Easyhome revenue rises 10.2%, but earnings fall
Staff -- Furniture Today, May 18, 2009
Mississauga, Ontario — Easyhome, Canada's largest rent-to-own operator, said its first-quarter revenues rose 10.2% but earnings slid more than 30% due to higher selling and occupancy expenses.
The company had revenues of C$43.9 million for the quarter ended March 31, compared with C$39.8 million for the first quarter of 2008.
The top-line growth was due largely to new store openings, as same-store revenue fell 1.7%.
First-quarter net income was C$2.4 million or 23 cents per share. In last year's first quarter, the figure was C$3.5 million or 33 cents per share.
"Our communication objective in 2009 is to build awareness of the leasing alternative, emphasizing the benefits that this affords," said David Ingram, president and CEO. "To this end, we remain optimistic for continued improvement in revenue and earnings for the balance of the year."
At the end of 2008, the company had 229 stores, including 14 in the U.S. An updated store count at the end of the first quarter was not available.
Easyhome (a)
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 3/31 | 2009 | 2008 | Change |
| (a) In Canadian dollars. (b) Before amortization of leased assets, property and equipment and intangible assets. |
|||
| Revenues | C$43,874,000 | C$39,806,000 | 10.2% |
| Operating income (b) | 18,547,000 | 18,138,000 | 2.3% |
| Net income | 2,403,000 | 3,467,000 | (30.7%) |
| Earnings per share | 0.23 | 0.33 | (30.3%) |
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Easyhome sales up 10.2% but profit down 30%
May 11, 2009
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