TORONTO, Feb. 22, 2018 /CNW/ - Leon's Furniture
Limited ("Leon's" or the "Company") (TSX:
LNF), today announced financial results for the fourth quarter
2017.
Highlights – Q4 2017
- Total system wide sales1 grew 2.5% to $722,259,000 in Q4-2017 compared to $704,742,000 in Q4-2016.
- Revenue grew 1.3% to $595,855,000
in Q4-2017 compared to $588,381,000
in Q4-2016.
- Adjusted net income1 increased by 4.0% to
$36,119,000 in Q4-2017 compared to
$34,745,000 in Q4-2016.
- Adjusted diluted earnings per share1 grew 4.7% to
$0.45 in Q4-2017 compared to
$0.43 in Q4-2016.
Highlights – Fiscal year 2017
- Total system wide sales1 grew 4.2% to $2,638,091,000 in fiscal 2017 compared to
$2,531,573,000 in fiscal 2016.
- Revenue grew 3.2% to $2,212,216,000 in fiscal 2017 compared to
$2,143,736,000 in fiscal 2016.
- Adjusted net income1 increased by 14.1% to
$99,022,000 fiscal 2017 compared to
$86,762,000 fiscal 2016.
- Adjusted EBITDA1 increased 6.0% to $184,799,000 in fiscal 2017 compared to
$174,266,000 in fiscal 2016.
- Adjusted diluted earnings per share1 grew 13.9% to
$1.23 in fiscal 2017 compared to
$1.08 in fiscal 2016.
|
1Refer
to the non-IFRS financial measures section of this press
release
|
"In Q4, the focused efforts of our management team and
associates coast-to-coast translated into solid operating
performance in what has been a challenging environment for many
operators," said Edward Leon,
President and Chief Operating Officer of Leon's. "I am particularly
proud of the full-year 2017 results generated by our team, where
the execution of our marketing and in-store sales and merchandising
plans translated into meaningful top-line growth against a strong
comparable period. As a group, we have made it a key strategic
priority to drive operating leverage in our business and with
adjusted EBITDA growing at double the pace of revenue in fiscal
2017, we successfully achieved that objective. Moving forward into
2018, we will maintain our focus on growing revenue both through
market share gains and in-store performance while leveraging our
state-of-the-art 432,000 square foot distribution centre in
Delta, British Columbia and other
corporate initiatives to continue to drive bottom-line performance
for our valued shareholders."
For a full explanation of the Company's use of non-IFRS
measures, please refer to page 4 of this press
release.
Summary of Financial Highlights
|
For the three
months ended December 31
|
(000's of $ except
% and per share amounts)
|
|
2017
|
|
2016
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
Total system wide
sales (1)
|
|
722,259
|
|
704,742
|
|
17,517
|
2.5%
|
Franchise sales
(1)
|
|
126,404
|
|
116,361
|
|
10,043
|
8.6%
|
Revenue
|
|
595,855
|
|
588,381
|
|
7,474
|
1.3%
|
Same store sales
(1)
|
|
584,079
|
|
581,695
|
|
2,384
|
0.4%
|
Gross profit margin
as a percentage of revenue
|
|
44.15%
|
|
43.93%
|
|
|
|
SG&A(2)(excluding mark-to-market
impact and severance charge)
|
|
212,051
|
|
207,554
|
|
4,497
|
2.2%
|
SG&A(2)as a percentage of revenue
(excluding mark-to-market impact and severance charge)
|
|
35.59%
|
|
35.28%
|
|
|
|
Adjusted
EBITDA(1)
|
|
61,600
|
|
61,606
|
|
(6)
|
|
Adjusted net
income(1)
|
|
36,119
|
|
34,745
|
|
1,374
|
4.0%
|
Adjusted basic
earnings per share(1)
|
$
|
0.48
|
$
|
0.48
|
$
|
-
|
|
Adjusted diluted
earnings per share(1)
|
$
|
0.45
|
$
|
0.43
|
$
|
0.02
|
4.7%
|
Common share
dividends declared
|
$
|
0.12
|
$
|
0.10
|
$
|
0.02
|
20.0%
|
(1) Non-IFRS
financial measures. Refer to "Non-IFRS Financial Measures" section
in this press release for additional information.
|
(2) Selling, general
and administrative expenses
|
Revenue
For the three months ended December 31,
2017, revenue was $595,855,000
compared to $588,381,000 in the prior
year's fourth quarter. Revenue increased $7,474,000 or 1.3% between the comparative
quarters.
