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Leon's Furniture Releases Financial Results for the Fourth Quarter Ended December 31, 2018

CNW Group - Wed Feb 27, 11:25AM CST

Leon's Furniture Limited ("Leon's" or the "Company") (TSX:LNF.TO), today announced financial results for the fourth quarter 2018.

Highlights - Q4-2018

--  Total system wide sales(1) were $726,547,000 in Q4-2018
        compared to $723,255,000 in Q4-2017.
    --  Revenue was $601,660,000 in Q4-2018 compared to $596,851,000 in
        Q4-2017.
    --  Adjusted net income(1) increased by 6% to $38,289,000 in
        Q4-2019 compared to $36,119,000 in Q4-2017
    --  Adjusted diluted earnings per share(1) grew 4.4% to $0.47 in
        Q4-2018 compared to $0.45 in Q4-2017.
    --  Net debt including the convertible debenture totaled
        $14,259,000 at December 31, 2018 compared to $138,909,000 at
        December 31, 2017.

Highlights - Fiscal year 2018

--  Total system wide sales(1) grew 1.6% to $2,684,759,000 in
        fiscal 2018 compared to $2,641,254,000 in fiscal 2017.
    --  Revenue grew 1.2% to $2,241,437,000 in fiscal 2018 compared to
        $2,215,379,000 in fiscal 2017.
    --  Adjusted net income(1) increased by 7.7% to $106,691,000 in
        fiscal 2018 compared to $99,022,000 in fiscal 2017.
    --  Adjusted EBITDA(1) increased 2.1% to $188,756,000 in fiscal
        2018 compared to $184,798,000 in fiscal 2017.
    --  Adjusted diluted earnings per share(1) grew 6.5% to $1.31 in
        fiscal 2018 compared to $1.23 in fiscal 2017.
(1)
              Refer to the
                         non-IFRS financial
                         measures section of this
                         press release

"Despite some weakness in consumer spending across the country, the ongoing execution of our strategy and the combined effort of our entire team led to both record sales and adjusted earnings during 2018", said Edward Leon, Chief Executive Officer and President of Leon's. "This year, we will be pushing forward in an even more concerted way in an attempt to prudently grow market share in all categories, through innovative marketing programs and strong promotional campaigns. We continue to enjoy increased efficiencies in all aspects of our business through our application of best practices between the Company's divisions. As a management team, we are confident that our efforts will continue to translate into the generation of meaningful shareholder value, leveraging: our national retail footprint; a portfolio of industry-leading service businesses; a substantial real estate portfolio; successful and rapidly growing on-line properties; and our dominant national distribution infrastructure."

For a full explanation of the Company's use of non-IFRS financial measures, please refer to the heading "Non-IFRS Financial Measures" in this document

Summary of Financial Highlights

For the three months ended December  31





                (000's of $ except % and per share amounts)                                                    2018                     2017

                $ Increase/                      % Increase/
                                                                                                                                                                 (Decrease)                        (Decrease)

    ---                                                                                                                                                                                                                   ---


       Total system wide sales (1)(2)                                                                           726,547                  723,255                                  3,292       0.5%



       Franchise sales (1)                                                                                      124,887                  126,404                                (1,517)    (1.2%)



       Revenue (2)                                                                                              601,660                  596,851                                  4,809       0.8%



       Same store sales (1)                                                                                     587,800                  588,398                                  (598)    (0.1%)



       Gross profit margin as a percentage of revenue                                                            44.61%                  44.24%



       SG&A(3)                                                                                                  214,734                  213,047                                  1,687       0.8%



       SG&A(3)as a percentage of revenue                                                                         35.69%                  35.70%



       Adjusted EBITDA(1)                                                                                        62,362                   61,600                                    762       1.2%



       Adjusted net income(1)                                                                                    38,289                   36,119                                  2,170       6.0%



       Net income                                                                                                38,785                   34,778                                  4,007      11.5%



       Adjusted basic earnings per share(1)                                                                               $

        0.50                                         $
      0.48                  $
             0.02   4.2%



       Adjusted diluted earnings per share(1)                                                                             $

        0.47                                         $
      0.45                  $
             0.02   4.4%



       Common share dividends declared                                                                                    $

        0.14                                         $
      0.12                  $
             0.02  16.7%

    ===                                                                                                                                                                                                                            ===


       (1) Non-IFRS financial measures. Refer to "Non-IFRS Financial Measures" section in this press release for additional information.



