Leon's Furniture Limited - 2000 fourth quarter
TORONTO, Feb. 21 /CNW/ - For the year ended December 31, 2000, sales were
$402,236,000 ($370,825,000 in 1999), an increase of 8.5% and net income was
$36,700,000, $1.80 per common share ($36,166,000, $1.79 per common share in
1999), an increase of 1.5%. Excluding the gain on the sale of property, net of
applicable income taxes, net operating income was $35,257,000, $1.73 per
common share ($31,758,000, $1.58 per common share in 1999), an increase of
11%. Total Leon's sales, including $$122,056,000 of sales by franchisees, was
$524,292,000 ($483,314,000 in 1999), an increase of 8.5%.
For the three months ended December 31, 2000, sales were $122,981,000
($120,692,000 in 1999), an increase of 1.9% and net operating income was
$13,429,000, 66? per common share ($12,781,000, 63? per common share in 1999),
an increase of 5.1%.
We are pleased with the results of the fourth quarter and the year as a
whole. We expect our growth to continue as we add new stores and enhance our
efforts to increase our share in existing markets. New superstores in Red
Deer, Alberta and St. Catharines, Ontario will open in 2001. We also
anticipate an increase in market share that should result from extensive
renovations taking place in our existing Toronto area warehouse and showroom.
The Directors have declared a quarterly dividend of 10??per common share
payable on April 6th, 2001 to the shareholders of record at the close of
business on the 6th day of March, 2001. To-date, the Company has bought back
518,000 of its commons shares under its share repurchase program announced in
August 2000.
The 2000 Annual Report will be mailed in early April to shareholders of
record on March 27, 2001. The Annual Shareholders Meeting will take place on
May 10th, 2001.
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EARNINGS PER SHARE FOR EACH QUARTER
-----------------------------------
YEAR
MARCH 31 JUNE 30 SEPT. 30 DEC. 31 TOTAL
-------- ------- -------- ------- -----
2000 - Basic 23 cents 33 cents 58 cents 66 cents $1.80
- Fully Diluted 23 cents 32 cents 57 cents 66 cents $1.78
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
>>
LEON'S FURNITURE LIMITED - MEUBLES LEON LTEE
(signed)
Anthony T. Leon
Chairman of the Board |