Gross Profit
The gross profit for the fourth quarter 2017 continued to be
strong as it increased from 43.93% to 44.15% compared to the prior
year's fourth quarter.
Selling, general and administration expenses
("SG&A")
Excluding the mark-to-market impact of the Company's financial
derivatives, comprised of foreign exchange forwards and a fixed
interest rate swap, SG&A as a percentage of revenue increased
from 35.28% to 35.59% compared to the prior year's quarter.
The marginal increase was due to slightly higher occupancy costs in
the quarter.
Adjusted Net Income(1) and Adjusted Diluted
Earnings Per Share(1)
As a result of the above and due to the Company's continued
reduction of its term credit facility, adjusted net income for the
fourth quarter of 2017 was $36,119,000, $0.45
adjusted diluted earnings per share ($34,745,000, $0.43
adjusted diluted earnings per share in 2016), an increase of 4.7%
per share.
Consolidated operating results for the year ended
December 31, 2017 and December 31, 2016
|
For the year ended
December 31
|
(000's of $ except
% and per share amounts)
|
|
2017
|
|
2016
|
$ Increase
(Decrease)
|
% Increase
(Decrease)
|
Total system wide
sales (1)
|
|
2,638,091
|
|
2,531,573
|
|
106,518
|
4.2%
|
Franchise sales
(1)
|
|
425,875
|
|
387,837
|
|
38,038
|
9.8%
|
Revenue
|
|
2,212,216
|
|
2,143,736
|
|
68,480
|
3.2%
|
Same store sales
(1)
|
|
2,076,896
|
|
2,053,333
|
|
23,563
|
1.1%
|
Gross profit margin
as a percentage of revenue
|
|
42.99%
|
|
42.69%
|
|
|
|
SG&A(2) (excluding
mark-to-market impact and severance charge)
|
|
805,862
|
|
782,206
|
|
23,656
|
3.0%
|
SG&A(2)as a percentage of revenue
(excluding mark-to-market impact and severance charge)
|
|
36.43%
|
|
36.49%
|
|
|
|
Adjusted
EBITDA(1)
|
|
184,799
|
|
174,266
|
|
10,533
|
6.0%
|
Adjusted net
income(1)
|
|
99,022
|
|
86,762
|
|
12,260
|
14.1%
|
Adjusted basic
earnings per share(1)
|
$
|
1.36
|
$
|
1.21
|
$
|
0.15
|
12.4%
|
Adjusted diluted
earnings per share(1)
|
$
|
1.23
|
$
|
1.08
|
$
|
0.15
|
13.9%
|
Common share
dividends declared
|
$
|
0.48
|
$
|
0.40
|
$
|
0.08
|
20.0%
|
(1) Non-IFRS
financial measures. Refer to "Non-IFRS Financial Measures" section
in this press release for additional information.
|
(2) Selling, general
and administrative expenses
|
Revenue
For the year ended December 31,
2017, revenue was $2,212,216,000 compared to $2,143,736,000 for the prior year. Revenue
increased $68,480,000 or 3.2% for the
comparative year.
Gross Profit
The gross profit for the year ended December 31, 2017 continued to be strong as it
increased from 42.69% to 42.99% compared to the prior year.
