Business
Leon's Furniture Limited - 2007 Second Quarter
Leon's Furniture Limited - 2007 Second Quarter.
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 14 /CNW/ - For the three months ended June 30, 2007, total\nLeon's sales were $190,437,000 including $43,437,000 of franchise sales\n($173,082,000 including $39,054,000 of franchise sales in 2006), an increase\nof 10%. Net income was $9,917,000, 14 cents per common share ($8,252,000, 12\ncents per common share in 2006), an increase of 17% per common share.\n\n\nFor the six months ended June 30, 2007, total Leon's sales were\n$370,234,000 including $84,491,000 of franchise sales ($328,055,000 including\n$74,009,000 of franchise sales in 2006), an increase of 12.9% and net income\nwas $20,710,000, 29 cents per common share ($18,004,000, 25 cents per common\nshare in 2006), an increase of 16% per common share.\n\n\nWe are pleased that we were able to continue to improve our financial\nresults in the second quarter of 2007 even though the pace of growth of\nfurniture sales in the economy generally has slowed. As a result, we believe\nthat we have been able to increase market share. Renovation and expansion\nplans will continue during 2007 and beyond. Major renovations are ongoing at\nour Kitchener, Ontario and Calgary, Alberta stores with grand re-openings\nscheduled for the first quarter of 2008. Our newly constructed store in\nLongueuil, Quebec will open this fall. It will replace our current store in\nGreenfield Park. Additional sites for new stores have been secured for North\nCalgary, Alberta and downtown Toronto, Ontario.\n\n\nIn addition, the Company is pleased to announce that it has reached a\ntentative agreement to purchase Appliance Canada Ltd. (with annual sales\naveraging $100 million dollars). Further details will be provided upon the\nclosing of the transaction expected in late September 2007. This purchase will\ngive us a significant entry into a new market, namely the wholesale\ndistribution of major home appliances to builders and apartment landlords. We\nalso plan to maintain Appliance Canada's retail selling of higher end\nappliances to the public and retain the services of its management and\nemployees.\n\n\nThe Directors have declared a quarterly dividend of 7 cents per common\nshare payable on the 11th day of October 2007 to shareholders of record at the\nclose of business on the 11th day of September 2007. As stated in our press\nrelease dated February 20, 2007, as of 2006, dividends pai...