Leon's Furniture Limited - 2007 Fourth Quarter

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 21 /CNW/ - Leon's Furniture Limited is pleased to announce\nrecord fourth quarter and full year 2007 results. For the three months ended\nDecember 31, 2007, total Leon's sales were $246,853,000 including $60,931,000\nof franchise sales ($236,766,000 including $56,658,000 of franchise sales in\n2006), an increase of 3.2% and net income was $21,610,000, $0.31 per common\nshare ($20,712,000, $0.29 per common share in 2006), an increase of 6.9% per\nshare. These results include a one-time tax adjustment of $1,000,000 due to\nthe write down of future tax assets related to corporate income tax rate\nreductions enacted by the federal government in the quarter. Excluding the\none-time tax adjustment, fourth quarter net earnings were $0.32 per common\nshare, an increase of 10.3% compared to the previous year.\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 Longueuil, Quebec and same store corporate sales\nwere up 2.1% for the quarter.\n\n\nFor the year ended December 31, 2007, total Leon's sales were\n$833,381,000 including $195,925,000 franchise sales ($768,453,000 including\n$177,167,000 franchise sales in 2006), an increase of 8.4%. Net income was\n$58,494.000, $0.83 per common share ($53,602,000, $0.76 per common share in\n2006), an increase of 9.2% per share. Excluding the one-time tax adjustment,\nnet earnings were $0.84 per common share, an increase of 10.5% compared to the\nprevious year. Same store corporate sales were up 4.4% over the prior year.\n\n\nOverall, we are proud to report that Leon's Furniture Limited continued\nto increase sales and grow profits in 2007. We want to congratulate all our\nAssociates across Canada for their strong efforts, hard work, and dedication\nin helping achieve these goals.\n\n\nThe company completed its purchase of the assets of Appliance Canada\nLimited in January 2008. It is currently operating the business under the name\n"Appliance Canada" as a separate division.\n\n\nMajor renovations have recently been completed in Kitchener, Ontario and\nCalgary, Alberta with both stores scheduled to have their Grand Re-Openings\nlater this month. Our new store in downtown Toronto at the John Street\nRoundhouse is currently being renovated ...

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