Business
Leon's Furniture Limited - 2008 second quarter
TORONTO, Aug. 12 /CNW/ - For the three months ended June 30, 2008, total Leon's sales were $224,6...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 12 /CNW/ - For the three months ended June 30, 2008, total\nLeon's sales were $224,688,000 including $47,962,000 of franchise sales\n($190,437,000 including $43,437,000 of franchise sales in 2007), an increase\nof 18%. Net income was $11,618,000, 16 cents per common share ($9,917,000,\n14 cents per common share in 2007), an increase of 14.3% per common share.\n\n\nFor the six months ended June 30, 2008, total Leon's sales were\n$421,129,000 including $89,826,000 of franchise sales ($370,234,000 including\n$84,491,000 of franchise sales in 2007), an increase of 13.7% and net income\nwas $22,686,000, 32 cents per common share ($20,710,000, 29 cents per common\nshare in 2007), an increase of 10.3% per common share.\n\n\nWe are pleased that we were able to continue to improve our financial\nresults in the second quarter of 2008 compared to the prior year. Renovations\nhave been completed at our Nepean and London, Ontario stores which have just\ncommenced their grand re-openings. We have recently started significant\nrenovations to our Mississauga store which we plan to complete before the end\nof the year. A major renovation to our Laval, Quebec showroom and warehouse\nstore is well on its way and is scheduled to be complete by the spring of\n2009. Progress is continuing with a new downtown Toronto, Ontario store known\nas the "Roundhouse" and we anticipate a grand opening in early 2009. We are\nalso pleased with the year-to-date performance of Appliance Canada which was\nacquired effective January 1, 2008.\n\n\nThe Directors have declared a quarterly dividend of 7 cents per common\nshare payable on the 9th day of October 2008 to shareholders of record at the\nclose of business on the 9th day of September 2008. As stated in our press\nrelease dated February 20, 2007, as of 2006, dividends paid by\nLeon's Furniture Limited are "eligible dividends" and for further\nclarification, all future dividends are eligible dividends unless otherwise\nstated.\n\n\nThe Directors have also approved, subject to obtaining regulatory\napprovals, the continuation of the Company's ongoing Normal Course Issuer Bid,\nwhich expires on September 9, 2008. Pursuant to the continued bid, the Company\nintends, in the twelve months commencing September 10, 2008, to purchase up to\nthe lesser of 4.99% of its Common Share...