       (2) Reclassified comparative results to conform to the presentation of the three months ended December 31, 2018



       (3) Selling, general and administrative expenses

Revenue

For the three months ended December 31, 2018, revenue was $601,660,000 compared to $596,851,000 in the prior year's fourth quarter. Revenue increased by 0.8% as compared to the prior quarter mainly due to increases in mattress sales and commercial sales.

Selling, general and administrative expenses ("SG&A")

SG&A as a percentage of revenue in the current quarter was down marginally as compared to the prior year's fourth quarter. This was due to effectively managing overall SG&A expenses throughout the quarter while at the same time increasing advertising spend in the current quarter to drive traffic to both the retail stores and to the Company's websites.

Adjusted Net Income and Adjusted Diluted Earnings Per Share((1))

As we continue to pay down debt, we have reduced our net debt finance charges by $771,000 between the comparative quarters. As a result of the factors above, adjusted net income for the fourth quarter of 2018 was $38,289,000. This resulted in an adjusted diluted earnings per share of $0.47 in the quarter (adjusted net income $36,119,000 and $0.45 adjusted diluted earnings per share in 2017).

Consolidated operating results for the year ended December 31, 2018 and December 31, 2017

For the year ended December 31





                (000's of $ except % and per share amounts)                                               2018                            2017

                $ Increase           % Increase

    ---                                                                                                                                                                                                        ---


       Total system wide sales  (1)(2)                                                                   2,684,759                       2,641,254                                43,505      1.6%



       Franchise sales (1)                                                                                 443,322                         425,875                                17,447      4.1%



       Revenue (2)                                                                                       2,241,437                       2,215,379                                26,058      1.2%



       Same store sales (1)                                                                              2,196,767                       2,190,664                                 6,103      0.3%



       Gross profit margin as a percentage of revenue                                                       43.58%                         43.07%



       SG&A(3)                                                                                             825,276                         809,025                                16,251      2.0%



       SG&A(3)as a percentage of revenue                                                                    36.82%                         36.52%



       Adjusted EBITDA(1)                                                                                  188,756                         184,798                                 3,958      2.1%



       Adjusted net income(1)                                                                              106,691                          99,022                                 7,669      7.7%



       Net income                                                                                          111,030                          96,593                                14,437     14.9%



       Adjusted basic earnings per share(1)                                                                          $

               1.40                                        $
     1.36       $
             0.04   2.9%



       Adjusted diluted earnings per share(1)                                                                        $

               1.31                                        $
     1.23       $
             0.08   6.5%



       Common share dividends declared                                                                               $

               0.52                                        $
     0.48       $
             0.04   8.3%

    ---                                                                                                                                                                                                                 ---


       (1) Non-IFRS financial measures. Refer to "Non-IFRS Financial Measures" section in this press release for additional information.



       (2) Reclassified comparative results to conform to the presentation of the year ended December 31, 2018



       (3) Selling, general and administrative expenses

Revenue

For the year ended December 31, 2018, revenue was $2,241,437,000 compared to $2,215,379,000 for the prior year. Revenue increased $26,058,000 or 1.2% for the comparative period mainly due to increases in overall mattress sales.

Selling, general and administrative expenses ("SG&A")

SG&A as a percentage of revenue was higher at 36.82%, an increase of 30 basis points over the prior year, due to increases in minimum hourly wages, advertising expenditures and increases to finance charges related to financed sales.

Adjusted Net Income and Adjusted Diluted Earnings Per Share((1))

As we continue to reduce our debt this has enabled us to reduce our net debt finance charges by $3,574,000 between comparative periods. As a result of the factors above, adjusted net income for the year ended December 31, 2018 was $106,691,000. This resulted in an adjusted diluted earnings per share of $1.31 (adjusted net income $99,022,000 and $1.23 adjusted diluted earnings per share in 2017), an increase of 6.5%.

