Easyhome revenues rise 9.3%, but income down
By Furniture Today Staff -- Furniture Today, August 31, 2009
MISSISSAUGA, Ontario — Easyhome, Canada's largest chain of rent-to-own stores, said second-quarter revenues rose 9.3% as the company continued to see increases in furniture, electronics and appliance business.
Net income, however, fell 14.3% due largely to increased advertising and marketing costs and higher charge-offs.
Revenues for the quarter ended June 30 were C$43.5 million, up from C$39.8 million in last year's second quarter. Same-store revenues increased 1%.
Net income was C$1.92 million or 18 cents per share, compared with C$2.24 million or 21 cents per share in last year's second quarter.
Revenues for the first six months of the year increased 9.7% to C$87.3 million.
Six-month net income totaled C$4.32 million or 41 cents per share. That compares with C$5.7 million or 54 cents per share in the first half of 2008.
Easyhome (a)
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 6/30 | 2009 | 2008 | Change |
| (a) In Canadian dollars. |
|||
| Revenues | C$43,455,000 | C$39,773,000 | 9.3% |
| Operating income | 19,473,000 | 18,493,000 | 5.3% |
| Net income | 1,915,000 | 2,235,000 | (14.3%) |
| Earnings per share | 0.18 | 0.21 | (14.3%) |
| 6 months ended 6/30 | 2009 | 2008 | Change |
| Revenues | C$87,329,000 | C$79,579,000 | 9.7% |
| Operating income | 39,786,000 | 38,240,000 | 4.0% |
| Net income | 4,318,000 | 5,702,000 | (24.3%) |
| Earnings per share | 0.41 | 0.54 | (24.1%) |
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Easyhome revenues climb, but income down
Aug 12, 2009
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