Business
Leon's Furniture Limited - 2005 second quarter
Leon's Furniture Limited - 2005 second quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 10 /CNW/ - For the six months ended June 30, 2005 sales\nwere $235,515,000 ($220,366,000 in 2004), an increase of 6.9% and net income\nwas $15,676,000, 86 cents per common share ($15,067,000, 81 cents per common\nshare in 2004), an increase of 6.2% per common share. Total Leon's sales,\nincluding $73,438,000 of sales by franchisees, were $308,953,000 ($288,675,000\nin 2004).\nFor the three months ended June 30, 2005, sales were $121,933,000\n($115,894,000 in 2004), an increase of 5.2%. Same store sales were up 1.1% for\nthe three months ended June 30, 2005 compared to the prior year. Net income\nwas $7,850,000, 43 cents per common share ($7,590,000, 41 cents per common\nshare from operations in 2004), an increase of 4.9% per common share.\nFranchise sales for the three months ended June 30, 2005 were $38,953,000\n($38,160,000 in 2004), an increase of 2.1%.\nWe are encouraged by our financial results for the second quarter 2005.\nThe continued effort and dedication of our Associates, during this period is\ncontinuing to show returns as we are seeing an improvement in our sales\nmomentum thus far into the third quarter.\nThe Directors have declared a quarterly dividend of 20 cents per common\nshare payable on the 14th day of October 2005 to shareholders of record at the\nclose of business on the 14th day of September 2005.\nThe Directors have also approved, subject to obtaining regulatory\napprovals, the continuation of the Company's ongoing Normal Course Issuer Bid,\nwhich expires on September 2, 2005. Pursuant to the continued bid, the Company\nintends, in the twelve months commencing September 3, 2005, to purchase up to\nthe lesser of 903,079 of its Common Shares, representing approximately\n4.99% of its approximately 18,097,784 Common Shares outstanding on August 10,\n2005, and the amount equal to 4.99% of its Common Shares outstanding on the\ndate the Toronto Stock Exchange accepts the notice of intention to make a\nnormal course issuer bid.\nSince September 3, 2004, the date on which Leon's current issuer bid\ncommenced, the company has purchased 420,600 Common Shares at an average price\nof $35.48 per share. The Company's management believes that the purchase of\nits common shares is an appropriate use of its corporate funds, given the very\nstrong liquidity position.\n\n>\n\n\n","length":29537,"tagN...