Leon's Furniture Limited - 2000 second quarter
TORONTO, Aug. 16 /CNW/ - For the six months ended June 30, 2000, sales
were $172,574,000 ($151,060,000 in 1999), an increase of 14.2%. For the same
period, net income increased by 17.2% to $11,486,000, 56 cents per common
share ($9,803,000, 49 cents per common share in 1999). Sales including our
franchise operations reached $225 million ($197 million in 1999).
For the three months ended June 30, 2000, sales were $91,503,000
($78,770,000 in 1999), an increase of 16.2%. For the same period, net income
increased by 15.1% to $6,717,000, 33 cents per common share ($5,836,000, 29
cents per common share in 1999).
Notwithstanding dividends and capital expenditures of $39,000,000 in the
last 12 months, the cash and marketable securities position has improved by
$4,000,000 to $82,856,000. There continues to be no debt.
The Directors have declared a quarterly dividend of 10 cents per common
share payable on the 26th day of October 2000 to shareholders of record at the
close of business on the 22nd day of September 2000.
The Directors have approved a common share repurchase programme on The
Toronto Stock Exchange, once such regulatory approval is granted, to
repurchase up to 1,000,000 common shares in the twelve months commencing two
trading days following such approval. The maximum number of shares to be
repurchased represents approximately 5% of the Company's 20,563,838
outstanding common shares.
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EARNINGS PER SHARE FOR EACH QUARTER
-----------------------------------
MARCH 31 JUNE 30 SEPT. 30 DEC. 31 YEAR TOTAL
-------- ------- -------- ------- ----------
2000 - Basic 23 cents 33 cents $0.56
- Fully
Diluted 23 cents 32 cents $0.55
1999 - Basic 20 cents 29 cents 67 cents 63 cents $1.79
- Fully
Diluted 19 cents 28 cents 65 cents 61 cents $1.73
1998 - Basic 14 cents 24 cents 39 cents 54 cents $1.31
- Fully
Diluted 14 cents 23 cents 38 cents 52 cents $1.27
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LEON'S FURNITURE LIMITED - MEUBLES LEON LTEE
(signed)
------------------------
Anthony T. Leon
Chairman of the Board
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CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
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Six months ended June 30
(in thousands, except per share amounts) 2000 1999
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Sales $172,574 $151,060
Cost of sales and expenses 152,032 133,468
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Income before income taxes 20,542 17,592
Provision for income tax 9,056 7,789
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Net income for the period 11,486 9,803
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Weighted average number of common
shares outstanding - Basic 20,394.00 20,134.00
- Fully diluted 20,920.42 20,920.42
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Earnings per share - Basic $0.56 $.49
- Fully diluted $0.55 $.47
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CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
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Six months ended June 30
(in thousands). 2000 1999
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Operating activities:
Net income for the period $11,486 $9,803
Add items not involving a current
cash payment
Depreciation and amortization 3,270 2,806
Net change in non-cash working capital
balances related to operations (12,392) (16,812)
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Cash provided by (used in) operating
activities 2,364 (4,203)
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Investing activities:
Purchase of fixed assets (8,479) (4,962)
Purchase of marketable securities (896,936) (537,937)
Proceeds on sale of marketable securities 908,812 558,634
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Cash provided by investing activities 3,397 15,735
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Financing activities:
Repayment of long-term debt 0 (70)
Dividends paid (19,073) (13,080)
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Cash used in financing activities (19,073) (13,150)
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Net decrease in cash and cash equivalents
during the period (13,312) (1,618)
Cash and cash equivalents, January 1 22,020 10,294
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Cash and cash equivalents, June 30 $8,708 $8,676
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For further information: Terrence T. Leon, Vice President, Secretary &
C.F.O., Tel: (416) 243-7880, Fax: (416) 243-7890 |
