Leon's Furniture Limited - 2014 Third Quarter

About this update from Leon's Furniture Limited

[{"type":"text","content":"\n\n\nTORONTO, Nov. 13, 2014 /CNW/ - The Board is pleased to announce the 2014\n third quarter results of Leon's Furniture Limited. For the three months\n ended September 30, 2014, total Leon's system wide sales were\n $629,152,000 including $97,467,000 of franchise sales ($628,619,000\n including $100,017,000 franchise sales in 2013). Same store sales were\n up 1% compared to the prior year third quarter. Net income was\n $27,287,000, 38¢ per common share ($21,760,000, 31¢ per common share in\n 2013), an increase of 23% per common share. We are pleased to announce\n that our earnings per share were a record high for a third quarter.\n\n\nFor the nine months ended September 30, 2014, total Leon's system wide\n sales were $1,698,991,000 including $266,780,000 of franchise sales\n ($1,405,555,000 including $233,936,000 of franchise sales in 2013) and\n net income was $45,611,000, 64¢ per common share ($42,058,000, 60¢ per\n common share in 2013), an increase of 7% per common share. These\n figures include The Brick Limited results since March 28, 2013.\n\n\nDespite a difficult start in the first quarter of 2014, we are pleased\n by the increase in profits for the second and third quarter of 2014\n versus the prior year.  We are also encouraged by the increase in same\n store sales in the third quarter 2014 compared to the prior year 2013.\n Integration and synergies between The Brick and Leon's divisions are\n progressing as planned. As well, we are making good progress on a new\n computer system to be implemented over the next 15 months that will\n result in improved efficiencies in the operations of both divisions.\n\n\nAs previously announced, we paid a quarterly 10¢ dividend on October 6th, 2014. Today we are pleased to announce that the Board of Directors\n have declared a quarterly dividend of 10¢ per common share payable on\n the 5th day of January 2015 to shareholders of record at the close of business\n on the 5th day of December 2014. In addition, the annual dividend on the\n convertible non-voting preferred shares of 20¢ will be payable on\n January 5, 2015 to the shareholders of record at the close of business\n on December 5, 2014. 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, ...

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