Leon's Furniture Limited - 2008 Fourth Quarter

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 19 /CNW/ - Leon's Furniture Limited is pleased to announce\nrecord fourth quarter and full year 2008 results. For the three months ended\nDecember 31, 2008, total Leon's sales were $269,891,000 including $63,803,000\nof franchise sales ($246,853,000 including $60,931,000 of franchise sales in\n2007), an increase of 9.3% and net income was $23,203,000, $0.33 per common\nshare ($21,610,000, $0.31 per common share in 2007), an increase of 7.4% per\nshare.\n\n\nThe increase in sales in the fourth quarter 2008 was attributable to the\nacquisition of Appliance Canada. We saw evidence that the Canadian economy was\nslowing down in the latter part of 2008 as same store corporate sales were\ndown 1.7% in the fourth quarter of 2008 when compared to the same quarter\n2007.\n\n\nFor the year ended December 31, 2008, total Leon's sales were\n$950,221,000 including $209,848,000 franchise sales ($833,381,000 including\n$195,925,000 franchise sales in 2007), an increase of 14.0%. Net income was\n$63,388,000, $0.90 per common share ($58,494.000, $0.83 per common share in\n2007), an increase of 8.4% per share. Excluding Appliance Canada, same store\ncorporate sales were up 2.3% over the prior year.\n\n\nEven with an economic slowdown that commenced in the later part of the\nyear, we are pleased to report that Leon's Furniture Limited continued to\nincrease sales and grow profits in 2008. Once again, we thank all our\nAssociates across Canada for their hard work, and dedication in helping\nachieve these goals. We are also pleased with the first year performance of\nour Appliance Canada division which was acquired in January 2008. Appliance\nCanada is involved in the wholesale of appliances to the building and\napartment trade, as well as some retail of high-end appliances to the public.\n\n\nMajor renovations are well on their way at our Laval, Quebec warehouse\nand showroom and the grand re-opening is scheduled for late spring 2009. Our\nnew store in downtown Toronto at the John Street Roundhouse is currently being\nrenovated and is scheduled to open this summer.\n\n\nThe Directors are pleased to declare a quarterly dividend of 7 cents per\ncommon share, payable on April 6, 2009 to the shareholders of record at the\nclose of business on March 6, 2009. As of 2007, dividends paid by Leon's\nFurniture Limited are "eligible...

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