Dividends

As previously announced, we paid a quarterly 14¢ dividend on the 7(th) day of January 2019. Today we are happy to announce that the Directors have declared a quarterly dividend of 14¢ per common share payable on the 8(th) day of April 2019 to shareholders of record at the close of business on the 8(th) day of March 2019. As of 2007, dividends paid by Leon's Furniture Limited are "eligible dividends" pursuant to the changes to the Income Tax Act under Bill C-28, Canada.

Outlook

Despite the uncertainty over certain key economic indicators, we believe that the overall economy remains relatively strong, as we were still able to increase sales and profitability in 2018. Although it is difficult to gauge future consumer confidence and what impact it may have on retail, we remain confident our sales and profitability will increase. Given the Company's strong financial position, our principal objective is to increase market share and profitability. We remain focused on our commitment to continuously invest in digital innovation that will drive more customers to both our online eCommerce properties and our 303 physical locations across Canada.

Store Network

The Company has 303 retail stores from coast to coast in Canada under the various banners indicated below which also includes 100 franchise locations. Including our franchises, we have over 10,000 employees across Canada.

Number of Stores

      Number of Stores




      as at December 31,

      as at December 31,




                Banner                                               2017 Opened Closed                           2018




     Leon's banner corporate stores                                      50                                           50



     Leon's banner franchise stores                                      36                                           36



     Appliance Canada banner stores                                       4      1                                      5



     The Brick banner corporate stores(1)                               114           (1)                            113



     The Brick banner franchise stores                                   65           (1)                             64



     The Brick Mattress Store banner locations                           23      3     (1)                             25



     Brick Outlet                                                        12           (2)                             10




     Total number of stores                                             304      4     (5)                            303
(1)Includes the Midnorthern
                             Appliance banner

Non-IFRS Financial Measures

The Company uses financial measures that do not have standardized meaning under IFRS and may not be comparable to similar measures presented by other entities. The Company calculates the non-IFRS financial measures by adjusting certain IFRS measures for specific items the Company believes are significant, but not reflective of underlying operations in the period, as detailed below:

Non-IFRS Measure                IFRS Measure

    ---

        Adjusted net income
     Net income

    ---

        Adjusted income before
         income taxes                   Income before income taxes

    ---

        Adjusted earnings per
         share - basic                  Earnings per share - basic

    ---

        Adjusted earnings per           Earnings per share -
         share - diluted                 diluted

    ---


       Adjusted EBITDA
     Net income

    ---

For a reconciliation of the Company's non-IFRS financial measures please refer to the Company's MD&A for the year ended December 31, 2018, which is available on SEDAR at www.sedar.com.

Adjusted Net IncomeLeon's calculates comparable measures by excluding the effect of the mark-to-market adjustments included in the Company's SG&A income statement line item, related to the net effect of USD-denominated forward contracts and an interest rate swap on the Company's term credit facility;

Management believes excluding from income the effect of these mark-to-market valuations and changes thereto, until settlement, better aligns the intent and financial effect of these contracts with the underlying cash flows.

The following is a reconciliation of reported net income to adjusted net income, basic and diluted earnings per share to adjusted basic and diluted earnings per share:

For the three months ended    For the year ended


                                                                                               December 31            December 31





                ($ in thousands except per share amounts)                     2018                      2017                   2018        2017

    ---



                Net Income                                                  38,785                    34,778                111,030      96,593



       After-tax mark-to-market (gain)/loss on financial derivative instruments  (496)                    1,341                (4,339)      2,429

    ---



                Adjusted net income                                         38,289                    36,119                106,691      99,022

    ---


       Basic earnings per share                                                        $

                0.51                          $
      0.46   $

     1.45 $
     1.32



       Diluted earnings per share                                                      $

                0.48                          $
      0.43   $

     1.36 $
     1.20



       Adjusted basic earnings per share                                               $

                0.50                          $
      0.48   $

     1.40 $
     1.36



       Adjusted diluted earnings per share                                             $

                0.47                          $
      0.45   $

     1.31 $
     1.23

    ---

Adjusted EBITDA

Adjusted earnings before interest, income taxes, depreciation and amortization, mark-to-market adjustment due to the changes in the fair value of the Company's financial derivative instruments and non-recurring charges to income ("Adjusted EBITDA") is a non-IFRS financial measure used by the Company. The Company considers Adjusted EBITDA to be an effective measure of profitability on an operational basis and is commonly regarded as an indirect measure of operating cash flow, a significant indicator of success for many businesses. Adjusted EBITDA is a non-IFRS financial measure used by the Company. The Company's Adjusted EBITDA may not be comparable to the Adjusted EBITDA measure of other entities, but in management's view appropriately reflects Leon's specific financial condition. This measure is not intended to replace net income, which, as determined in accordance with IFRS, is an indicator of operating performance.

