TORONTO, Feb. 27, 2019 /CNW/ - Leon's Furniture
Limited ("Leon's" or the "Company") (TSX:
LNF), today announced financial results for the fourth quarter
2018.
Highlights – Q4-2018
- Total system wide sales1 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 income1 increased by 6% to $38,289,000 in Q4-2019 compared to $36,119,000 in Q4-2017
- Adjusted diluted earnings per share1 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 sales1 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 income1 increased by 7.7% to
$106,691,000 in fiscal 2018 compared
to $99,022,000 in fiscal
2017.
- Adjusted EBITDA1 increased 2.1% to $188,756,000 in fiscal 2018 compared to
$184,798,000 in fiscal 2017.
- Adjusted diluted earnings per share1 grew 6.5% to
$1.31 in fiscal 2018 compared to
$1.23 in fiscal 2017.
1Refer
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/
(Decrease)
|
% Increase/
(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
7th 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
8th day of April 2019 to
shareholders of record at the close of business on the
8th 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 stores1
|
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
|
1Includes
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
share – diluted
|
Earnings per share –
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 Income
Leon'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