Selling, general and administration expenses
("SG&A")
Excluding severance payments and the mark-to-market impact of
the Company's financial derivatives, comprised of foreign exchange
forwards and a fixed interest rate swap, SG&A as a percentage
of revenue decreased from 36.49% to 36.43%. The reduction is
due primarily from generating a higher degree of operating leverage
as revenues increased 3.2% for the year and by gaining additional
operating efficiencies especially relating to delivery
expenses.
Adjusted Net Income(1) and Adjusted Diluted
Earnings Per Share(1)
As a result of the above, adjusted net income for the year was
$99,022,000, $1.23 adjusted diluted earnings per share
($86,762,000, $1.08 adjusted diluted earnings per share in
2016), an increase of 13.9%.
Dividends
As previously announced, we paid a quarterly $0.12 dividend on January
8, 2018. Today we are happy to announce that the Directors
have declared a quarterly dividend of $0.12 per common share payable on the
9th day of April 2018 to
shareholders of record at the close of business on the
9th day of March 2018. 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.
Store Network
The Company has 304 retail stores from coast to coast in
Canada under the various banners
indicated below:
|
Number of
Stores
|
|
|
Number of
Stores
|
|
as at December
31,
|
|
|
as at December
31,
|
Banner
|
2016
|
Opened
|
Closed
|
2017
|
Leon's banner
corporate stores
|
50
|
—
|
—
|
50
|
Leon's banner
franchise stores
|
36
|
—
|
—
|
36
|
Appliance Canada
banner stores
|
4
|
—
|
—
|
4
|
The Brick banner
corporate stores1
|
114
|
—
|
—
|
114
|
The Brick banner
franchise stores
|
64
|
2
|
(1)
|
65
|
The Brick Mattress
Store banner locations
|
24
|
1
|
(2)
|
23
|
Brick
Outlet2
|
13
|
—
|
(1)
|
12
|
Total number of
stores
|
305
|
3
|
(4)
|
304
|
|
1Includes
the Midnorthern Appliance banner
|
2United
Furniture Warehouse "UFW" banner stores were converted to Brick
Outlets in August 2017
|
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 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
share – diluted
|
|
Earnings per share –
diluted
|
Adjusted
EBITDA
|
|
Net income
|
Adjusted Net Income
Leon's calculates comparable measures by excluding the effect
of:
- the mark-to-market adjustments included in the Company's
selling, general and administration ("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;
- severance charges in the period, a non-recurring expense
included in the Company's SG&A.
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. Similarly, excluding from
income the effect of non-recurring expenses better reflects Leon's
normalized SG&A as a percentage of revenue in the period.
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
December 31
|
For the years
ended
December 31
|
($ in thousands
except per share amounts )
|
2017
|
2016
|
2017
|
2016
|
Net
income
|
|
34,778
|
|
37,233
|
|
96,593
|
|
83,591
|
After-tax
mark-to-market loss (gain) on financial derivative
instruments
|
|
1,341
|
|
(2,488)
|
|
2,429
|
|
1,943
|
After-tax severance
charge
|
|
-
|
|
-
|
|
-
|
|
1,228
|
Adjusted net
income
|
|
36,119
|
|
34,745
|
|
99,022
|
|
86,762
|
Basic earnings per
share
|
$
|
0.46
|
$
|
0.52
|
$
|
1.32
|
$
|
1.17
|
Diluted earnings per
share
|
$
|
0.43
|
$
|
0.46
|
$
|
1.20
|
$
|
1.05
|
Adjusted basic
earnings per share
|
$
|
0.48
|
$
|
0.48
|
$
|
1.36
|
$
|
1.21
|
Adjusted diluted
earnings per share
|
$
|
0.45
|
$
|
0.43
|
$
|
1.23
|
$
|
1.08
|
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 December 31
|
For the years
ended
December 31
|
($ in
thousands)
|
2017
|
2016
|
2017
|
2016
|
Net
income
|
34,778
|
37,233
|
96,593
|
83,591
|
Income tax
expense
|
12,083
|
13,600
|
34,837
|
30,597
|
Net finance
costs
|
2,316
|
3,526
|
10,502
|
14,481
|
Depreciation and
amortization
|
10,603
|
10,654
|
39,556
|
41,235
|
Severance
charge
|
-
|
-
|
-
|
1,700
|
Mark-to-market loss
(gain) on financial derivative instruments
|
1,820
|
(3,407)
|
3,311
|
2,662
|
Adjusted
EBITDA
|
61,600
|
61,606
|
184,799
|
174,266
|
Same Store Sales
Same store sales are defined as sales generated by stores that
have been open or closed 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, 2017 and 2016. The
unaudited financial information presented has been prepared on a
basis consistent with our audited consolidated financial statements
for Fiscal 2016. 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.