The following is a reconciliation of reported net income to adjusted EBITDA:

For the three months ended For the year ended


                                                                               December 31            December 31




       ($ in thousands)                                                                     2018                2017     2018    2017

    ---



                Net Income                                                            38,785              34,778  111,030  96,593

    ---


       Income tax expense                                                                 13,995              12,083   39,560  34,836



       Net finance costs                                                                   1,545               2,316    6,928  10,502



       Depreciation and amortization                                                       8,719              10,603   37,156  39,556



       Mark-to-market (gain)/loss on financial derivative instruments                      (682)              1,820  (5,918)  3,311

    ---



                Adjusted EBITDA                                                       62,362              61,600  188,756 184,798

    ---

Same Store Sales

Same store sales are defined as sales generated by stores that have been open for more than 12 months on a fiscal basis. Same store sales is not an earnings measure recognized by IFRS, and does not have a standardized meaning prescribed by IFRS, but it is a key indicator used by the Company to measure performance against prior period results. Same store sales as discussed in this press release may not be comparable to similar measures presented by other issuers, however this measure is commonly used in the retail industry. We believe that disclosing this measure is meaningful to investors because it enables them to better understand the level of growth of our business.

Total System Wide Sales

Total system wide sales refer to the aggregation of revenue recognized in the Company's consolidated financial statements plus the franchise sales occurring at franchise stores to their customers which are not included in the revenue figure presented in the Company's consolidated financial statements. Total system wide sales is not a measure recognized by IFRS, and does not have a standardized meaning prescribed by IFRS, but it is a key indicator used by the Company to measure performance against prior period results. Therefore, total system wide sales as discussed in this press release may not be comparable to similar measures presented by other issuers. We believe that disclosing this measure is meaningful to investors because it serves as an indicator of the strength of the Company's overall store network, which ultimately impacts financial performance.

Franchise Sales

Franchise sales figures refer to sales occurring at franchise stores to their customers which are not included in the revenue figures presented in the Company's consolidated financial statements, or in the same store sales figures in this press release. Franchise sales is not a measure recognized by IFRS, and does not have a standardized meaning prescribed by IFRS, but it is a key indicator used by the Company to measure performance against prior period results. Therefore, franchise sales as discussed in this press release may not be comparable to similar measures presented by other issuers. Once again we believe that disclosing this measure is meaningful to investors because it serves as an indicator of the strength of the Company's brands, which ultimately impacts financial performance.

Selected Consolidated Financial Information

The summary financial information set out below has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, for the three months and year ended December 31, 2018 and 2017. The unaudited financial information presented has been prepared on a basis consistent with our audited consolidated financial statements for Fiscal 2017. The information presented herein does not contain disclosures required by IFRS and should be read in conjunction with the Company's audited consolidated financial statements available under the Company's profile on SEDAR at www.sedar.com.

Leon's Furniture Limited



       CONSOLIDATED STATEMENTS OF FINANCIAL POSITION



              (UNAUDITED)





     As at December 31
     As at December 31



       ($ in thousands)                                                                                                                                   2018                 2017

    ---





                ASSETS




                Current assets



       Cash and cash equivalents                                                                                                                        90,267               36,207



       Restricted marketable securities                                                                                                                  5,994               13,778



       Debt securities                                                                                                                                  54,759               41,128



       Equity securities                                                                                                                                33,862               26,199



       Trade receivables                                                                                                                               122,131              138,516



       Income taxes receivable                                                                                                                           8,413                2,042



       Inventories                                                                                                                                     329,317              317,914



       Deferred acquisition costs                                                                                                                        7,899                5,841



       Deferred financing costs                                                                                                                            276                  541



