Business
Leon's Furniture Limited - 2009 Third Quarter
Leon's Furniture Limited - 2009 Third Quarter
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 12 /CNW/ -- For the three months ended September 30, 2009, total Leon's sales were $236,674,000 including $49,243,000 of franchise sales ($259,204,000 including $56,219,000 franchise sales in 2008), a decrease of 8.7% from the third quarter 2008. Net income was $15,643,000, 22 cents per common share ($17,499,000, 25 cents per common share in 2008), a decrease of 12% per common share.For the nine months ended September 30, 2009, total Leon's sales were $641,805,000 including $136,611,000 of franchise sales ($680,333,000 including $146,045,000 of franchise sales in 2008), a decrease of 5.7% and net income was $32,834,000, 46 cents per common share ($40,185,000, 57 cents per common share in 2008), a decrease of 19.3% per common share.We continue to experience lower sales and profits in the third quarter 2009 when compared to the prior year. We continue celebrating our 100th Anniversary with an active marketing campaign and excellent consumer value. At the same time we are pleased with the efforts put in place to keep expenses in check. As a result, we believe we are well positioned to take advantage of any improvements in general economic conditions. In the third quarter of 2009 we opened a new showroom store in downtown Toronto, Ontario known as the \"Roundhouse\" and we are pleased with its performance to date. Renovations were also completed at our Barrie and Whitby, Ontario stores. We plan to begin construction on two new superstores in the spring of 2010; one in Thunder Bay, Ontario (75,000 sq ft.) and the other in Regina, Saskatchewan (85,000 sq. ft.).The Directors have declared a quarterly dividend of 7 cents per common share payable on January 11, 2010 to shareholders of record at the close of business on December 11, 2009. In addition, the annual dividend on the convertible non-voting series shares of 14 cents, will be payable on January 11, 2010 to the shareholders of record at the close of business on December 11, 2009. As stated in our press release dated February 20, 2007, as of 2006, dividends paid by Leon's Furniture Limited are \"eligible dividends\" and for further clarification, all future dividends are eligible dividends unless otherwise stated.During our 100th anniversary we have been able to give back to communities across Canada, including donation...