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
|
|
Three months ended
December 31
|
Year ended December
31
|
($ in
thousands)
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
|
|
Revenue
|
|
595,855
|
|
588,381
|
|
2,212,216
|
|
2,143,736
|
Cost of
sales
|
|
332,807
|
|
329,876
|
|
1,261,112
|
|
1,228,499
|
Gross
profit
|
|
263,048
|
|
258,505
|
|
951,104
|
|
915,237
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Selling, general and
administration expenses
|
|
213,871
|
|
204,146
|
|
809,173
|
|
786,568
|
Operating
profit
|
|
49,177
|
|
54,359
|
|
141,931
|
|
128,669
|
Finance
costs
|
|
(2,576)
|
|
(3,972)
|
|
(11,952)
|
|
(16,606)
|
Finance
income
|
|
260
|
|
446
|
|
1,450
|
|
2,125
|
Net income before
income tax
|
|
46,861
|
|
50,833
|
|
131,429
|
|
114,188
|
Income tax
expense
|
|
12,083
|
|
13,600
|
|
34,836
|
|
30,597
|
Net income for the
period
|
|
34,778
|
|
37,233
|
|
96,593
|
|
83,591
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.46
|
$
|
0.52
|
$
|
1.32
|
$
|
1.17
|
Diluted
|
$
|
0.43
|
$
|
0.46
|
$
|
1.20
|
$
|
1.05
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
(UNAUDITED)
|
|
|
|
|
As at December
31
|
As at December
31
|
($ in
thousands)
|
2017
|
2016
|
ASSETS
|
Current
assets
|
|
|
Cash and cash
equivalents
|
36,207
|
43,985
|
Restricted marketable
securities
|
13,778
|
16,600
|
Available-for-sale
financial assets
|
67,327
|
39,079
|
Trade
receivables
|
138,516
|
128,142
|
Income taxes
receivable
|
2,042
|
2,042
|
Inventories
|
317,914
|
308,801
|
Deferred acquisition
costs
|
5,841
|
7,643
|
Deferred financing
costs
|
541
|
775
|
Prepaids and other
assets
|
6,382
|
8,225
|
Total current
assets
|
588,548
|
555,292
|
Deferred acquisition
costs
|
14,632
|
13,128
|
Property, plant and
equipment
|
336,748
|
315,500
|
Investment
properties
|
17,529
|
17,984
|
Intangible
assets
|
306,286
|
311,464
|
Goodwill
|
390,120
|
390,120
|
Deferred income tax
assets
|
7,592
|
8,174
|
Total
assets
|
1,661,455
|
1,611,662
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
liabilities
|
|
|
Trade and other
payables
|
234,478
|
214,838
|
Provisions
|
8,791
|
5,468
|
Income taxes
payable
|
7,517
|
12,641
|
Customers'
deposits
|
128,078
|
117,990
|
Finance lease
liability
|
1,421
|
1,421
|
Dividends
payable
|
9,140
|
7,183
|
Deferred warranty
plan revenue
|
24,979
|
39,839
|
Loans and
borrowings
|
0
|
25,000
|
Other
liabilities
|
5,434
|
2,124
|
Total current
liabilities
|
419,838
|
426,504
|
Loans and
borrowings
|
194,439
|
214,436
|
Convertible
debentures
|
48,004
|
93,520
|
Finance lease
liability
|
9,053
|
10,474
|
Deferred warranty
plan revenue
|
122,773
|
105,289
|
Redeemable share
liability
|
157
|
503
|
Deferred rent
liabilities and lease inducements
|
10,791
|
11,380
|
Deferred income tax
liabilities
|
83,352
|
90,003
|
Total
liabilities
|
888,407
|
952,109
|
Shareholders'
equity attributable to the shareholders of the
Company
|
Common
shares
|
93,392
|
39,184
|
Equity component of
convertible debentures
|
3,555