       Prepaid expenses and other assets                                                                                                                 8,335                6,382

    ---



                Total current assets                                                                                                               661,253              588,548

    ---


       Other assets                                                                                                                                        484                    -



       Deferred acquisition costs                                                                                                                       11,751               14,632



       Loan receivable                                                                                                                                  13,191                    -



       Property, plant and equipment                                                                                                                   321,597              336,748



       Investment properties                                                                                                                            17,072               17,529



       Intangibles                                                                                                                                     300,896              306,286



       Goodwill                                                                                                                                        390,120              390,120



       Deferred income tax assets                                                                                                                        7,208                7,592

    ---



                Total assets                                                                                                                     1,723,572            1,661,455

    ===





                LIABILITIES AND SHAREHOLDERS' EQUITY

    ---



                Current liabilities



       Trade and other payables                                                                                                                        247,136              234,478



       Provisions                                                                                                                                       11,687                8,791



       Income taxes payable                                                                                                                              7,338                7,517



       Customers' deposits                                                                                                                             146,362              128,078



       Finance lease liability                                                                                                                           1,415                1,421



       Dividends payable                                                                                                                                10,690                9,140



       Deferred warranty plan revenue                                                                                                                   38,180               24,979



       Loans and borrowings                                                                                                                            144,712                    -



       Other liabilities                                                                                                                                     -               5,434

    ---                                                                                                                                                                         ---



                Total current liabilities                                                                                                          607,520              419,838

    ---


       Loans and borrowings                                                                                                                                  -             194,439



       Convertible debentures                                                                                                                           48,435               48,004



       Finance lease liability                                                                                                                           7,784                9,053



       Deferred warranty plan revenue                                                                                                                  110,126              122,773



       Redeemable share liability                                                                                                                           13                  157



       Deferred rent liabilities and lease inducements                                                                                                  11,021               10,791



       Deferred income tax liabilities                                                                                                                  81,311               83,352

    ---



                Total liabilities                                                                                                                  866,210              888,407

    ---





                Shareholders' equity attributable to the shareholders of the Company

    ---


       Common shares                                                                                                                                   111,956               93,392



       Equity component of convertible debentures                                                                                                        3,546                3,555



       Retained earnings                                                                                                                               743,399              674,883



       Accumulated other comprehensive income                                                                                                          (1,539)               1,218

    ---



                Total shareholders' equity                                                                                                         857,362              773,048

    ---



                Total liabilities and shareholders' equity                                                                                       1,723,572            1,661,455

    ===
Leon's Furniture Limited



         CONSOLIDATED STATEMENTS OF INCOME



              (UNAUDITED)




                                                                                                                                                  Year ended December 31st



       (Amounts in thousands of Canadian dollars except shares outstanding and earnings per share)                                            2018                2017

    ---                                                                                                                                                            ---





                Revenue                                                                                                              2,241,437           2,215,379



       Cost of sales                                                                                                                     1,264,561           1,261,112

    ---                                                                                                                                                            ---



                Gross profit                                                                                                           976,876             954,267

    ---                                                                                                                                                            ---



                Operating expenses



       Selling, general and administrative expenses                                                                                        825,276             809,025

    ---                                                                                                                                                            ---



                Operating profit                                                                                                       151,600             145,242

    ---                                                                                                                                                            ---


       Finance costs                                                                                                                       (9,396)           (11,952)



       Finance income                                                                                                                        2,468               1,450



       Change in fair value of derivative instruments                                                                                        5,918             (3,311)

    ---                                                                                                                                                            ---



                Net income before income tax                                                                                           150,590             131,429



       Income tax expense                                                                                                                   39,560              34,836

    ---                                                                                                                                                            ---



                Net income for the year                                                                                                111,030              96,593

    ===                                                                                                                                                            ===





                Earnings per share



       Basic                                                                                                                                         $
              1.45     $
     1.32



       Diluted                                                                                                                                       $
              1.36     $
     1.20

    ===                                                                                                                                                                       ===
Leon's Furniture Limited



        CONSOLIDATED STATEMENTS OF CASH FLOWS



              (UNAUDITED)




