006 to the shareholders of\nrecord at the close of business on March 3rd, 2006. The Director's have also\ndeclared a special dividend of 50 cents per common share payable on May 5th,\n2006 to the shareholders of record at the close of business on April 7th,\n2006.\nThe 2004 Annual Report will be mailed in late March to shareholders of\nrecord on March 24, 2006. The Annual Shareholders Meeting will take place on\nMay 12, 2006.\n\n...