|
7,089
|
Retained
earnings
|
674,883
|
613,426
|
Accumulated other
comprehensive income(loss)
|
1,218
|
(146)
|
Total
shareholders' equity
|
773,048
|
659,553
|
Total liabilities
and shareholders' equity
|
1,661,455
|
1,611,662
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
Year ended
December 31
|
($ in
thousands)
|
2017
|
2016
|
|
|
|
|
OPERATING
ACTIVITIES
|
|
|
Net income for the
year
|
96,593
|
83,591
|
Add (deduct) items
not involving an outlay of cash
|
|
|
|
Depreciation of
property, plant and equipment and investment properties
|
33,231
|
33,802
|
|
Amortization of
intangible assets
|
6,325
|
7,433
|
|
Amortization of
deferred warranty plan revenue
|
(58,771)
|
(59,118)
|
|
Net finance
costs
|
10,502
|
14,481
|
|
Deferred income
taxes
|
(6,043)
|
(4,945)
|
|
Gain on sale of
property, plant and equipment and investment properties
|
286
|
(28)
|
|
Gain on sale of
available-for-sale financial assets
|
123
|
(897)
|
|
|
82,246
|
74,319
|
Net change in
non-cash working capital balances related
|
|
|
|
to
operations
|
12,963
|
31,238
|
|
Cash received on
warranty plan sales
|
61,395
|
59,091
|
Cash provided by
operating activities
|
156,602
|
164,648
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
Purchase of property,
plant and equipment and investment properties
|
(55,041)
|
(25,689)
|
Purchase of
intangible assets
|
(1,164)
|
(683)
|
Proceeds on sale of
property, plant and equipment and investment properties
|
748
|
145
|
Purchase of
available-for-sale financial assets
|
(53,530)
|
(29,981)
|
Proceeds on sale of
available-for-sale financial assets
|
29,639
|
16,184
|
Interest
received
|
1,325
|
1,717
|
Cash used in
investing activities
|
(78,023)
|
(38,307)
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
Repayment of finance
leases
|
(1,346)
|
(1,884)
|
Dividends
paid
|
(33,179)
|
(28,649)
|
Decrease of employee
loans-redeemable shares
|
4,003
|
4,418
|
Repayment of term
loan
|
(45,000)
|
(50,000)
|
Finance costs
paid
|
(56)
|
(775)
|
Interest
paid
|
(10,781)
|
(13,325)
|
Cash used in
financing activities
|
(86,359)
|
(90,215)
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
during the year
|
(7,780)
|
36,126
|
Cash and cash
equivalents, beginning of year
|
43,985
|
7,859
|
Cash and cash
equivalents, end of year
|
36,206
|
43,985
|
About Leon's Furniture Limited
Leon's Furniture Limited is the largest retailer of furniture,
mattresses, appliances and electronics in Canada. Our retail banners include: Leon's;
The Brick; The Brick Mattress Store; and The Brick Outlet. Finally,
with the Midnorthern Appliance banner alongside the Appliance
Canada banner, we are also the country's largest commercial
retailer of appliances to builders, developers, hotels and property
management companies. The Company has 304 retail stores from coast
to coast in Canada under various
banners. As well, the Company operates three ecommerce sites:
leons.ca, thebrick.com and our newest site, 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