Business
Leon's Furniture Limited - 2007 First Quarter
Leon's Furniture Limited - 2007 First Quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, May 14 /CNW/ - For the three months ended March 31, 2007, total\nLeon's sales were $179,797,000 including $41,054,000 of franchise sales\n($154,973,000 including $34,955,000 of franchise sales in 2006), an increase\nof 16.0%. Net income was $10,793,000, 61 cents per common share ($9,752,000,\n55 cents per common share in 2006), an increase of 10.9% per common share.\nIncluded in the first quarter 2007 was a $288,000, 1.6 cents per common share\n($1,500,000, 8cents per common share in 2006) after tax gain on sale of land\nand building.\n\n\nOverall, we are pleased that we were able to improve our financial\nresults in the first quarter of 2007. Our strong sales increase has encouraged\nus to continue our focus on increasing market share in existing and new\nmarkets going forward. Renovation and expansion plans will continue during\n2007. We have just completed a successful opening in the first quarter 2007 of\na new showroom and warehouse in Newmarket, Ontario. We also plan to open a new\nshowroom and warehouse in Longueuil, Quebec this fall. Major renovations of\nexisting stores in Calgary, Alberta and Kitchener, Ontario are ongoing and\nshould be completed before the end of the year.\n\n\nAs previously announced, we paid a quarterly 28 cents dividend on April\n6, 2007. Today we are happy to announce that the Directors have declared a\nquarterly dividend of 28 cents per common share payable on the 6th day of July\n2007 to shareholders of record at the close of business on the 6th day of June\n2007.\n\n\nEARNINGS PER SHARE FOR EACH QUARTER\n-----------------------------------\n\n YEAR\n ----\n MARCH 31 JUNE 30 SEPT. 30 DEC. 31 TOTAL\n --------- --------- --------- --------- -----\n2007\n- Basic 61 cents $0.61\n- Fully Diluted 59 cents $0.59\n\n2006\n- Basic 55 cents 47 cents 84 cents $1.17 $3.03\n- Fully Diluted 53 cents 45 cents 81 cents $1.12 $2.91\n\n2005\n- Basic 43 cents 43 cents 76 cents $1.11 $2.73\n- Fully Diluted 41 cents 42 cents 74 cents $1.04 $2.61\n\n\nLEON'S FURNITURE LIMITED\n\n\nMark J. Leon\nChairman of the Board\n\n MANAGEMENT'S DISCUSSION AND ANALYSIS\n\n\nMay 14, 2007\n\n\nManagement's Discussion and Analysis should be read in conjunction with\nthe unaudited consolidated interim financial statements of the Company for the\nthree months ended March 31, 2007, Management's Discussion and Analysis...