Business
Leon's Furniture Limited - 2007 Third Quarter
TORONTO, Nov. 14 /CNW/ - For the three months ended September 30, 2007, total Leon's sales were $...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 14 /CNW/ - For the three months ended September 30, 2007,\ntotal Leon's sales were $216,225,000 including $50,434,000 of franchise sales\n($203,632,000 including $46,500,000 franchise sales in 2006), an increase of\n6.2%. Net income was $16,174,000, 23 cents per common share ($14,886,000,\n21 cents per common share in 2006), an increase of 9.5% per common share.\n\n\nFor the nine months ended September 30, 2007, total Leon's sales were\n$586,459,000 including $134,925,000 of franchise sales ($531,687,000 including\n$120,509,000 of franchise sales in 2006), an increase of 10.3% and net income\nwas $36,884,000, 52 cents per common share ($32,890,000, 47 cents per common\nshare in 2006), an increase of 10.6% per common share. The first quarter of\n2006 includes a net after tax gain from sale of property of $1,500,000 or\n2 cents per common share.\n\n\nAlthough sales did not increase at the same pace as the first half of the\nyear, overall we are pleased that we continued to improve our financial\nresults in the third quarter of 2007. We just completed a successful grand\nopening of a new showroom and warehouse in Longueuil, Quebec and renovations\nare substantially complete at existing stores in Calgary, Alberta and\nKitchener, Ontario. As well, we have purchased land for a new showroom and\nwarehouse in Thunder Bay, Ontario with construction anticipated to commence in\nthe spring of 2008. Land has also been secured in North Calgary for a new\nshowroom and warehouse.\n\n\nWe continue to proceed with finalizing the purchase of Appliance Canada\nLtd. whose annual sales average close to $100,000,000 a year. This purchase\nwill give us a significant entry into the wholesale distribution of major home\nappliances to the building and apartment trade, and entry into selling high\nend appliances to the public. We anticipate the successful purchase of this\ncompany by the end of this year.\n\n\nThe Directors have declared a quarterly dividend of 7 cents per common\nshare payable on the 10th day of January 2008 to shareholders of record at the\nclose of business on the 10th day of December 2007. In addition, the annual\ndividend on the convertible non-voting series shares of 14 cents, will be\npayable on January 10th, 2008 to the shareholders of record at the close of\nbusiness on December 10th, 2008. As stated in our p...