Business
Leon's Furniture Limited - 2006 fourth quarter
Leon's Furniture Limited - 2006 fourth quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 20 /CNW/ - For the three months ended December 31, 2006,\ntotal Leon's sales were $236,766,000 including $56,658,000 of franchise sales\n($224,779,000 including $54,535,000 of franchise sales in 2005), an increase\nof 5.3% and net income was $20,712,000, $1.17 per common share ($19,658,000,\n$1.11 per common share in 2005), an increase of 5.4% per share.\n\n\nIn our fourth quarter 2007, we continued to see good growth in sales and\nprofits over the prior year. We had a very successful grand opening of a new\nwarehouse and showroom in Saskatoon, Saskatchewan and same store corporate\nsales were up 3.0% for the quarter.\n\n\nFor the year ended December 31, 2006, total Leon's sales were\n$768,453,000 including $177,167,000 franchise sales ($720,787,000 including\n$173,043,000 franchise sales in 2005), an increase of 6.6%. Net income was\n$53,602,000, $3.03 per common share ($48,964,000, $2.73 per common share in\n2005), an increase of 11% per share. Same store corporate sales were up 3.9%\nover the prior year.\n\n\nOverall, we are proud to report that Leon's Furniture Limited continued\nto increase sales and grow profits in 2006. We want to congratulate all our\nAssociates across Canada for their strong efforts, hard work, and dedication\nin helping achieve these goals.\n\n\nMajor renovations are well on their way for existing stores in Kitchener,\nOntario and Calgary, Alberta, scheduled for completion by the summer of 2007.\nA new warehouse and showroom in Newmarket, Ontario will open in March 2007. As\nwell, a new showroom and warehouse in Longueuil, Quebec has commenced and\nshould be completed by the fall of 2007.\n\n\nThe Directors are pleased to declare an increase of the quarterly\ndividend from 25 cents per common share to 28 cents per common share, payable\non April 6, 2007 to the shareholders of record at the close of business on\nMarch 2, 2007. As of 2006, dividends paid by Leon's Furniture Limited are\n\"eligible dividends\" as per the proposed changes to the Income Tax Act (Bill\nC-28, Canada).\n\n\nThe 2006 Annual Report will be mailed in late March to shareholders of\nrecord on March 23, 2007. The Annual and Special Meeting of Shareholders will\ntake place on May 14, 2007.\n\n\nAs communicated in a press release dated November 14, 2006, the Directors\npreviously authorized the Company, subject t...