Business
Leon's Furniture Limited - 2006 third quarter
Leon's Furniture Limited - 2006 third quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 14 /CNW/ - For the three months ended September 30, 2006,\ntotal Leon's sales were $203,632,000 including $46,500,000 of franchise sales\n($187,055,000 including of $45,070,000 franchise sales in 2005), an increase\nof 8.9%. Net income was $14,886,000, 84 cents per common share ($13,630,000,\n76 cents per common share in 2005), an increase of 10.5% per common share.\nFor the nine months ended September 30, 2006, total Leon's sales were\n$531,687,000 including $120,509,000 of franchise sales ($496,008,000 including\n$118,508,000 of franchise sales in 2005), an increase of 7.2% and net income\nwas $32,890,000, $1.86 per common share ($29,306,000, $1.62 per common share\nin 2005), an increase of 14.8% per common share. The first quarter of 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 third 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 showrooms\nand warehouses in Dartmouth, Nova Scotia and Winnipeg, Manitoba in the third\nquarter 2006. We also plan to open new showrooms and warehouses in Saskatoon,\nSaskatchewan in November 2006, Newmarket, Ontario and Longueil, Quebec in\n2007. Major renovations of existing stores in Calgary, Alberta; and Kitchener,\nOntario are ongoing and should be completed by late spring 2007.\nLater this November 2006, we plan to open a new franchise in Nanaimo,\nBritish Columbia. When this happens, we will have stores in every province and\nbe coast-to-coast in Canada.\nThe Directors have declared a quarterly dividend of 25 cents per common\nshare payable on the 12th day of January 2007 to shareholders of record at the\nclose of business on the 12th day of December 2006. In addition, the annual\ndividend on the convertible non-voting series shares of 50 cents, will be\npayable on January 12th, 2007 to the shareholders of record at the close of\nbusiness on December 12th, 2006.\nThe Directors have also authorized the Company, subject to shareholder\napproval at its annual meeting in May 2007, to seek regulatory app...