Leon's Furniture Ltd. Sales For Quarter Up 5.2% to $122 Million

Furniture World News

For the six months ended June 30, 2005 sales were $235,515,000 ($220,366,000 in 2004), an increase of 6.9% and net income was $15,676,000, 86 cents per common share ($15,067,000, 81 cents per common share in 2004), an increase of 6.2% per common share. Total Leon's sales, including $73,438,000 of sales by franchisees, were $308,953,000 ($288,675,000 in 2004). For the three months ended June 30, 2005, sales were $121,933,000 ($115,894,000 in 2004), an increase of 5.2%. Same store sales were up 1.1% for the three months ended June 30, 2005 compared to the prior year. Net income was $7,850,000, 43 cents per common share ($7,590,000, 41 cents per common share from operations in 2004), an increase of 4.9% per common share. Franchise sales for the three months ended June 30, 2005 were $38,953,000 ($38,160,000 in 2004), an increase of 2.1%. Management stated that they were encouraged by their financial results for the second quarter 2005, stating that. " The continued effort and dedication of our Associates, during this period is continuing to show returns as we are seeing an improvement in our sales momentum thus far into the third quarter. The Directors have declared a quarterly dividend of 20 cents per common share payable on the 14th day of October 2005 to shareholders of record at the close of business on the 14th day of September 2005.