Business
Leon's Furniture Limited - 2006 second quarter
Leon's Furniture Limited - 2006 second quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\nTORONTO, Aug. 11 /CNW/ - For the three months ended June 30, 2006, total\nLeon's sales were $173,082,000 including $39,054,000 of franchise sales\n($160,886,000 including $38,953,000 of franchise sales in 2005), an increase\nof 7.6%. Net income was $8,252,000, 47 cents per common share ($7,850,000,\n43 cents per common share in 2005), an increase of 9.3% per common share.\nFor the six months ended June 30, 2006, total Leon's sales were\n$328,055,000 including $74,009,000 of franchise sales ($308,953,000 including\n$73,438,000 of franchise sales in 2005), an increase of 6.2% and net income\nwas $18,004,000, $1.02 per common share ($15,676,000, 86 cents per common\nshare in 2005), an increase of 18.6% per common share. The first quarter 2006\nincludes a net after tax gain from sale of property of $1,500,000 or 8 cents\nper common share.\nOverall, we are pleased that we were able to continue to improve our\nfinancial results in the second quarter of 2006. Our strong capital position\nwill allow us to focus on increasing market share in existing and new markets\ngoing forward. Renovation and expansion plans will continue during 2006 and\nbeyond. We have just completed a successful opening of our renovated showroom\nand warehouse in Dartmouth, Nova Scotia. Renovations have been completed at\nour Winnipeg, Manitoba store with a grand re-opening scheduled in the third\nquarter 2006. We also plan to open new showrooms and warehouses in Saskatoon,\nSaskatchewan this fall and Newmarket, Ontario in early 2007. Major renovations\nof existing stores in Calgary, Alberta; and Kitchener, Ontario are ongoing and\nshould be completed within the next year.\nThe Directors have declared a quarterly dividend of 25 cents per common\nshare payable on the 12th day of October 2006 to shareholders of record at the\nclose of business on the 12th day of September 2006.\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, 2006. Pursuant to the continued bid, the Company\nintends, in the twelve months commencing September 3, 2006, to purchase up to\nthe lesser of 883,473 of its Common Shares, representing approximately 4.99%\nof its approximately 17,704,887 Common Shares outstanding on August 11, 2006,\nand the amount equal to...