Business
Leon's Furniture Limited - 2009 first quarter
TORONTO, May 13 /CNW/ - For the three months ended March 31, 2009, total Leon's sales were $195,2...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, May 13 /CNW/ - For the three months ended March 31, 2009, total\nLeon's sales were $195,200,000 including $42,675,000 of franchise sales\n($196,441,000 including $41,864,000 of franchise sales in 2008), a decrease of\n0.6%. Net income from operations for the first quarter 2009 was $8,571,000, 12\ncents per common share ($9,933,000, 14 cents per common share in 2008), a\ndecrease of 14.3% per common share. Total net income for the first quarter\n2008 was $11,068,000 or 16 cents per common share when we include the after\ntax gain on sale of land ($1,135,000, 2 cents per common share).\n\n\nIn the first quarter of 2009, we experienced lower sales and profits when\ncompared to the first quarter of 2008. This was somewhat anticipated in light\nof the economic slowdown that has taken place. We continue celebrating our\n100th Anniversary with an active marketing campaign along with providing good\nconsumer value. At the same time, we continue to look for ways to keep\nexpenses in check. A major renovation to our Laval, Quebec showroom and\nwarehouse store was just completed and a grand re-opening is scheduled for\nJune 2009. Progress is well on its way at a new downtown Toronto, Ontario\nstore known as the "Roundhouse" and we anticipate a grand opening this summer.\n\n\nAs previously announced, we paid a quarterly 7 cent dividend on April 6,\n2009. Today we are happy to announce that the Directors have declared a\nquarterly dividend of 7 cents per common share payable on the 6th day of July\n2009 to shareholders of record at the close of business on the 5th day of June\n2009. As of 2007, dividends paid by Leon's Furniture Limited are "eligible\ndividends" pursuant to the changes to the Income Tax Act under Bill C-28,\nCanada.\n\n\nEARNINGS PER SHARE FOR EACH QUARTER\n-----------------------------------\n YEAR\n MARCH 31 JUNE 30 SEPT. 30 DEC. 31 TOTAL\n -------- ------- -------- ------- -----\n\n2009 - Basic 12 cents $0.12\n - Fully Diluted 12 cents $0.12\n\n2008 - Basic 16 cents 16 cents 25 cents 33 cents $0.90\n - Fully Diluted 15 cents 16 cents 24 cents 32 cents $0.87\n\n2007 - Basic 15 cents 14 cents 23 cents 31 cents $0.83\n - Fully Diluted 15 cents 13 cents 22 cents 30 cents $0.80\n\n\nLEON'S FURNITURE LIMITED\n\nMark J. Leon\nChairman of the Board\n\n\nMANAGEMENT'S DISCUSSION AND ANALYSIS\n\n...