Leon's Furniture Limited - 2013 Third Quarter

About this update from Leon's Furniture Limited

[{"type":"text","content":"\n\n\nTORONTO, Nov. 14, 2013 /CNW/ - The Board is pleased to announce the 2013\n third quarter results of Leon's Furniture Limited, which represents our\n second full quarter with The Brick Limited under the ownership of our\n Company. For the three months ended September 30, 2013, total Leon's\n system wide sales were $628,619,000 including $100,017,000 of franchise\n sales ($223,680,000 including $49,505,000 franchise sales in 2012).\n Same store sales were down 1% compared to the prior year third quarter\n assuming The Brick stores were included. Net income was $21,283,000,\n 30¢ per common share ($13,058,000, 19¢ per common share in 2012), an\n increase of 58% per common share. The sales and income increase in the\n quarter compared to the prior quarter were mainly a result of the\n inclusion of the operating results of The Brick Limited.\n\n\nFor the nine months ended September 30, 2013, total Leon's system wide\n sales were $1,405,555,000 including $233,936,000 of franchise sales\n ($632,053,000 including $138,352,000 of franchise sales in 2012) and\n net income was $41,152,000, 58¢ per common share ($30,661,000, 44¢ per\n common share in 2012), an increase of 32% per common share. These\n figures include The Brick Limited results since March 28, 2013.\n\n\nWhile the businesses of Leon's and The Brick continue to operate under\n their separate banners, the management teams are working closely\n together to leverage the best practices of each for the benefit of the\n entire Company. We have made good progress on the integration to date\n and continue to identify more opportunities to realize on the benefits\n of this acquisition. While we recognize it will be a challenging period\n for the Company, we believe our customers and shareholders will benefit\n from our actions.\n\n\nAs previously announced, we paid a quarterly 10¢ dividend on October 4,\n 2013. Today we are pleased to announce that the Board of Directors have\n declared a quarterly dividend of 10¢ per common share payable on the\n 6th day of January 2014 to shareholders of record at the close of\n business on the 6th day of December 2013. In addition, the annual\n dividend on the convertible non-voting preferred shares of 20¢ will be\n payable on January 6, 2014 to the shareholders of record at the close\n of business on Decembe...

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