Leon's Furniture Limited - 2012 Fourth Quarter

About this update from Leon's Furniture Limited

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 21, 2013 /CNW/ - Leon's Furniture Limited is pleased to\n announce its results for the full year 2012 and the fourth quarter\n 2012. For the year ended December 31, 2012, total Leon's system wide\n sales were $880,240,000 including $198,077,000 franchise sales\n ($879,561,000 including $196,725,000 franchise sales in 2011), a slight\n increase. Same store corporate sales were down 2.9% from the prior\n year. Net income was $46,782,000, $0.67 per common share ($56,666,000,\n $0.81 per common share in 2011), a decrease of 17.3% per share.\n\n\nFor the three months ended December 31, 2012, total Leon's system wide\n sales were $248,187,000 including $59,725,000 of franchise sales\n ($254,989,000 including $61,166,000 of franchise sales in 2011), a\n decrease of 2.7%. Same store corporate sales were down 2.0% from the\n comparable quarter. Net income was $16,121,000, $0.23 per common share\n ($19,872,000, $0.28 per common share in 2011), a decrease of 17.9% per\n share. The fourth quarter 2012 includes a net after tax cost of\n $1,470,000 or $0.02 per common share for professional fees relating to\n the acquisition of The Brick Ltd., representing an adjusted $0.25 per\n common share as compared to $0.28 per common share in the prior year.\n\n\n2012 proved to be another challenging year where we saw continuing\n weakness in the economy, creating a very competitive retail\n environment. We want to thank all of our associates for their efforts\n and dedication in helping us to mitigate the impact of these challenges\n on our financial results.\n\n\nIn the third quarter of 2012, the Company celebrated grand openings of\n newly renovated stores in Sault Ste. Marie and Sudbury, Ontario, as\n well as our third Appliance Canada showroom which opened in Toronto,\n Ontario. In the fourth quarter of 2012, we celebrated the opening of a\n new franchise store that replaced an existing store in St. John, New\n Brunswick.\n\n\nWe plan to celebrate grand openings of a new 42,000 sq. ft. store in\n Orangeville, Ontario and a 36,000 sq. ft. store in Brantford, Ontario\n in the first quarter of 2013. In the second quarter of 2013, we are\n planning the grand opening of a new 50,000 sq, ft. store in Sherbrooke,\n Quebec.\n\n\nOn November 11, 2012, the Company entered into a definitive agreement to\n acquire all the outstanding...

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