Business
Leon's Furniture Limited - 2013 First Quarter
TORONTO, May 14, 2013 /CNW/ - For the three months ended March 31, 2013, total Leon's sales w...
About this update from Leon's Furniture Limited
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 14, 2013 /CNW/ - For the three months ended March 31, 2013,\n total Leon's sales were $203,555,000 including $41,097,000 of franchise\n sales and $11,783,000 of The Brick Ltd (\"The Brick\") sales from the\n date of acquisition, being March 28, 2013, to March 31, 2013,\n ($200,651,000 including $43,220,000 of franchise sales in 2012), an\n increase of 1.45%. Same store sales were down 5.8% from the prior year\n first quarter. Net income was $5,424,000, $0.08 per common share\n ($8,599,000, $0.12 per common share in 2012).  The profit decrease in\n the quarter compared to the prior quarter was mainly due to lower same\n store sales, additional costs related to two new stores that were\n opened in the first quarter of 2013 and one time acquisition costs\n related to the purchase of The Brick.\n\n\n2013 is proving to be another challenging year where we continue to see\n a soft economy with no clear signs of any major turnaround. Having said\n that, we are pleased that we have completed the purchase of The Brick\n at the end of the first quarter 2013 and had successful grand openings\n of three new stores so far this year being Brantford, Ontario;\n Orangeville, Ontario and Sherbrooke, Quebec. As we have indicated in\n earlier press releases, the branding of both the Leon's and Brick\n divisions will remain separate; however, we have already begun the\n process to integrate the best practices of each for the benefit of\n both. We expect the results will help improve the performance of Leon's\n Furniture Limited as a whole going forward.\n\n\nAs previously announced, we paid a quarterly 10¢ dividend on April 5,\n 2013. Today we are happy to announce that the Directors have declared a\n quarterly dividend of 10¢ per common share payable on the 5th day of July 2013 to shareholders of record at the close of business on\n the 5th day of June 2013. As of 2007, dividends paid by Leon's Furniture\n Limited are \"eligible dividends\" pursuant to the changes to the Income\n Tax Act under Bill C-28, Canada.\n\n\nEARNINGS PER SHARE FOR EACH QUARTER    \n\n\n\n\n \n\n\nMARCH 31\n\n\nJUNE 30\n\n\nSEPT. 30\n\n\nDEC. 31\n\n\nYEAR\nTOTAL\n\n\n\n\n2013\n\n\n-\n-\n\n\nBasic\nFully Diluted\n\n\n8¢\n7¢\n\n\n \n\n\n \n\n\n \n\n\n$0.08\n$0.07\n\n\n\n\n2012\n\n\n-\n-...