Business
Leon's Furniture Limited - 2009 Second Quarter
TORONTO, Aug. 11 /CNW/ - For the three months ended June 30, 2009, total Leon's sales were $209,9...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 11 /CNW/ - For the three months ended June 30, 2009, total\nLeon's sales were $209,931,000 including $44,693,000 of franchise sales\n($224,688,000 including $47,962,000 of franchise sales in 2008), a decrease of\n6.6%. Net income was $8,620,000, 12 cents per common share ($11,618,000, 16\ncents per common share in 2008), a decrease of 25% per common share.\n\n\nFor the six months ended June 30, 2009, total Leon's sales were\n$405,131,000 including $89,826,000 of franchise sales ($421,129,000 including\n$89,826,000 of franchise sales in 2008), a decrease of 3.8% and net income was\n$17,191,000, 24 cents per common share ($22,686,000, 32 cents per common share\nin 2008), a decrease of 25% per common share. Results for 2008 include an\nafter tax gain on sale of land of $1,135,000 or 2 cents per common share.\n\n\nSimilar to the first quarter 2009, we experienced lower sales and profits\nin the second quarter 2009 when compared to the prior year. We continue\ncelebrating our 100th Anniversary with an active marketing campaign along with\nproviding good consumer value. At the same time we continue to put measures in\nplace to keep expenses in check. As a result, we believe we are well\npositioned to take advantage of any improvements in general economic\nconditions. In the second quarter 2009 we completed a major renovation to our\nLaval showroom and warehouse followed by a successful grand re-opening. In\naddition, July 2009 saw us open a new showroom store in downtown Toronto,\nOntario known as the "Roundhouse" and are pleased with its performance to\ndate.\n\n\nThe Directors have declared a quarterly dividend of 7 cents per common\nshare payable on the 9th day of October 2009 to shareholders of record at the\nclose of business on the 9th day of September 2009. As stated in our press\nrelease dated February 20, 2007, as of 2006, dividends paid by Leon's\nFurniture Limited are "eligible dividends" and for further clarification, all\nfuture dividends are eligible dividends unless otherwise stated.\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, 2009. Pursuant to the continued bid, the Company\nintends, in the twelve months commencing September 10, 2009, to purc...