                                                   Year ended December 31



         ($ in
          thousands)                           2018            2017

    ---                                                        ---





                OPERATING ACTIVITIES


         Net income for
          the year                          111,030          96,593


         Add (deduct) items not involving an outlay
          of cash


         Depreciation
          of property,
          plant and
          equipment and
          investment
          properties                         30,628          33,231


         Amortization
          of intangible
          assets                              6,528           6,325


         Amortization
          of deferred
          warranty plan
          revenue                          (64,376)       (58,771)


         Net finance
          costs                               7,122          10,502


         Deferred
          income taxes                      (1,611)        (6,043)


         (Gain)/loss on
          sale of
          property,
          plant and
          equipment and
          investment
          properties                          (315)            286


         Gain on sale
          of debt and
          equity
          instruments                             -            123

    ---                                                        ---

                                             89,006          82,246


         Net change in non-cash working capital
          balances related


         to operations                       28,138          12,962


         Cash received
          on warranty
          plan sales                         64,930          61,395

    ===                                                        ===

                      Cash provided
                       by operating
                       activities           182,074         156,603

    ===                                                        ===





                INVESTING ACTIVITIES


         Purchase of
          property,
          plant and
          equipment and
          investment
          properties                       (19,650)       (55,041)


         Purchase of
          intangible
          assets                            (1,138)        (1,164)


         Proceeds on
          sale of
          property,
          plant and
          equipment and
          investment
          properties                          4,950             748


         Purchase of
          debt and
          equity
          instruments                      (42,614)       (53,530)


         Proceeds on
          sale of debt
          and equity
          instruments                        25,843          29,639


         Interest
          received                            2,468           1,325

    ---                                                        ---

                      Cash used in
                       provided by
                       investing
                       activities          (30,141)       (78,023)

    ---                                                        ---





                FINANCING ACTIVITIES


         Repayment of
          finance
          leases                            (1,193)        (1,346)


         Dividends paid                    (38,166)       (33,179)


         Decrease of
          employee
          loans-
          redeemable
          shares                              3,151           4,004


         Repurchase of
          common shares                     (3,058)


         Repayment of
          term loan                        (50,000)       (45,000)


         Finance costs
          paid                                    -           (56)


         Interest paid                      (8,607)       (10,781)

    ---                                                        ---

                      Cash used in
                       financing
                       activities          (97,873)       (86,358)

    ---                                                        ---

                      Net increase (decrease) in cash and cash
                       equivalents


                      during the
                       year                  54,060         (7,778)


         Cash and cash
          equivalents,
          beginning of
          year                               36,207          43,985

                                                               ---

                      Cash and cash
                       equivalents,
                       end of year           90,267          36,207

    ===                                                        ===

About Leon's Furniture Limited

Leon's Furniture Limited is the largest retailer of furniture, appliances and electronics in Canada. Our retail banners include: Leon's; The Brick; Brick Outlet; and The Brick Mattress Store. Finally, with The Brick's Midnorthern Appliance banner alongside with the Appliance Canada banner, this makes the Company the country's largest commercial retailer of appliances to builders, developers, hotels and property management companies. The Company has 303 retail stores from coast to coast in Canada under various banners. The Company operates three main websites: leons.ca, thebrick.com and furniture.ca.

Forward-Looking Statements

Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, including future-oriented financial information and financial outlooks. This information is based on certain assumptions regarding expected growth, results of operations, performance, and business prospects and opportunities. While the Company considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Company currently expects. These risks, uncertainties and other factors include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the timing and market acceptance of future products, and competition in the Company's markets.

To the extent any forward-looking information in this press release constitutes future-oriented financial information or financial outlooks, within the meaning of securities laws, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are based on assumptions and subject to risks, uncertainties and other factors. Actual results may differ materially from what the Company currently expects. Other than as required under applicable securities laws, the Company does not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.

SOURCE Leon's Furniture Limited

View original content: http://www.newswire.ca/en/releases/archive/February2019/27/c1192.html

SOURCE: Leon's Furniture Limited

Constantine Pefanis, CFO, Leon's Furniture Limited, Tel: (416) 243-4073; Jonathan
Ross, LodeRock Advisors, Leon's Investor Relations, jon.ross@loderockadvisors.com,
Tel: (416) 283-0178

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